Russia’s largest lender Sberbank to raise mortgage rates, agencies report

Russia’s largest lender Sberbank (SBER.MM), opens new tab will raise its market mortgage rates to a minimum of 20% from Tuesday, Russian agencies reported.

The move follows the Russian central bank decision last month to raise its key rate by 200 basis points to 18%, RIA state news agency reported citing Sberbank’s press release.

“On the primary market, the minimum interest rate will be 20.3% when using life insurance, the Mortgage Plus promotion, and a down payment of 20% or more,” the press service added.

Source: REUTER