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Mortgage will go to heirs: Russians are scared by long-term debts
Central Bank experts say that access to mortgages in Russia has become so difficult that inherited mortgage debt may soon become widespread. The operator DEITA.RU confirms this by saying that mortgage lending terms have become longer.
Alexander Danilov, head of the Bank of Russia's banking regulation and analysis department, said that there are already proposals to pay off mortgages for 35 years. He believes that if this continues, soon not only the house but also the mortgage debt will be left in the will. At the same time, high prices are forcing people to buy smaller apartments, which are not enough for a comfortable life.
The central bank notes that this situation was caused by a large-scale policy of mortgage benefits, which affected prices in the real estate market. The situation changed in just four years due to increased demand: the area available to Russians decreased by an average of 7 square meters.