Govt will subsidize mortgage loan interest rates - Putin
http://www.interfax.ru
MOSCOW. Oct 25 (Interfax) - The Russian government will continue to subsidize mortgage loan interest rates, Russian President Vladimir Putin said.
Interest rates will be subsidized, first of all for young families, he said during a televised question and answer session on Wednesday.
Putin said that the current rate of 11% for mortgage loans is relatively high. However, he said this is based on the high rate of inflation.
"An 11% mortgage rate is a lot, but if [Russian] inflation was 7.7% in the first nine months and is expected to be approximately 8% by the end of the year, then banks that provide mortgage loans should have revenue just over the level of inflation or these operations are meaningless for banks," Putin said.
MOSCOW. Oct 25 (Interfax) - The Russian government will continue to subsidize mortgage loan interest rates, Russian President Vladimir Putin said.
Interest rates will be subsidized, first of all for young families, he said during a televised question and answer session on Wednesday.
Putin said that the current rate of 11% for mortgage loans is relatively high. However, he said this is based on the high rate of inflation.
"An 11% mortgage rate is a lot, but if [Russian] inflation was 7.7% in the first nine months and is expected to be approximately 8% by the end of the year, then banks that provide mortgage loans should have revenue just over the level of inflation or these operations are meaningless for banks," Putin said.
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posted by Сергей at 2:17 AM
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