Housing Mortgage in the Russian Federation in H1 2013
Russian Economic Developments. Moscow, 2013, #9, pp. 37-39
3 Pages Posted: 9 Oct 2013
Date Written: October 8, 2013
In Q2 2013, the monthly weighted average interest rate on ruble-denominated housing mortgage loans was no longer on the rise, after a more than year-long period of growth: the interest rate for June was 12.6% against its record high of 12.9% in March 2013. The volume of housing mortgage lending in Q2 2013 amounted to Rb 315.5bn, which is by 26.63% higher than the volume of similar loans granted over Q2 2012. The share of outstanding ruble-denominated debt against housing mortgage credits relative to the sum of residual debt continues to be on the decline (1.24% as of 1 July 2013 against 1.41% as of 1 April 2013); the same is true with regard to the corresponding share of outstanding debt denominated in foreign currencies (12.45% as of 1 July 2013 against 11.78% as of 1 April 2013). The share of debt against defaulted housing mortgage credits (HMC) (with payments overdue for periods over 180 days) in the sum of total debt denominated in all currencies shrank to 1.15%.
JEL Classification: G21, K11, L74, L85, R14, R21, R31, R52
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