Support The Moscow Times!

Sberbank to Cut Mortgage Rates

Sberbank will cut rates for mortgages and auto loans by 1 percentage point starting March 1, the bank said, Vedomosti reported.

Mortgage rates will be reduced to between 12 and 14 percent.

According to a Sberbank CIB study, only 1 percent of the population can afford to buy an apartment without a loan, while 25 percent can purchase one with a loan. Sberbank accounts for 46 percent of the mortgage market.

The average ruble-denominated mortgage rate amounted to 12.7 percent at the beginning of 2013, according to Central Bank data.


Related articles:

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more