In September 2021, the average mortgage lending term in Russia exceeded 20.5 years.
The value became the highest ever observed.
This is evidenced by the materials of the Central Bank.
According to the Central Bank, a year ago, Russians took out mortgages for an average of 18.3 years.
One of the main reasons for the growth in the indicator was the increase in the cost per square meter in the country, says Anton Greenstein, an expert at the Hamilton information and analytical center.
“In 2021, real estate in Russia has risen in price by an average of 10-15%.
As a result, the average size of the mortgage has also increased.
However, according to the latest estimates, in July the annual growth of real wages in Russia was 2.2%.
Therefore, in order to comply with the standards established by the Central Bank, banks are increasing the mortgage terms offered to borrowers in order for the monthly payments of citizens to correspond to a lower level of the debt burden indicator, "Grinstein explained in an interview with RT.
In general, over the past year, the average size of a mortgage loan in Russia increased by 23.9% and in September reached a record 3.35 million rubles.
These statistics are provided by the National Bureau of Credit Histories (NBCH).
According to the organization, the largest average mortgage size was recorded in Moscow and the Moscow region (on average 7.14 and 5.29 million rubles, respectively), in St. Petersburg (4.9 million) and the Primorsky Territory (4.12 million).
At the same time, the lowest values were noted in the Chelyabinsk region (2.02 million), the Altai Territory (2.19 million) and the Kemerovo region (2.24 million).
In part, the increase in the term of mortgage lending in Russia was influenced by the change in the monetary policy of the Central Bank.
This opinion was shared with RT by the chief analyst of the TeleTrade Group of Companies Pyotr Pushkarev.
Recall that in 2020, to support the economy and business during a pandemic, the Central Bank confidently reduced the key rate and lowered it from 6.25 to 4.25% per annum - the minimum level for the entire post-Soviet period.
Against this background, the average mortgage interest at some point dropped to 7.23%.
However, since the beginning of 2021, the Central Bank, as part of the fight against inflation, began to raise the key rate and raised it to 7.5% per annum.
As a result, the average mortgage rate in the country reached 7.73%.
“We see that mortgage interest rates have risen over the year due to the increase in the key rate of the Central Bank.
Therefore, in order for the mortgage offer to remain affordable and attractive in terms of the amount, banks are also inclined to carry out calculations for the client more often, increasing the loan term, ”explained Pyotr Pushkarev.
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It is noteworthy that most often Russians aged 30-40 take an apartment on a mortgage.
According to the latest data from the NBCH, in the first seven months of 2021, such borrowers accounted for almost half (46%) of housing loans issued in the country.
“The orientation of banks towards younger borrowers also affects the increase in the term of loans.
Young people are more relaxed about the prospect of getting a loan for 15-25 years.
At the same time, older people, who by this time can already retire, are satisfied with shorter loan terms, ”explained Artyom Deev, head of the analytical department of AMarkets, in a conversation with RT.
According to him, more and more young people are attracted to the mortgage lending market by the preferential programs operating in the country.
In particular, today Russians can get a loan for the purchase of housing in a new building worth not more than 3 million rubles at a rate of up to 7% per annum.
In addition, families with one or more children born after January 1, 2018 have the opportunity to take out a mortgage at 6% per annum.
In this case, the maximum loan amount depends on the region - for Moscow, St. Petersburg, Moscow and Leningrad regions it is 12 million rubles, and for other subjects of the country - 6 million.
“Under preferential programs, the share of young borrowers often reaches 50%.
It is this category of Russians who are most often interested in mortgages in order to provide themselves with housing, ”added Artyom Deev.
It is curious that although the term of mortgages in the country continues to increase, Russians are increasingly repaying loans ahead of schedule.
So, according to the latest data from the Central Bank, in the second quarter of 2021, the country closed loans for 502.5 billion rubles ahead of schedule.
For comparison: in 2020 for the same period, the figure was about 322 billion, and in 2019 - 227.6 billion.