MOSCOW, August 22. /TASS/. Mortgage lending growth slowed down in July to 0.7% amid winding down the large-scale subsidized program, the Bank of Russia said.

The mortgage portfolio of Russian banks stood at 19.7 trillion rubles ($215.6 bln) as of the end of July.

"According to preliminary data, the mortgage lending rate geared down to more balanced 0.7% after feverish 3.1% in June. Disbursement volumes expectably contracted by more than twofold, to 356 bln [rubles] ($3.9 bln) from 788 bln rubles ($8.6 bln) in June. Nevertheless, it is not fully correct to compared two months because disbursements in June were abnormally high on the verge of the change in government support conditions," the Central Bank noted.