The average monthly mortgage payment in Russia for the year increased by 14% – to 18.8 thousand rubles, Tatyana Reshetnikova, deputy head of the mortgage department of the federal company Etazhi, told Izvestia.
The average loan amount reached 2.9 million rubles, an increase of 16%, and their terms – by 10%. So, in 2020, the average loan term was 18 years, and in 2021 it crossed the 20-year milestone, she said.
At VTB, the average size of a mortgage today is about 3.5 million rubles, for the year it has grown by 20%. And the average loan term increased by 8% to 17 years, the bank said. In MKB, the average mortgage amount has grown by 30% since 2019.
The trend is largely related to the rise in prices for housing, while the minimum down payment remained at the level of 15-20%, the press service of Raiffeisenbank said. Over the year, the growth in prices on the primary residential real estate market ranged from 20% to 40% in the Central Federal District and up to 30% in the regions, said Aleksey Ionov, Deputy General Director of ProGorod of VEB.RF Group.
“The income of the majority of borrowers during this period did not show such growth dynamics, which means that the debt burden has become more tangible, limiting the availability of free funds for early repayment of loans. People began to close mortgages ahead of schedule by 15% less often, ”Tatyana Reshetnikova said.
Over the past few years, the level of early repayment of mortgages has grown due to lower rates and massive refinancing of loans, noted the press service of VTB. In 2021, the Central Bank began to increase the size of the key rate, which generally led to the growth of banking.
PSB expects a moderate increase in the average check of mortgage issues and a further decrease in the share of early repayments. But significant changes in terms of lending are unlikely, added the bank.
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Raising loan: monthly mortgage payment increased by 14% over the year