The minimum mortgage rate in Russia will drop to 6.7%. On these terms, loans for the purchase of real estate from June 9 will be issued by "Sberbank". Mortgage will fall in price on the instructions of the head of state. On the reduction of interest rates announced chairman of the board of "Sberbank" German Gref, speaking at a meeting of shareholders of the credit institution. Base rates of mortgage loans for new buildings will decrease by 0.3-0.5 p. depending on the client category. They will go down to 7.1-9.5% per annum under the condition of life insurance of the borrower and confirmation of his income. But that's not all: on loans from 3.8 million rubles will operate an additional rate cut by 0.4 p. Thus, the minimum rate will be 6.7% per annum. This promotion will last until August 31, 2018. To take advantage of the offer, the borrower will have to meet a number of conditions. First, a person must be a salary client of "Sberbank".

Secondly, installments should be subsidized by developers. Thirdly, under these conditions, the loan will be issued only with a repayment period of up to 7 years and an initial contribution of 15%. The reduction in rates will not affect loans for the purchase of finished housing and refinancing. In addition, according to the current conditions in the Savings Bank, if the borrower refuses to take personal insurance, the mortgage rate is increased by 1 p. The main prerequisite for lowering mortgage rates was a decrease in the Bank of Russia's key rate. At the moment it is 7.25%.

The second signal was an order from the President of the Russian Federation Vladimir Putin, who in the course of announcing the message to the Federal Assembly on March 1 urged commercial banks to lower mortgages rates to 7% per annum. After the presidential suggestion, banks undertook to carry out this assignment. German Gref said that his organization will reduce rates to 7% in one to two years. Since March 22, VTB has lowered mortgage rates by an average of 0.5 p. This institution now issues loans for the purchase of housing at a rate of 8.9%, and refinances old loans from 8.8%. Credits for the purchase of housing have become more accessible to the banks "Vozrozhdenie", "Ak Bars", "Sviaz-Bank", "Unicredit" and other financial institutions. There is a decrease in rates in the secondary market. If a year ago the average rate was 11.5%, now it is 9.6%. This increases the demand for apartments in ready-made houses. This is confirmed by official statistics of the Central Bank.

The regulator said that in January the average rate of mortgage loans issued during the month was 9.79%, by April it dropped to 9.57%. "Sberbank" remains the leader of the Russian mortgage market with a share of issuance of about 52%. Since the beginning of the year, the organization has provided housing loans for 577 billion rubles (80% more than in January-May 2017). The portfolio of housing loans increased by 9.3% and as of June 1, 2018. reached 3.17 trillion rubles. In total, in Russia, according to the Central Bank, in the first four months of the year 424.7 thousand.

ruble mortgage loans by 831.2 billion rubles. Reducing mortgage rates makes housing more affordable for Russians. Last year, the country was swept by the mortgage boom. According to the Bank of Russia, in 2017. the volume of issued mortgage loans rose by 37.2% - to 2 trillion rubles. This year, the active growth will continue, and news from Sberbank about lowering rates will help in this. According to the forecasts of the international rating agency Moody's, the number of mortgage borrowers in Russia in 2018. will grow by more than 1 million people. Meanwhile, the growth in the number of borrowers against the background of a decline in real incomes of the population may lead to the emergence of a non-payment crisis. Not all current borrowers who have rushed for cheap mortgage loans will be able to serve their obligations in a few years. After falling into debt bondage, people are at risk of losing their homes.