Sberbank since February 20 will reduce mortgage rates

Sberbank’s management made the decision from 20 February 2017 to reduce the mortgage rate by 1 percentage point, said the President and Chairman of the Board of Sberbank German Gref.

“At the Committee meeting on interest rates, we have decided to reduce the base rate,” — said Gref at the conference “Innovations in the real estate market” (quoted by TASS).

According to the head of Sberbank, in case of acquisition of property directly from the developer the minimum mortgage rate will be after the decline of 10.9% per annum, the purchase of housing on the secondary market — from 10,75% to 12,25%.

Received the press release of Sberbank noted that simultaneously with the reduction of interest rates will be substantially simplified the range of interest rates on housing loans. As a result, the level of rates will depend on the type of loan and category of customer at any level of the down payment and the loan term.

In addition, after February 20, the clients of the savings Bank will further cut the rate (0.5 percentage points), using the electronic registration of the transaction when buying a new property from the developer.

“We pay special attention to the development of electronic and Digital services in the field of mortgage lending is now to register mortgage transaction not only convenient but also more profitable,” – said the Director of Department on work with partners and mortgage lending of the savings Bank Nikolay Vasev.

Will continue (at least until 30 June 2017) work and the previously introduced rules providing discounts. Reduced rates when buying in the mortgage-finished housing can expect residents of Moscow and Moscow region and some other regions (St. Petersburg and Leningrad oblast, Rostov oblast, Chelyabinsk oblast, Krasnoyarsk Krai, Altai Krai, Omsk oblast, Primorsky Krai, Amur oblast, Chukotka, Samara oblast, Magadan oblast, Voronezh oblast, Kamchatka, Khabarovsk Krai, Sakhalin oblast, Kaliningrad oblast, Tyumen oblast, Altai Krai, Chuvash Republic, Russia, Republic of Tatarstan) and young families.

In early February, the Agency for housing mortgage lending (AHML) made a forecast that in 2017, mortgage rates in Russian banks drops below 11% per annum. The volume of mortgage loans will rise to a record 1.8 trillion rubles.

In 2016, AHML estimates, in Russia there were mortgage loans totaling 1,475 trillion rubles, which is almost 30% higher than the previous year. While mortgage rates for a year has decreased on the average on 1,5–2 percentage points the average interest rate in 2016 amounted to 12.6% against 13 and 35% in 2015. By the end of 2016, the majority of Russian banks issued mortgage loans at 12-12. 5% per annum.

“We can say that the mortgage market has overcome the consequences of crisis at the beginning of 2015 and in 2017 will go to increase,” — noted analysts of the seller.

Sberbank in mid-February 2017, has lowered rates on consumer loans, lowering the minimum rate (for the loan if there is collateral) to 12.9% per annum.

On the same day, Sberbank decreased Deposit rates in rubles 0.05–0.7 p. p. Now the maximum rate of retail ruble deposits opened in Sberbank branch is of 6.15% per annum and a contribution of open distance — of 6.65%.