SberBank says Family Mortgage program’s lending figures up 2.3 times

Jun 22, 2021

According to the data provided by Sberbank’s DomClick, as many as 13,300 home loans worth RUB 47.7 bn were issued under the government-backed program for families with children in Jan-May 2021, which is nearly a 2.3-fold increase in value and 80% increase in the number of loans.

At SberBank, we see that the number of home loans taken out under the Family Mortgage government-backed program is rising. In Jan-May 2020, Sberbank issued 7,500 loans worth RUB 20.9 bn, which is much less compared to the same stretch this year. During his address at the St. Petersburg International Economic Forum, the Russian President suggested that the terms of the program were expanded. After the launch, soft mortgages were only available to families who gave birth to their second or more child since January 1, 2018, while soon they will be available to families with firstborns. The move should make soft terms available to an even wider range of Russian families and will facilitate the accomplishment of goals outlined in two national projects, Dwelling & Urban Environment and Demography.

Nikolay Vasyov

Vice President, Director of the DomClick Division, Sberbank

According to him, the increase is due to the favorable rates. Sberbank offers these loans at a rate starting from 0.1% with subsides from developers and from 5% in case of electronic registration, with the standard rate being 5.3%.

For more information about the terms of the Sberbank program please go to domclick.ru.