The State Duma adopted a bill to limit floating interest rates on loans
The State Duma adopted a bill limiting the use of floating rates on loans for citizens and microenterprises from September 1, 2024. This is reported by RIA News.
As the agency notes, initially the draft dealt with a complete ban on the use of floating rates, including for mortgages issued for a period of up to a year or over 20 years. As a result of the adopted clarifications, Russians will now be able to issue consumer loans with a variable rate only in two cases – if the mortgage loan is issued for a period of no more than 20 years and in the amount of 200 to 1000 average monthly salaries (the rate can be changed by a maximum of a third, but no more than four percentage points) and if a regular loan is issued for an amount exceeding 200 times the average monthly salary (without restrictions on terms and the possibility of changing the rate).
The lender will be required to notify of a change in rate no later than 15 days before the start of its application. Within three months from the date of such a change, he can be required to increase the repayment period for the loan or loan. At the same time, the period of this increase cannot exceed the original period by more than one quarter and be more than four years.
Banks tried to influence the adoption of the document, the purpose of which, according to the head of the Duma Committee on the Financial Market, Anatoly Aksakov, is to reduce the corresponding risks of borrowers. During the preparation of the bill for the second reading, the National Council of the Financial Market (NCFM) stated that the introduction of restrictions on the growth of interest on loans with a floating interest rate could lead to losses for credit institutions “if there is an unfavorable change in the economic situation,” wrote “Kommersant”.
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