VTB Bank raises the mortgage rate by four percentage points at once. This was reported by the press service of the credit institution.
“We consider it necessary to preserve the access of the population to the bank’s credit resources, but in the conditions of the sanctions announced against VTB, we are forced to revise the parameters of mortgage lending,” the statement says.
Rates on the bank’s own mortgage programs have risen by four percentage points since February 28. The minimum rate will be 15.3% for both finished and under construction housing.
The credit decision for new applications will be valid for 30 days. For previously approved applications, decisions are valid until March 5 inclusive.
Due to the sharp rise in rates on the market, VTB also decided to temporarily suspend the processing of applications for refinancing mortgage loans.
At the same time, the bank said that the terms of the mortgage under preferential programs and the validity of the decision on them remain unchanged. The rate on mortgages with state support will still be from 5.75%, on the Far East mortgage – 0.1%, on the “family” – from 4.7% (from 4.3% in the Far Eastern Federal District).
“With the support of the government and the Central Bank, we will make every effort to ensure the stable development of the housing construction and mortgage lending market in Russia. We are sure that the measure to” cool “the lending market will be temporary and banks will soon be able to return to more affordable rates,” VTB notes. .
The last time VTB revised rates was just a few days ago. Since February 22, mortgages have risen in price by 1 percentage point, to 11.3% for both finished and under construction housing. This decision was a reaction to the increase in the key rate of the Central Bank.