“So as not to impede the carrying out of transactions for acquisition of housing mortgage – they require personal participation of the borrower – we temporarily easing for banks requirements for customer identification, banks will be able to conduct mortgage transactions remotely” – said Elvira.
Threshold mortgage to apply for vacation credit increases
She said that this was done to enhance the provision of remote services, so that people didn’t leave the house, and the banks and other financial institutions were forced to hire additional staff.
According to Nabiullina, despite the epidemic of coronavirus, the demand for mortgage loans in Russia remains and will continue to grow in the medium term. Despite the revision in mortgage rates by several banks, the Central Bank does not fix a massive increase in interest rates on housing loans, said the head of the Central Bank.
On March 1, 2020 the weighted average rate on mortgages in Russia amounted to 8.69%. In the coming months this figure will obviously increase.