71.7% of mortgages are issued to Russians who spend more than half of their income on loans – Kommersant

The director of the financial stability department of the Bank of Russia, Elizaveta Danilova, said that in the second quarter of this year, 71.7% of new mortgage loans were issued to citizens who spend more than half of their income on repaying loans.

According to RBC With reference to Ms. Danilova’s data, in the mortgage portfolio the share of housing loans issued to such clients currently amounts to 60.8%. We are talking about mortgages in the primary and secondary markets, issued to clients with a debt burden ratio (the ratio of loan payments to monthly income) of over 50%.

In a conversation with RBC, Elizaveta Danilova said that in the third quarter we can hardly expect a decrease in the share of mortgages issued to overburdened citizens. According to her information, in August there were “record growth rates in the issuance of mortgage loans,” including due to “loose lending standards.”

September 12, Russian government increased the minimum down payment for mortgage programs with government support from 15% to 20%. According to the document, the amount of subsidies to banks that finance mortgages under state programs is also reduced by 0.5 percentage points.

Read more about the situation in the Russian mortgage lending market in the Kommersant article. “Mortgage adjusted to the Central Bank”.

Alexander Kislov