Russian Banks Increased Mortgage Loans Issuance

Russian banks issued 86 thousand mortgage loans in January 2021, which is 11 per cent more than in January 2020. This number of loans is a record for the first month of the year, Vedomosti reports with reference to the press service of the United Credit Bureau (OKB).  

According to the general director of the bureau, Artur Alexandrovich, last year was a record for mortgage lending. Thanks to the reduction of the key rate by the Bank of Russia and the extension of the preferential mortgage programme, the total cost of the loan for the year on average decreased from 10.3 per cent per annum to 8.7 per cent per annum.

It is also clarified that among the 30 Russian regions leading in the number of mortgage loans issued, the largest increase in loans was observed in the Tyumen region (+26 per cent by January 2020), Krasnodar Territory (+25 per cent), the Orenburg region and the Udmurt Republic (+24 per cent each).

Ru-Main, 27.02.2021 

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