Russians rushed to change one mortgage for another

In 2020, a record number of Russians are willing to refinance their mortgages. The fact that citizens rushed to change some loans for others, in an interview with RIA Novosti said the head of Rosbank Ilya Polyakov.
“We are recording a record growth in applications for mortgage refinancing, which allows us to reduce the payment burden on existing loans,” the expert noted. “The share of such loans in issuances at the end of August 2020 increased to 29 percent of the total volume of loans.”
The banker also said that in the period from May to September of this year, 56 percent of issued loans for new buildings were issued within the framework of the concessional mortgage program at 6.5 percent per annum. Polyakov predicted an even greater demand for the program in the last month of its operation, but did not rule out the possibility of its extension.
“In general, by the end of 2020, we forecast the growth of the mortgage lending market within 10 percent,” concluded the head of Rosbank.
Earlier in October, it became known that the concessional mortgage lending program, which provides for the issuance of loans to Russians for the purchase of housing at 6.5 percent per annum, could be extended until the end of 2021. The corresponding decree was prepared by the Ministry of Finance.

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