Russians risk paying 7 times more on a mortgage than the apartment is worth
In Russia, a sharp increase in the key rate has caused mortgage overpayments over the past year.
According to experts, borrowers with the longest repayment terms risk paying seven times the cost of the apartment.
With a 30-year mortgage at 29%, monthly payments for a new apartment in Moscow will be about 275 thousand rubles, and for secondary housing - 243 thousand rubles, RIA Novosti emphasizes. In the regions, the amounts will be lower, but still significantly exceed the cost of housing.
With a 10-year mortgage, the overpayment will be three times the cost of the apartment; with a 15-year mortgage, it will be almost four times the cost.
At present, given the current rate, mortgages remain accessible only to those who can make a large down payment or pay off the debt in a short time.
Experts point out that Russians overpay for housing by 1.5-2 times when taking out a family mortgage.
In this regard, family mortgages look more attractive compared to regular housing loans.
