In September 2021, Sber lowered the minimum age for mortgage borrowers. It is now possible to obtain a home loan starting at 18 - the minimum age for borrowers was previously 21. Over this period, over 1,000 people were able to take out loans totaling over RUB 2.8 bn. The majority of transactions involve mortgages on ready-made housing.

The most transactions were concluded in the following regions: Moscow and Moscow Region, Ufa, Yekaterinburg, Kazan, St. Petersburg, Perm, and Chelyabinsk. The program is more popular among women (66%). The majority of borrowers are unmarried (82%).

Nikolay Vasyov, vice president, director of DomClick, Sberbank:

"The most attractive mortgage program for young people aged 18 to 21 is the 'Buying Completed Housing' program. Borrowers in this age category eschew buying a new home and making it over in favor of a quick move-in and the absence of unpredictable costs: materials, contractors, etc. We are constantly improving the terms and conditions of our housing loans and believe that lowering the age limit for borrowers will help young people realize their dream of owning their own apartment. Given the positive trend from September to December 2021, we can assume that the number of deals will continue to increase."

Two mortgage programs for young people are available simultaneously: 'Buying Completed Housing' and 'Buying Housing under Construction.' Apply from anywhere in Russia, including online on DomClick.

The terms for mortgage loans for young people are the same as for older clients. The interest rate in the first year of the loan starts at 0.1%, down payments start at 10%, and the loan term is up to 30 years. The minimum loan amount is RUB 300,000 and the maximum is RUB 100 million. The borrower is required to have worked at their current job for at least three months.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Sberbank of Russia published this content on 18 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2022 14:11:08 UTC.