How did these numbers turn out? And who is taking out such an expensive mortgage now?
According to RBC Real Estate, Sovcombank became the leader in mortgage costs: almost 43.2%. This is more than two times higher than the Central Bank’s key rate. As they say, it’s impressive.
But you need to understand that this is not only the interest on the loan, but also the additional payments associated with it during the entire term of the mortgage agreement. Pavel Samiev, CEO of the Businessdrom analytical agency, continues:
Pavel Samiev, CEO of the analytical agency “Businessdrom”, “This includes various other expenses of the borrower, for example, for the purchase of insurance. That is, it is directly the cost of an insurance policy or policies, because, let’s say, several risks will be insured in a mortgage. It may also be other commission products. For example, some kind of service, legal services that the bank can aggressively sell. As we know, the total cost of loans is very often more than the interest rate alone, it may turn out that it is almost double. Actually, we see just such a situation here.”
43.2% is the maximum possible value of the mortgage value from Sovcombank. According to the information on the
Dmitry Rakuta, founder of the Association of Mortgage Brokers, real estate expert, “Banks used to have such an option as buying a rate. It was possible for a certain fee to directly reduce the rate from 0.5% to 10% with a one-time commission. Now there is such a trend that banks cancel this program and do not even give the opportunity to reduce the rate for a fee. Therefore, according to market rates, the benchmark is from 25% to 30%, while this is the situation on the market.”
That 25%, that 43% is still an unaffordable mortgage cost for most Russians. Therefore, almost no one takes loans for the purchase of housing today, says Alexey Kazarin, CEO of the Credit Specialist System company:
Alexey Kazarin, CEO of the company “System of credit specialists”, “Few people take, the amounts have become smaller. People have savings, they are ready to spend them on purchases. They lack 2-3 million rubles, they are ready to take a high rate. There are those who are ready to borrow now, knowing that they have something to sell tomorrow, in a month or six months, respectively, they will repay this mortgage from the sale of something else. That is, initially they potentially take it for a short period of time.”
Now few people doubt that mortgages will become more expensive. And not only because the Central Bank intends to raise the key rate again in December. In October, the regulator lifted all restrictions on the full cost of mortgage loans until March 31, 2025.
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