Putin and Gref advised to immediately take out a mortgage

In 2017, mortgage rates in Russia can fall below 11% per annum, with such a forecast was made during the Thursday meeting with Russian President Vladimir Putin, the head of Sberbank German Gref. For comparison, in January-June 2016 the weighted average mortgage rate was % to 12.99% per annum. “We hope that this reduction in rates before the end of the year will cause next year the subsidy from the state is not required. We expect that in the fourth quarter of this year will be the real recovery in the mortgage market”, — said Gref.

In turn, Putin emphasized that wishing to finally resolve the housing problem, do not expect a further decline in mortgage rates, the loan right now.

“It is better not to wait for 11, because inflationary processes are developing, and so forth, so who wants and is ready, it is better to do it now, — said Putin.

“You’re absolutely right,” he responded to the words of the President Gref. In his opinion, it is now “one of the most positive moments” to buy their own homes.

“It is always in any economic process has two parts: the mortgage will be cheaper, but housing will immediately grow in price. So now, I think, one of the most convenient moments, when the mortgage is cheap and housing is still very cheap”, — said Gref.

Earlier today, the Central Bank reported that in the first half of 2016, Russian banks have increased the issuance of mortgage loans by 44%. In January-June 2016 banks issued 389,8 thousand mortgage housing loans (MHL) for the total amount of 664,5 billion.