Cbank expects mortgage lending in Russia to rise 25–27% in 2021

MOSCOW, Nov 17 (PRIME) -- Russia’s central bank expects provision of mortgage loans by Russian banks to rise by 25–27% in 2021, Alexander Danilov, head of the regulator’s banking supervision support department, said during a forum on Wednesday.

“Speaking of mortgages, the growth here is significant. We have a slight slowdown right now, which was expected due to changes in the (government’s) cheap mortgage program, but it not serious, there is no super downfall. In the year, we may reach the figure of 25–27%,” he said.

Corporate lending of Russian banks should also rise by 12% this year, he said.

Data of the central bank showed the average interest rate on a mortgage loan in Russia falling by 0.05 percentage points in September to 7.73%, while mortgage debts of Russians rose by 2.3% to 11.19 trillion rubles.

(72.5553 rubles – U.S. $1)

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