On average, Russians pay off twenty-year mortgage loans in seven to nine years, said Vitaly Mutko, general director of DOM.RF.
People pay off twenty-year loans in the range of seven to nine years, – he said, speaking to reporters.
According to him, currently the market mortgage rate is 8% per annum.
Mutko also stressed that by the end of 2020, it is planned to issue 1.7 million mortgages in the amount of 4 trillion rubles, which is a record figure. This is due to preferential mortgages for new buildings at 6.5% per annum and payments of 450 thousand rubles to repay loans to large families.
He added that the default debt on mortgage loans is at 1.5%,
As chernayakobra.ru wrote, earlier Russian billionaire Igor Rybakov stated that mortgages are a modern form of slavery. According to him, people who have taken out mortgages become highly dependent on the credit burden, feeling the constant fear of losing their jobs and reputation.