The average term of a mortgage issued in Russia has updated its historical maximum – 233.8 months, or almost 19.5 years, follows from the analysis of RIA Novosti, carried out on the basis of data from the Bank of Russia.
It is clarified that this is the maximum indicator for the entire period of publication of data, starting from 2018. The indicator has been growing steadily since October, when it reached 219.7 months, and at the end of the year increased to 225.1 months.
Last month, Russian banks also sharply increased mortgage lending: the number of loans issued increased by 22.9%, to 178.1 thousand, and their volume exceeded 0.5 trillion rubles, an increase of 24.2%.
The volume of mortgage debt of Russians also increased last month – by 2.4%, to a record 9.8 trillion rubles.
The average mortgage rate, as of March, was 7.23% after 7.26% a month earlier.
On the eve of the National Bureau of Credit Histories, published data, according to which the most from March 2020 to March 2021, the average amount of a mortgage increased in St. Petersburg – by 29.8%.
The first five after the Northern capital also included the Primorsky Territory, the Saratov Region, Udmurtia and the Moscow Region.
According to the director general of the NBKI Alexander Vikulin, the average amount of a mortgage loan has been growing for almost a year and it has not only returned to the pre-pandemic level, but also exceeded it. The growth was boosted by falling interest rates thanks to government subsidy programs.
The program to subsidize mortgage interest rates up to 6.5% was launched in April 2020. It was supposed to end on November 1, 2020, but at the end of October, the government extended it until July 1, 2021.
In February of this year, Russian President Vladimir Putin instructed the Cabinet of Ministers, together with the Central Bank, to submit proposals for the implementation of preferential mortgage programs in 2021-2024, considering the possibility of reducing the interest rate under the preferential mortgage program for families with two or more children.