The minimum monthly income required to purchase mortgaged real estate in Moscow increased by 20% to 110 thousand rubles in 2023. In this respect RIA Real Estate market experts said.
This amount is obtained by the basic calculation of the mortgage for a one-room apartment in the capital worth 8 million rubles with an initial payment of 2 million rubles for 15 years.
According to Yulia Pozachenyuk, head of the mortgage loans department at TSN Real Estate, only 30% of Moscow residents earn enough to buy real estate with a market-rate mortgage based on current housing prices in the capital.
At the same time, banks’ requirements for borrowers have not changed over the past year – the amount of monthly mortgage payment should not exceed 50-70% of income.
The average mortgage rate in Russia at the beginning of 2024 is 17%. In some banks, this rate can reach 20%.
Russians before It has been recommended Don’t put all your money into early repayment of the mortgage.