NBKI: the share of refusals on mortgages in Russia reached a record 46.2%

At the end of 2022, the percentage of refusals on mortgage loans reached a maximum in the entire history of observations since 2017 and amounted to 46.2%, follows from the data of the National Bureau of Credit Histories (NBKI), which Vedomosti has read. Previously about this informed RBC.

“In the face of increased demand for mortgages from citizens, banks have the opportunity to select them more carefully, giving preference to those who have the most obvious ability to properly service their debt. Therefore, the share of approval of mortgage applications in 2022 gradually decreased,” says Alexey Volkov, Marketing Director of the NBKI.

According to him, the demand for mortgage loans recovered in the second half of 2022 against the backdrop of a decrease in the key rate, which was also influenced by favorable conditions for preferential mortgages.

According to NBKI data, the share of failures in the first quarter of last year was 34.1% and increased by 12.1 percentage points by the end of the year. The previous maximum for refusals was recorded at the end of 2021, when the share was 36.6%.

Since the spring of 2022, the Central Bank has consistently reduced the key rate after a sharp increase from 9.5% to 20% at the end of February. So, in April, the rate was reduced twice – from the beginning to 17%, then to 14%. In May, it dropped to 11%, in June – to 9.5%, in July – to 8%, and the Central Bank lowered it to 7.5% in September. At a meeting on December 16, 2022, the regulator decided to leave it at the same level.