Putin says mortgage lending rates to decrease

KAZAN, Feb 12 (PRIME) -- The recent growth of banking rates including rates for mortgage lending following a hike in value added tax (VAT) to 20% from 18% could be expected, but it is short-term, the rates will decrease in the future, Russian President Vladimir Putin said on Tuesday.

“The situation is predictable, the government assumed, and so do I, that the event is one-time and and short-term, and the rates will return to previous figures and then decrease,” he said.

He also said that DOM.RF, previously known as the Agency for Housing Mortgage Lending, used to suspend mortgage payments for people in challenging situations, and may resume the practice.

End