In 2021, the average mortgage loan term in Russia increased from 18.1 years to a record 20 years.
RT was told about this at the National Bureau of Credit Histories (NBKI).
According to the organization, the longest mortgage repayment time was recorded in the Krasnodar Territory and the Tyumen Region (21.2 years).
In addition, high rates were noted in the Moscow and Leningrad regions (20.8 years), as well as in Moscow, St. Petersburg and the Tula region (20.7 years).
Making a mortgage for a longer period makes it possible to make servicing a loan more comfortable for citizens, especially in conditions of inflation.
Alexey Volkov, marketing director of the NBKI, shared this opinion in an interview with RT.
“The extended mortgage term allows borrowers to reduce their monthly loan costs.
Consequently, the indicator of the debt burden of such citizens remains at an acceptable level, ”Volkov added.
It should be noted that at the end of 2021, the average monthly mortgage payment for new buildings in Russia increased by 16% to 28.3 thousand rubles.
In the secondary market, the indicator increased by 25% and amounted to about 26.2 thousand rubles.
This is evidenced by the materials of the analytical company Frank RG.
The observed dynamics, interviewed by RT specialists, are largely associated with an increase in market mortgage rates.
According to DOM.RF, in 2021, the average interest on housing loans for new buildings in Russia increased from 7.91 to 9.58% per annum, and for finished housing - from 8.14 to 9.62% per annum.
Experts cite the actions of the Bank of Russia as the reason for this trend.
In 2021, as part of the fight against inflation, the regulator raised the key rate seven times and raised it from 4.25 to 8.5% per annum.
Moreover, in February 2022, the Central Bank raised the value by another percentage point, to 9.5% per annum, and warned of the possibility of further rate increases in the near future.
Traditionally, Russian banks closely monitor changes in the key rate of the Central Bank and, based on the decisions made by the regulator, independently determine the level of long-term lending and deposit rates.
Thus, the tightening of the monetary policy of the Central Bank leads to an increase in interest rates on loans and bank deposits, which allows to cool consumer demand and put pressure on inflation.
“Serving a loan is getting more expensive, but as we can see, the Russians are still actively investing in real estate.
At the same time, citizens are afraid to pay large amounts monthly, but do not want to risk the money already spent on buying a home.
Therefore, most borrowers prefer to stretch the repayment period, ”Pavel Sigal, First Vice President of the all-Russian public organization of small and medium-sized businesses Support of Russia, told RT.
It is curious that at the same time, the Russians are trying to repay the loan much earlier than it is written in the agreement with the bank.
So, often the real maturity of a mortgage in Russia does not exceed ten years.
Irina Radchenko, Vice President of the International Academy of Mortgage and Real Estate, spoke about this in an interview with RT.
“The Russians, at every opportunity, are trying to close the debt as quickly as possible.
Early repayment allows you to save money and not overpay interest on a loan,” Radchenko explained.
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According to the NBKI, most often Russians aged 30 to 39 take an apartment on a mortgage.
Almost half (45.8%) of housing loans issued in the country fall to the share of such borrowers.
As Oleg Samoilov, vice president of the Russian Guild of Realtors, explained to RT, Russians in this age group can take out a long-term loan with less risk.
In turn, for financial institutions, borrowers over 30 years old are the most reliable category of clients, the expert noted.
“At this age, as a rule, Russians create families and seriously need to improve their living conditions.
Moreover, in most cases they already have a stable income and a good position at work, which is a certain signal for banks.
Credit institutions understand that such clients will have time to repay a loan for more than 20 years before retirement,” Samoilov explained.
Issue price
To date, Russia has noticeably increased and the average size of a housing loan.
According to the NBKI, in January 2022, the indicator increased by more than 39% compared to the same period in 2020 and reached 3.89 million rubles.
The value became the maximum for the entire time of observation.
Such dynamics is largely due to a noticeable rise in the cost of housing in Russia, says Egor Dakhler, an analyst at BCS Mir Investments.
According to him, over the past year, the average cost of apartments in large cities of the country has increased by more than 20%.
As a result, Russians are forced to borrow more significant amounts from banks to buy real estate.
“However, we do not expect this trend to continue in 2022.
Price growth will no longer be so strong, as loan rates have risen markedly, and part of the market demand has been realized over the past two years, ”the analyst added in a conversation with RT.
Nevertheless, the availability of housing loans in Russia is still high due to existing preferential programs, experts say.
So, for example, today families with one or more children born after January 1, 2018 have the opportunity to take out a mortgage at 6% per annum.
The maximum amount of such a loan depends on the region: for Moscow, St. Petersburg, Moscow and Leningrad regions it is 12 million rubles, and for other regions of the country - 6 million rubles.
In addition, until July 1, 2022, all Russians can apply for a loan for the purchase of housing in a new building worth no more than 3 million rubles at a rate of up to 7% per annum.
As part of the initiatives, the reduced interest will be valid for the entire term of the loan.
At the same time, the state reimburses the difference between the market and preferential rates to banks.
According to experts, banks often hold promotions to attract customers and provide loans for housing at a lower interest rate.
So, according to DOM.RF, today financial organizations issue preferential mortgages at an average of 5.89% per annum, and family mortgages at 4.75% per annum.
“In a highly competitive environment, bankers make special offers to customers, which encourages Russians not to put off buying until better times.
At the same time, preferential programs heat up demand and play in favor of market stabilization.
At the same time, normal buying activity in the segment allows the industry to develop and developers to build new facilities,” concluded Oleg Samoilov.