The Russians predicted that the average maturity of the mortgage would double

The rise in the cost of mortgage loans and the decline in Russian incomes could cause the average mortgage repayment period to at least double. About informs RIA Real Estate.

“How long should the loan maturity be extended in May 2022 so that the 14 percent payment remains the same? “Under these conditions, it will be necessary to take a mortgage for 27 years, not 11 years, although the mortgage rate has increased by only 5 percentage points,” said Andrei Barkhota, specialist in the mortgage market.

Market experts agreed that there will no longer be a rushed demand for mortgages, as before. The growth of active loans is not yet possible due to the decline in the real incomes of the population.

Analysts have calculated that now Russians take an average of 22 years of loan and try to repay it in nine years. However, current economic conditions have led to a decrease in the number of people who can pay their housing loans early.

May 17 RBC cited Equifax credit bureau data reportedIn April this year, Russian banks approved 37.2 thousand mortgage loans to their citizens for 130.5 billion rubles. Compared to March 2022, the volume of mortgages issued has almost quadrupled, according to the publication. A month ago, Russian banks issued mortgage loans for 529.3 billion rubles.

Source: Gazeta


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