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Sberbank and VTB started accepting applications for preferential mortgages at a new rate

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Following the proposal of Russian President Vladimir Putin to reduce the rate on preferential mortgages for new buildings from 9% to 7%, Sberbank and VTB announced the acceptance of applications for mortgages at a new rate. “Today we are starting preliminary acceptance of applications for an updated preferential mortgage program,” said Kirill Tsarev, First Deputy Chairman of the Management Board of Sberbank, on the sidelines of the St. Petersburg International Economic Forum (SPIEF). A similar decision was made by VTB. According to its head Andrey Kostin, lowering the rate on mortgages with state support to 7% will help increase the demand for preferential loans. “Today we can talk about the coming recovery in demand for preferential housing loans at least twice,” he said. Recall that after the increase in the rate on preferential mortgages to 12%, the demand for it fell sharply. As Kommersant wrote, in April, for the first time in a long time, the weekly volume of loans issued by the two largest mortgage players – Sberbank and VTB – fell below 1 thousand units. The current rate of 9% on preferential mortgages is effective from May 2022. The program itself…

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