Sberbank promises to decrease mortgage rates from Friday

MOSCOW, Nov 21 (PRIME) -- Russia’s top bank Sberbank will decrease minimal mortgage interest rates to 6.5% for new homes and 8.5% for existing homes, the bank said in a statement on Thursday.

“Sberbank notifies of a reduction in interest rates for the mortgages, for which clients will apply from November 22, 2019. A newly-built apartment may now be bought at at least 6.5% annually, and a secondary housing apartment at 8.5%,” the statement read.

In October, Sberbank cut mortgage rates by 0.3 percentage points for most products and by 0.6 percentage points for refinancing of mortgages issued by other banks.

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