Mortgage growth in Russia in the third quarter slowed to 6.1%

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AK&M 30 November 2021 11:41

Mortgage growth in the Russian Federation in the third quarter of 2021 slowed to 6.1% from 8.2% in the second quarter after the modification of the "Preferential Mortgage" program and an increase in macro-allowances for loans with a low down payment. This is reported in the materials of the Bank of Russia.

About a third of mortgages issued in the third quarter are in the high-risk zone. They are characterized by a high level of debt burden or a low down payment.

The total volume of loans decreased moderately to 1.3 trillion rubles, despite the compression of the issuance of "Preferential mortgages" by 3 times to 146 billion rubles and tightening of monetary policy, as demand was partially redistributed to other state programs, mainly to "family", market mortgages, and was also supported by partner programs of banks with developers, the Central Bank emphasizes.