Gref assessed the affordability of housing for Russians

President, Chairman of the Board of Sberbank German Gref at the St. Petersburg International Economic Forum - 2021 - 1920, 11/07/2021

MOSCOW, 7 Nov – Mortgages today are the only way to buy housing for most Russians, while despite the rise in prices, the affordability of housing for citizens remains: there is a wide range of programs with state support for the “primary”, and Sberbank, for its part, strives to keep rates at an acceptable level, the head said in an interview. bank German Gref.
“Mortgages today are the only way to buy a home for most Russians. Despite the rise in prices for primary and secondary housing in 2020, which is partly due to the record low interest rates on mortgage loans, the affordability of housing for citizens remains, including due to a wide range of programs with state support for the objects of the primary market “, – answered Gref when asked about the situation with the affordability of housing in the country.
For its part, Sberbank strives to keep rates at an acceptable level, added the head of the credit institution. According to the bank’s website, it is possible to take out a loan to buy an apartment in a new building from 8.4% per annum, in the secondary market – from 8.1% per annum. Under the preferential program for new buildings, the rate is from 6.05% per annum, on a family mortgage – from 5.3%, on a Far Eastern mortgage – from 0.1%.
As a result, the demand for mortgages is growing steadily, Gref said. So, in 2021, Sberbank has already issued mortgage loans for more than 2 trillion rubles, which is 60% more than in the nine months of last year. At the same time, mortgage on new buildings in the portfolio of loans issued by the bank for a number of months is no more than 25%.
“The rise in prices in the secondary market was not as dynamic as in the primary market, neither in 2020, nor in nine months of 2021, which allows potential borrowers to more accurately predict their costs of purchasing an apartment,” added the head of Sberbank.
According to the Central Bank, the average rate on mortgage loans in Russia in September fell slightly – by 0.05 percentage points – to 7.73%. At the same time, mortgage debts of Russians for the first time exceeded 11 trillion rubles, having increased last month by 2.3% – to 11.19 trillion rubles.

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