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Banks will begin to insure mortgage borrowers at their own expense

Banks will begin to insure mortgage borrowers at their own expense
Photo: pixabay.com

New mortgage insurance rules come into force in Russia. According to the concept developed by the Central Bank, lenders will be required to pay borrowers' life and health insurance themselves.

As the RBC, citizens wishing to take a mortgage loan will be exempted from the need to independently insure the risks inherent in a mortgage. This burden will fall on the banks, and they will not have the right to demand the payment or reimbursement of the insurance premium from the mortgage.

Credit institutions, unlike private individuals, will be able to obtain more favorable insurance conditions at the expense of scale. In addition, the innovation will lead, according to experts, to greater transparency of the terms of the transaction for borrowers. There will be no insurance costs not included in the full cost of the loan.

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