Mortgages are the most affordable way to buy a home, however, when applying for a home loan, you should take into account various risks.
Dmitry Voronov, Head of the Department of Applied Economics at the UMMC Technical University, told FederalPress how to buy housing safely. According to her, the mortgage payment should not exceed 40% of the borrower’s total income. At the same time, before applying for a loan, you need to think in advance about a financial safety cushion. As the specialist specified, this amount must be at least six monthly mortgage payments.
Voronov added that real mortgage rates are now close to zero. Considering that inflation is about 6.5%, the loan rate is just over 0.56% per annum, the expert emphasized. He did not rule out that inflation could accelerate to 8%, and then the cost of the mortgage will be negative.
Analyst Alexander Saraev previously suggested that the volume of mortgage lending in Russia could set a new record. He predicts that by the end of 2021 Russian banks will issue loans for the purchase of real estate for 4.5 trillion rubles.