MOSCOW, Jan 12 (PRIME) – Russian banks’ mortgage issuance will exceed 5 trillion rubles in 2022, if the government prolongs its cheap housing credits program for new real estate beyond the current deadline of July 1, second largest bank VTB said in a statement on Wednesday.
Mortgage issuance grew by over 25% on the year to a record of 5.69 trillion rubles in 2021 thanks to state support, low rates, deferred demand, and active launches of new housing in the first half of the year. Around 2 million Russians improved their life quality by buying new properties in the year, VTB Bank Vice President Yevgeny Dyachkin said.
VTB Bank issued more than 340,000 mortgage loans totaling 1.2 trillion rubles. The bank’s portfolio of residential loans grew by 25% in 2021 to 2.5 trillion rubles.
(74.8355 rubles – U.S. $1)
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