Sberbank raises mortgage rates on new buildings and secondary housing – Kommersant

Sberbank announced an increase in rates on basic mortgage programs by 0.8 percentage points from August 8. According to information on site credit institution, the minimum rate for new buildings – 11.4%, for secondary housing – 11.7%. The minimum down payment for these programs is 10%.

“Sberbank has kept mortgage rates unchanged for the longest time among the largest banks in the market after raising the key rate of the Central Bank. However, current market conditions are forcing us to adjust rates by 0.8 percentage points on basic mortgage programs from August 8,” the bank’s press service said.

The press service of Sberbank noted that under programs with state support, which account for more than half of all loans issued by Sberbank, the rates do not change. At the same time, since August 4, the bank has reduced rates for three preferential programs for the purchase of apartments from developers as part of subsidies at once.

Under the State Support program, the minimum interest rate is 6%, under the Family Mortgage – 4%, under the Mortgage for IT – 3%. In addition, from August 9, Sberbank will increase credit limits for state support programs.

July 21 The Bank of Russia after a long pause raised the key rate immediately for 100 b. p. – from 7.5% to 8.5% per annum. The decision was made against the backdrop of increasing inflationary pressure due to the fact that the possibility of increasing production does not keep pace with the growth of domestic demand, and the accelerated pass-through of the weakening ruble into prices. The regulator allows a further increase in the rate to return it to the target 4% in 2024.

Following the increase in the key rate on changes in the mortgage lending program announced several banks at once: Gazprombank, Rosbank and Uralsib. Mortgage conditions remained unchanged at Sberbank and VTB. Later VTB announced about raising mortgage rates from August 1.

For more information on how a change in the key rate of the Bank of Russia will affect the conditions for loans, see the material “Kommersant FM” “Mortgages are set to grow”.