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Average mortgage period in Russia reaches 19.1 years in April 2021 - Central Bank

In April 2021, banks extended more than 191,400 mortgage loans, up 7.47% against March of this year and almost twice higher in annual terms

MOSCOW, May 28. /TASS/. The weighted average term of mortgage loans extended in Russia in April 2021 reached 19.1 years in April 2021, being the all-time high figure since 2018, the Central Bank says on Friday.

The average mortgage term gained 4 months against March and reached 237.9 months in April 2021. The weighted average monthly rate moved up by 0.07 percentage point to 7.3%.

In April 2021, banks extended more than 191,400 mortgage loans, up 7.47% against March of this year and almost twice higher in annual terms. Granted mortgage loans gained 10% monthly and grew 2.5-fold on an annualized basis to 550.8 bln rubles ($7.52 bln).

Over 609,500 mortgage loans were granted in January - April 2021 in the amount over 1.71 trillion rubles ($23.4 bln), which is almost 42% higher than in the like period of 2020 by quantity and 66.4% higher by the amount.

The banking portfolio of mortgage loans increased by 25.8% over year to more than 10 trillion rubles ($136.6 bln) by May 1. Overdue debts dropped by 1.89% monthly in April 2021 to 69.7 bln rubles ($951.8 mln).