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VTB cuts rates on state mortgage programs

VTB cuts rates on state mortgage programs
Photo Shoot: Scott Graham on Unsplash

Since September 24, VTB has been improving conditions for mortgages with state support, reducing the rate to 5,75% per annum, and family mortgages, the rate at which now for residents of the Far East will be from 4,3%. Additional discounts are available to borrowers who complete transactions in the bank's digital channels.

For mortgages with state support, the base rate at VTB is 6,35%, a discount of 0,3 percentage points. available to borrowers applying for a loan through a digital account on the bank's website or in other remote channels. Now they can further reduce the rate by another 0,3 percentage points. when using digital services in the course of a transaction - for example, a secure payment service and electronic registration. In total, the rate on mortgages with state support can be reduced to 5,75%.

A similar system of discounts is being introduced for family mortgages. As a result, the minimum rate for this category of clients will be 4,7%, and for residents of the Far East - 4,3%. The maximum loan amount under the program is 12 million rubles in Moscow and the region and St. Petersburg and the Leningrad region, 6 million in other regions.

In addition, within the framework of the Far Eastern Mortgage program for VTB clients, the minimum possible rate for the entire loan period was previously set - only 0,1%. Borrowers can be families who purchase real estate in the regions of the Far Eastern Federal District (the age of both spouses is not older than 35 years old), as well as single parents not older than 35 years old with a child under 18 years old.

“The focus of the state program after its modernization is directed primarily at social categories of the population. Now the most favorable conditions for transactions will be available to families with children and users of digital services. For VTB, these are priority areas of the retail business. Therefore, despite the increase in the key rate of the Central Bank and the general change in market rates, we are improving mortgage conditions in these segments. We expect that thousands of our clients will be able to use them. The key driver of market growth among state programs will now be family mortgages, the demand for which among our clients has already doubled. In many ways, this will contribute to supporting the mortgage market by the end of this year, which for the first time in history may reach 5 trillion rubles in terms of the volume of loans, ”commented Mikhail Seroshtan, Vice President, Head of the Mortgage Lending Department at VTB.

Since the expansion of the family mortgage conditions for borrowers with one child, VTB clients have doubled the demand for the program. The average monthly volume of loans for it in the first half of 2021 amounted to 3 billion rubles, and after July 1 - already 6 billion. Bank experts predict further growth in demand in the fourth quarter.

VTB is one of the leaders in the mortgage lending market in Russia. Following the results of eight months of 2021, the bank's clients issued housing loans in the amount of about 700 billion rubles. This is almost a third higher than the figure for the same period last year.

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