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Post: VTB will increase the minimum mortgage rate to 10.9% from December 3

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VTB will increase the minimum mortgage rate by 0.5 percentage points to 10.9% from December 3

MOSCOW, November 30 – RIA Novosti. According to the press service of the bank, from December 3, VTB will increase the minimum mortgage rate by 0.5 percentage points to 10.9% for the purchase of finished houses under construction and under the refinancing program.

“From December 3, VTB will adjust the terms of its mortgage programs. The minimum rate will increase by 0.5 percentage points to 10.9%. The new price parameters will apply to the housing purchase and refinancing program under construction,” the report states.

VTB added that all applications to the bank, including December 2, will be evaluated at rates starting from 10.4% under current conditions.

The bank is changing its loan terms in November on the backdrop of rising market rates. An additional factor was the continued increase in the cost of attracting funds in the market, which did not allow to leave the loan terms unchanged.

“Average price parameters for mortgages among today’s biggest players have stabilized at around 11%, so we’re bringing our terms to basic overall market values,” the message says.

At the same time, the bank noted that the terms of preferential programs will not change. VTB also maintains the current non-price parameters of loans, including minimum requirements for the first installment level.

Source: Ria

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