In September, more than 25 thousand clients took out mortgages with state support from VTB, which is almost one and a half times higher than the result in August. The total amount of funds received exceeded 144 billion rubles, and the average down payment was about 21%.
The upcoming changes in the conditions of programs with state support “spurred” Russians to rush to resolve the housing issue. In September, the maximum number of preferential transactions recorded for a single month was carried out. In total, more than 25 thousand clients took advantage of government support – 1.5 times more than in August. The volume of funds received by clients for the purchase of real estate amounted to over 144 billion rubles and was also 1.5 times higher than the result for the previous month.
The average loan amount was about 5.7 million rubles, which is approximately comparable to the August figure, but 691 thousand lower than in January. The main customer demand was for “family” mortgages and “mortgages with state support 2020”, which together accounted for about 90% of the total number of preferential transactions.
“The rate is one of the most important parameters for clients applying for a long-term loan such as a mortgage. Therefore, the rushed demand for preferential deals is quite understandable – many borrowers sought to obtain an acceptable monthly payment for themselves for years to come. Against this background, there was a sharp increase in the share of state programs: if in July preferential mortgages accounted for 42% of the total number of transactions, then by the end of September – already more than 56%. It is important to note that clients demonstrate a high level of solvency – the average down payment among VTB borrowers who received a loan with government support was about 21%. This indicator has been stable since the beginning of the year,” commented Evgeny Dyachkin, vice president, head of the sales department in VTB partner channels.
He added that against the backdrop of increased rates on basic banking programs in the fourth quarter, demand for government mortgages will continue to strengthen. According to VTB, by the end of the year the share of preferential programs in the total volume of mortgages issued on the market will reach 60% and will exceed the figure at the beginning of the year by more than a quarter.
Previously, VTB assessed mortgage issuance in general. According to the bank, in September borrowers received about 900 billion rubles from credit institutions. This result was more than 70% higher than the results for September last year and almost 90% higher than the results for 2021. In total, based on the results of January-September, according to VTB, individuals received about 5.4 trillion rubles for the purchase of real estate. This is more than 10% higher than the total for all of last year and close to sales in 2021, when mortgage borrowers borrowed about 5.7 trillion rubles.
Residents of the Southern Federal District received about 20 billion rubles from credit institutions in September. This result is 2.5 times more than in September last year and 4.5 times more than in 2021.
Based on the results of 9 months in the Southern Federal District, individuals received mortgage funds worth about 107 billion rubles, which exceeds the sales volume for the entire 2022 by 24% and by 80% for 2021.