Banks will be banned from overstating mortgage rates by up to 100%
The Central Bank has agreed with banks that they will stop excessively inflating rates on combo mortgages, Mikhail Mamuta, head of the regulator's consumer protection service, told Izvestia.
In December, the publication was the first to draw attention to the problem of the ultra-high cost of combined loans. Banks have started artificially slowing down the issuance of housing loans. For example, to approve an additional part of a loan to a preferential program according to market conditions at extremely inflated rates — up to 100%. The Ministry of Finance and the Central Bank opposed such unfair practices.
Mamuta noted that the rates should not exceed the level set by the regulator according to the average market values for mortgages.
In 2022, a law began to apply according to which the total cost of a mortgage loan cannot exceed the average market level by more than a third. The Central Bank calculates this figure for each quarter. The UCS includes not only interest on the loan, but also any other related payments, such as insurance.
There is currently a moratorium on this rule — the Central Bank introduced it until March 31, 2025 due to a sharp increase in the key rate. So far, the Central Bank does not see the need to extend it, Mamuta stressed.
Vladimir Chernov, analyst at Freedom Finance Global, explained that this means that starting from April 1, organizations that have greatly overestimated rates (by more than a third) will have to reduce the full cost of the loan. In his opinion, it is not worth extending the moratorium, because this rule is designed to limit the rates on combined mortgages and make them more equitable.
Read more in the exclusive Izvestia article:
Add it up, please: banks will be banned from overstating mortgage rates by up to 100%
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