Under the influence of the increase in the key rate of the Central Bank, mortgage rates in 2014 began to move upward again. Today, taking out a mortgage at 9-11%, as some time ago, is already quite difficult.
Mortgages with the lowest interest rates
Today, every fourth Russian apartment in a new building is purchased on credit. The average mortgage rate today is 12.2% per year. But there are banks that offer lower interest rates than the market average.
If you look at the mortgage programs with the lowest rates, then in most cases they are distributed to certain categories of borrowers. In particular, it is possible to get a mortgage at a reduced interest rate for young scientists (rate 10-10.5%), young teachers (rate 8.5-10.5%), military men (9.5-10.5%), as well as owners of maternity capital (from 7.65 to 13.05%). Such mortgage programs are offered by partner banks of the HML Agency, a list of which can be found on its website.
More favorable interest rates on mortgages are offered by large Russian banks. In particular, VTB (from 10%) and Sberbank (from 11.5%).
Many banks put forward many additional conditions for receiving a reduced rate. For example, in the Moscow Industrial Bank, a rate of 10-11% is offered only for personal insurance (otherwise + 2 pp). In Bank Baltika, a mortgage loan in the secondary market can be obtained at a rate of 8.8%, but only if there is an initial payment of 75% and other conditions are met (personal, property insurance, etc.). In 2T Bank, in order to receive a mortgage rate of 8.75% for the purchase of housing in accredited objects, you must make an initial payment of 50%.
What determines the mortgage interest rate
Banks usually publish the starting minimum mortgage rate. This does not mean that it is she who will be framed for you. Today, there are a number of criteria that affect the value of the interest rate. Among them:
- loan term - the longer it is, the higher the interest rate (the most advantageous offers for terms up to 5-7 years);
- lending currency - a mortgage in dollars or euros differs in lower rates than in rubles (but it is worth considering that it should be taken only if there is a basic income in foreign currency, otherwise all the benefits will come to naught under the influence of exchange rate fluctuations);
- the amount of the initial payment - with contributions of more than 35-50%, you can count on reduced rates;
- a package of documents requested by the bank - a mortgage on two documents without proof of income is less profitable in terms of the rate for borrowers;
- the presence of personal insurance - when registering it, banks reduce the rate by an average of 0.7-1 percentage points.
Also, the amount of lending is of no small importance. Today, the largest players in the mortgage market (Sberbank and VTB24) offer lower interest rates for large loans.
Therefore, the question of which bank can offer you the lowest mortgage interest rate is decided on an individual basis.
