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VTB supports proposals to extend preferential mortgages

VTB supports proposals to extend preferential mortgages
Photo: pixabay.com

VTB Bank has supported proposals to extend the program "Mortgage with State Support". At the same time, the bank stressed that the rise in apartment prices should not override the economic benefit of clients.

According to the press service of VTB, the preferential program makes housing loans more affordable. As noted by Anatoly Pechatnikov, Deputy President and Chairman of the VTB Management Board, state subsidies in this direction have simultaneously supported citizens, the construction industry and the Russian mortgage market. In particular, the latter rose to a record thanks to this program and exceeded four trillion rubles in 2020.

The main task of the government, according to Anatoly Pechatnikov, should be to curb the rise in property prices. Therefore, decisions to extend the program should be made by region.

Now in Russia every fourth mortgage loan is issued under the state program. Average rates are 6,5%. At the same time, the average mortgage payment for borrowers is decreasing. By the end of 2020, it accounted for just 20% of revenue, versus the previously observed average of 30%.

The construction industry also managed to maintain positive dynamics during the crisis year of 2020 thanks to this program. And the extension of the program will contribute to the pace of housing construction, the commissioning of new housing, and the attraction of a new workforce.

VTB proposes to extend the program until the end of 2021. Now the bank has issued more than 6,5 thousand loans at a rate of 64%. In the total volume of mortgage loans, the program accounts for more than 20%.

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