Sberbank will increase rates on deposits and mortgages – Kommersant
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The head of Sberbank German Gref at the opening of the School 21 campus in Veliky Novgorod spoke about increasing mortgage rates by 0.5 percentage points (pp) from September 22. In addition, from September 25, deposit rates will be increased by 0.3-0.4 percentage points.
Sberbank now offers 10 different types of deposits with interest rates of up to 12%. According to the head of Sberbank, the changes will affect only some of the bank’s most popular offers.
“Then, for certain more popular lines, we will further raise deposit rates by 0.3-0.4 percentage points. We react following the market,” said Mr. Gref (quote from TASS).
Currently, the interest rate on non-preferential mortgages at Sberbank ranges from 14.7% to 16.8%. According to Mr. Gref’s estimates, by the end of 2023, Sber will have issued about 4 trillion rubles. mortgages, which is 1.2 trillion rubles. more than last year. According to German Gref, due to the policy of cooling the housing loan market pursued by the Central Bank, a significant drop in the issuance of mortgages can be expected in the coming months.
“At the same time, due to the measures taken by the Central Bank to increase the rate and a number of other measures, we think that the drop in mortgage issuance will be at least 30% in the fourth quarter. Therefore, in general, there is nothing to expect overheating. Mortgages will be less affordable in the fourth quarter and, most likely, in the first quarter of next year,” said the head of Sberbank.
Let us recall that on September 15, the Central Bank announced an increase in the key rate by 100 percentage points, to 13%. This was done to limit inflation growth to 6-7%. Last time, the decision to increase the key rate (from 8.5% to 12% at an unscheduled meeting of the Central Bank on August 15) was also due to increased pro-inflationary risks, as well as the weakening of the ruble. The Central Bank expects a slowdown in lending as a result of the key rate increase in the coming weeks. According to Deputy Chairman of the Bank of Russia Alexei Zabotkin, this will reduce price pressure.
Read more in the Kommersant article. “Loans have slipped on interest rates” .
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