The Savings Bank will raise rates on market mortgages

Sberbank will raise market mortgage rates by 3 percentage points at once, even with all discounts they will approach 25%. The largest bank will also resume issuing family mortgages from October 22, but with new down payment requirements. Starting from October 22, Sberbank will significantly change the terms of mortgage lending, the bank said. According to market programs designed to buy housing in new buildings and on the secondary market, rates will rise by 3 percentage points at once: thus, the minimum loan rate for housing under construction will be 24.9%, and for finished housing — 24.6%. Base rates, without discounts, will increase to 27.2 and 27.5%, respectively, according to information on the Sberbank website. The credit institution clarified that for previously approved mortgage applications, loans on the same terms will be issued only until November 1, 2024. Sberbank will also resume issuing family mortgages from October 22, a representative of the credit institution said. The provision of such loans was suspended at the end of September due to the exhaustion of the limit allocated to the "Savings Bank". On October 10, the operator of preferential state programs redistributed the limits between banks issuing preferential mortgages. Sberbank received 93.5 billion rubles, or 66.8% of the funds to be redistributed. The Savings Bank reported that from October 22, family mortgages, as well as other loans with state support (Far Eastern and Arctic mortgages, IT mortgages) will now be issued with a new condition - the minimum initial payment for them has been increased to 50.1%. The parameter can be kept at the same level if the client buys a house from a partner developer of the bank or when paying a commission to the bank. "The minimum amount of the initial payment under preferential programs will be 20.1% if a discount is applied for escrow for facilities of partner developers who are on project financing of the bank, or a mortgage is issued with an increased limit. The minimum amount of the initial payment can also be maintained at 20.1% by paying a commission by the developer or the client," the Savings Bank noted. The revision of the conditions for the initial payment for a preferential mortgage in Sberbank was explained by the fact that "against the background of monetary policy, increased macroprudential allowances of the regulator for the amount of the initial payment, the issuance of mortgage loans under state programs are becoming extremely difficult for banks."