Overpayment on the market mortgage exceeded 10 million rubles

The average mortgage bill by April 1 rose to a record 4.4 million rubles, according to statistics from the Central Bank. Only since the beginning of the year, the figure has increased by 10%. The average term of housing loans reached a maximum — 310.7 months, that is, almost 26 years.

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If a person gets a mortgage for 4.4 million rubles for such a period with an initial payment of 20% and at 30% per annum (these are the rates for market loans currently offered in the largest banks), the total amount of payments will be 14.6 million rubles, calculated by Vladimir Chernov, analyst at Freedom Finance Global. This means that the client will overpay more than 10 million. This makes housing loans extremely expensive for most families now and limits the range of real estate buyers without government support, the expert emphasized.

The largest banks have confirmed an increase in the average mortgage bill this year. The main reason is the increase in the cost of housing, explained Anna Zemlyanova, chief analyst at Sovcombank. In recent years, the rise in real estate prices has accelerated due to high inflation of building materials amid sanctions, added Vladimir Chernov from Freedom Finance Global.

According to him, the increase in the loan amount and term to record levels creates additional risks for borrowers and banks. The probability of delays may increase, especially with a slowdown in the economy or an increase in unemployment.