Amount of new mortgage loans issued by banks grew by 25% year on year over nine months in 2017

Photo: Stanislaw Mikulski / shutterstock

In September 2017, the decline in interest rates in the housing mortgage loans (HML) market accelerated and contributed to the increase in the volume and value of bank loans provided to borrowers.

The average weighted ruble rate on loans provided in September stood at 10.05% (a drop by 53 bp month on month); this made it possible for credit institutions to issue 98.4 thousand HMLs totalling 183.9 billion rubles, registering a year-on-year rise of 32 and 45%, respectively. It should be noted that mortgage rates did not exceed 9.97% for borrowers in the North-Western, Volga and Far Eastern Federal Districts in September.

Overall, during the first nine months of this year, credit institutions issued 700.6 thousand HMLs totalling 1.3 billion rubles, posting a 25% increase year on year.

The accumulated outstanding amounts on HMLs reached 4.9 trillion rubles by 1 October 2017. Of these, outstanding foreign currency loans constituted 1% of total outstanding amounts.

7 November 2017

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