Russians saved from insurance payments on the mortgage now banks are giving home loan to insure the purchased property, life and health of the borrower. This was reported on the website of the Central Bank.
Such insurance is mandatory, its amount will include the cost of the mortgage. Currently, insurance is buying the borrower and the agent most often is a Bank, leaving a larger share of the insurance premium.
According to the regulator, such decision will make mortgage transactions more transparent and will help to reduce the cost of the product. However, the Central Bank admitted that the new rules could lead to an increase in interest on housing loans.
it is Also reported that the provisions of the approved concept of mortgage insurance do not apply to previously concluded transactions, but are applied when mortgage refinancing.
