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High mortgage rates in Russia could cause a crisis in the region. Alexey Vedev, former Deputy Minister of Economic Development of the Russian Federation, Doctor of Economic Sciences, said that it is difficult for people to service loans at such high interest rates and that, in fact, on average, one person buys five apartments for 30 years. Four for themselves and four for the bank, reports IA DEITA.RU.
Vedev said that high mortgage rates make payments prohibitively large and, in his opinion, the highest interest rate on mortgage loans will be 6%, and overpayments to banks will not be as high as they are now.
He also noted the high risk for citizens. Despite the fact that when people decide to take out a loan, they calculate their capabilities, think about the consequences and think that they will be able to pay, they do not know what will happen to them and their income in the future.
Some forecasts predict another increase in base interest rates, which could lead to a new increase in mortgage and consumer loan rates. It is known that the central bank is trying to reduce the inflation rate by raising the base interest rate and reduce the debt burden of the population due to difficult lending conditions.