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President Putin advises to take out mortgages right now

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President Putin advises to take out mortgages right now

On the 5th of August, Russian President Vladimir Putin held a meeting with Head of Savings Bank (Sberbank) of Russia Herman Gref.

Over the course of the meeting, Vladimir Putin advised those, who intend to take out a mortgage, to do it right now, without waiting for interest rate reduction.

According to the information published on Kremlin’s website, Herman Gref told President that he believed that mortgage interest rates in Russia might drop below 11% in year 2017.

At the same time, he warned that economic process always had two components: with cheaper mortgage housing prices immediately go up. However, he noted, that reduction of a mortgage interest rate and growth of housing prices would be synchronized. While it is difficult to catch the moment, the present one would be one of the most adequate choice.

President Putin advises to take out mortgages right now

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