New proposal: banks began to halve mortgage payments in the first year of lending
Banks began offering mortgages with monthly payments halved in the first year of lending. About such messages from credit institutions
Against the backdrop of a sharp rise in rates, banks began to look for options to stimulate demand for standard mortgage programs. In the near future we should expect the appearance of other promotions and special offers from banks,” said Tatyana Reshetnikova, deputy head of the mortgage department of the federal company “Etazhi”.
According to the expert, after another increase in the key rate by the Central Bank, mortgage rates have approached barrier values. Now on the market, according to standard programs, they start at 15.3%, but in some banks they are already almost at the level of 20%.
The amount of monthly payments with a minimum down payment has become unaffordable for some buyers. And even if banks approve a loan, potential borrowers are not always ready to take out a mortgage with a large monthly payment. Therefore, banks are now trying to expand lending options so as not to lose potential borrowers and offer the most convenient payment in the current conditionsnotes Reshetnikova.
She also noted that mortgage loans with a reduced monthly payment in the first year of lending are not a new phenomenon for the Russian mortgage market. Banks have already offered similar loans in the wake of high interest rates.
In fact, in the first year of lending, the bank reduces the mortgage payment by half due to the fact that the shortfall is evenly distributed into future payments. For example, when taking out a loan for a period of 30 years in the amount of 3 million rubles at 16.3%, the monthly payment will be about 41 thousand rubles, with a promotional offer you can reduce the payment for the first year to 20.5 thousand rubles, and the accumulated underpayment in the amount of 246 The bank will distribute thousand rubles for future periods.
To refinance such a mortgage, you will have to either increase the loan amount by the amount of accumulated but unpaid interest, or pay it off earlynotes Reshetnikova.
The expert added that this lending option is relevant for liquid apartments, which will increase in price more than the accumulated overpayment of interest. And also for those buyers who are already selling their existing home and do not want to postpone the purchase of a new one.