Sber reduces size of soft mortgage down payment

Mar 03, 2021

Sber has reduced the lowest amount that members of the State Support 2020 soft mortgage lending program can put down. For the home loan borrowers who provide proof of earnings and employment, the lower down payment limit is only 15%. Those without proof will be required to put down 30% or more.

Soft Mortgages is a unique initiative with the rate as low as Russia’s contemporary history has never seen. Thousands of Sber customers have taken advantage of the program. Our mission, as we see it, is to remove all possible barriers for home buyers. High down payments had been a barrier like that until recently, so we lowered them. For those who have proof of earnings, the down payment is just 15%, while those that have no proof must put down 30% (50% before the reduction). This means that even more families can buy housing right now and find a solution to the housing question before they’d expected.

Kirill Tsaryov

Deputy Chairman of the Executive Board, Head of Retail Business, Sberbank

The rate on government-back mortgages is 6.4%. When signing a deal electronically, it’s 6.1%. Those who have subsidies from the developer can put down 0.1% or more.

The state support program lets borrowers take out a mortgage of up to RUB12 mn to buy an apartment in a new building in Moscow, Moscow Region, St. Petersburg, and Leningrad Region. In other regions of Russia, you can borrow up to RUB6 mn.

Soft mortgages and housing from accredited developers are available on until July 1, 2021.