Gref: Sberbank reduced interest rates on mortgages will be the catalyst for the growth of the housing market

MOSCOW, August 10. /TASS/. The head of Sberbank German Gref believes that the decline in Sberbank’s mortgage rates from August 10, will be a catalyst for the growth of the real estate market and housing lending. This opinion he expressed through a press-service of the credit institution.

“Sberbank as a leader of the banking sector and mortgage market aware of its special responsibility for the maintenance of this trend as one of the drivers of economic development, including the construction industry and real estate market, – said Gref. We are already seeing the return of real estate markets and mortgages to pre-crisis indicators. In particular, in the first half of the mortgage market increased by about 30% compared to the first half of 2016”.

However, according to him, for its explosive growth requires a catalyst. “We believe that it will be an unprecedented reduction of interest rates and down payment mortgage that offers a savings Bank from August 10,” – said Gref.

Sberbank on 10 August lowered mortgage rates by 0.6-2 percentage points on the purchase of new buildings and apartments on the secondary market and the credit institution has reduced by 5 percentage points the size of the down payment on mortgage loans.

VTB 24 and the retail business of VTB Bank told TASS that discuss the decline in mortgage rates, the decision will be made later.