MOSCOW, September 20 In connection with the government’s decision, Sberbank is canceling discounts on rates for preferential mortgage programs from Wednesday and increasing the down payment for them to 20.1%, At the same time, the cost of the loan for all previously approved applications remains unchanged, the credit institution reported.
Earlier in September, the Russian government increased to 20% the minimum down payment for a number of state mortgage programs, including the most popular preferential loans for housing in new buildings at 8%. In addition, the maximum amount of subsidies to banks lending under state mortgage programs is reduced by 0.5 percentage points. At the same time, a number of credit institutions offer rates on state programs lower than those approved by the government. Experts stated that after the reduction of budget subsidies, banks may cancel their discounts on rates for preferential mortgage programs.
“From September 20, in connection with the decree of the Government of the Russian Federation, Sberbank is establishing a single rate for all lending purposes under preferential mortgage programs, canceling discounts on rates for purchasing an electronic registration service and setting the down payment amount at 20.1% for these programs,” — the bank said in a statement.
So, under the “State Support” program, the minimum rate will now be 8% instead of 7.3%, for family mortgages — 6% instead of 5.3%, for “Mortgages for IT” will increase up to 5% from 4.7%, for Far Eastern mortgages — up to 2% from 1.5%, and for mortgages under a state certificate — up to 2% from 1.7% when taking out life and health insurance.
At the same time, the bank added that for applications approved before September 19 inclusive, the previous conditions for rates remain the same.
In addition, by order of the Central Bank, from September 19, Sberbank changed the requirements for the size of the minimum down payment for mortgage programs. Now for all programs with a minimum down payment of 20% or less, its value has increased by 0.1 percentage points — to 10.1%, 15.1% or 20.1%.