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What Mikhail Menn said about the future of mortgage lending rates

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What Mikhail Menn said about the future of mortgage lending rates

In the state subsidy program, the rate for a preferential mortgage of 12% won't change, it was claimed in an interview with RIA Novosti by the head of the Ministry of Construction, Housing and Utilities of the Russian Federation, Mikhail Menn. He pointed out that the agreement was reached at a meeting with the First Deputy Prime Minister, Igor Shuvalov. The conditions of the subsidy program won't change, irrespective of whatever happens to the key rate established by the Central Bank.
And in the case of positive economic dynamics, banks will start reducing the rate and some healthy competition for clients will begin. We will remind you that the introduction, in the Russian Federation, of preferential mortgage lending at a rate no higher than 12%, as approved by the Government of the Russian Federation, took place on March 13th. Subsidies will be offered by credit organizations with a volume of delivery of mortgage loans to be no less than 300 million rubles monthly.

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