Sberbank CEO Herman Gref was quoted as saying at the fourth conference “Realty market innovations” held in Sochi last week that the base residential credit interest has been reduced by 1.1% to 10.9% in the primary market and to 1.75–12.25% in the secondary market.
Reportedly, the Russian Government expects that other banks will also lower theit mortgage interest rates. At Sberbank, the new terms for mortgage credits were introduced on Monday, 20 February.
“It’s for the first time over the past five years that we have such a low mortgage interest rate,” informed Mr. Gref. “This year, its amount will depend only on the type of credit and client category, irrespective of the sum of the initial installment payment and term of the credit.”
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