Sberbank, Russia’s largest bank, has announced a new mortgage rate trimming for clients taking out home loans from October 1, 2019. Mortgage rates on new homes will start from 7.3% per annum, while on pre-owned real estate rates start from 8.8%, corporate website reports. Sberbank also refinances mortgages of third-party banks at the rate of 9.5% and up.
When applying for a mortgage from October 1, 2019 mortgage rates will be 0.3 pp lower on ready-to-move-in homes, housing under construction, countryside real estate, home construction loans, garages and parking spaces, and consumer loans with real estate put up as collateral.
Mortgage refinancing rates on loans taken out at other banks are now 0.6% lower.
The lowest mortgage rate on ready-to-move-in real estate is now 8.8% per annum for Sberbank payroll clients. The lowest mortgage rate on new apartments under the subsidies program with developers for the bank’s payroll clients will stand at 7.3%.