VTB Bank, which fell under tough US sanctions amid the conflict in Ukraine, announced an increase in mortgage rates and the suspension of refinancing.
VTB said in a statement that from February 28, the minimum mortgage rate will be 15.3% (plus four percentage points) for both under construction and finished housing. The credit decision period for new applications is now 30 days (previously 90 days). For previously approved applications, decisions will be valid until March 5 inclusive.
In addition, due to a sharp increase in market rates, VTB Bank “temporarily suspends refinancing.”
At the same time, the bank assured that the conditions for preferential programs and the validity of decisions on them will remain the same – the mortgage rate with state support will be from 5.75%; for the Far East mortgage – 0.1%; for “family” – from 4.7% (from 4.3% in the Far Eastern Federal District).
“We are sure that the measure to “cool down” the lending market will be temporary and banks will soon be able to return to more affordable rates,” VTB added.
We add that today State Duma deputy from United Russia Tatyana Butskaya gave the Russians “personal advice”: “If you have not taken a mortgage yet, then be patient.” “Now developers will start playing with prices that can soar. A month or two – everything will calm down. And everything that concerns already taken mortgages at preferential rates – everything continues to work! Do not worry!” Butskaya wrote on her Instagram. United Russia did not specify what to do for Russians who have already taken a regular mortgage without benefits.
