Russian financial giant PJSC Sberbank of Russia is cutting interest rates on mortgage lending. By the end of the year it will reach 7, 1-9, 5% per annum. In addition, by the end of August, new borrowers can take part in the action by taking out a mortgage at a record minimum rate - from 6, 7 to 9, 1%.
Russian President Vladimir Putin announced the need to change the terms of mortgage lending on March 1. In his message to the Federal Assembly, the head of state called for the rate to be reduced to 7% per annum. The chairman of the board of Sberbank of Russia, German Gref, responded by saying that such changes could be implemented within two years.
Changes in the interest rate on mortgages at Sberbank
The decrease in mortgage rates at Sberbank began on June 9. The baseline values were lowered by 0.3–0.5%. The minimum interest rate on mortgage lending can be obtained by borrowers who take out life and property insurance, as well as confirm their income.
The current clients of Sberbank will not feel the changes in rates. For them, the lending conditions will remain the same. The refinancing procedure will not affect the rate adjustment either.
Reducing the interest rate by restructuring the debt will simply not work. Mortgage terms can be revised only in special cases, for example, when a child is born, a job is lost, or a family member dies.
Mortgage loans with minimal interest
The minimum interest rate on a mortgage loan in Sberbank is provided to some categories of borrowers. To buy a home on favorable terms, you need to carefully study the terms of lending, taking into account a number of nuances.
The most favorable conditions for the product "Mortgage with state support for families with children." The program runs from January 1 of the current year to December 31, 2022. Families with a second or third child can participate in it. The minimum interest rate - 6% per annum - can be counted on when registering a mortgage in the amount of up to 3 million rubles for a period of up to 30 years. Mandatory conditions - making an initial payment of at least 20% of the total amount, registration of property, life and health insurance of the borrower.
From June 9 to August 31, 2018, there is a promotion in Sberbank - "New buildings for mortgages from 6, 7%". Preferential terms apply to loans with an amount of at least 3.8 million rubles with a repayment period of up to 7 years. Holders of salary cards of PJSC "Sberbank of Russia", who will take out life insurance and receive a discount from the developer, can reduce the interest rate. The minimum down payment must be at least 15% of the total debt.
In the foreseeable future, Sberbank of Russia will continue to reduce mortgage lending rates. You will have to constantly keep your finger on the pulse and follow the company's news in order to purchase housing on favorable terms.
