Sberbank since February 20 will reduce mortgage rates

Photo: Oleg Yakovlev / RBC

According to the head of Bank Herman Gref, the rates will be reduced by 1 percentage point.

Sberbank’s management made the decision from 20 February 2017 to reduce the mortgage rate by 1 percentage point, said the President and Chairman of the Board of Sberbank German Gref.

“At the Committee meeting on interest rates, we have decided to reduce the base rate,” — said Gref at the conference “Innovations in the real estate market” (quoted by TASS).

According to the head of Sberbank, in case of acquisition of property directly from the developer the minimum mortgage rate will be after the decline of 10.9% per annum, the purchase of housing on the secondary market — from 10,75% to 12,25%.

In early February, the Agency for housing mortgage lending (AHML) made a forecast that in 2017, mortgage rates in Russian banks drops below 11% per annum. The volume of mortgage loans will rise to a record 1.8 trillion rubles.

In 2016, AHML estimates, in Russia there were mortgage loans totaling 1,475 trillion rubles, which is almost 30% higher than the previous year. While mortgage rates for a year has decreased on the average on 1,5–2 percentage points the average interest rate in 2016 amounted to 12.6% against 13 and 35% in 2015. By the end of 2016, the majority of Russian banks issued mortgage loans at 12-12. 5% per annum.

“We can say that the mortgage market has overcome the consequences of crisis at the beginning of 2015 and in 2017 will go to increase,” — noted analysts of the seller.

Sberbank in mid-February 2017, has lowered rates on consumer loans, lowering the minimum rate (for the loan if there is collateral) to 12.9% per annum.

On the same day, Sberbank decreased Deposit rates in rubles 0.05–0.7 p. p. Now the maximum rate of retail ruble deposits opened in Sberbank branch is of 6.15% per annum and a contribution of open distance — of 6.65%.

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