Issuance of mortgages in Russia increased by 21% in September

Mortgage issuance volumes in Russian banks increased to 414.9 billion rubles. (growth was 21%). The figures are approaching the record of the beginning of the current year.

According to the results of a study by the BCI “Scoring Bureau”, which is transmitted by the agency “Prime”, in Russia in September 106.4 thousand mortgage loans were issued, which is 18% more than in August. Also last month by 2.4% – up to 3.9 million rubles. The average loan size has increased. At the same time, the total cost of the loan decreased to 10.1% from 10.3% in August. The average loan term has grown by six months – up to 21 years and 6 months. According to the authors of the study, announced by banks growth mortgage rates will lead to a decrease in issued volumes.

“In September, mortgage lending approached the record levels of the beginning of the current year, recovering due to declining nominal interest rates. The market grew almost exclusively due to this factor,” said Oleg Lagutkin, general director of Scoring Bureau.

VTB Vice President Evgeny Dyachkin declaredthat in 2022 the mortgage market in Russia overtook the consumer loan market for the first time. The share of mortgage lending reached 50%. At the same time, the government announced on the extension of the family mortgage program until July 2024. In 2023, more than 150,000 families can apply for such a mortgage.

According to the Central Bank, for the first time in seven years, Russians have reduced their debt burden. The decline in unsecured consumer debt outweighed even the growth in the number of credit card borrowers and mortgage debt. This was caused, according to experts, by a drop in consumption volumes.

More details – in the material “Kommersant” “It won’t end for a long time”.