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Russia's central bank to tighten mortgage requirements from March on

MOSCOW
2023-12-28 00:40

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MOSCOW, Dec. 27 (Xinhua) -- Russia's central bank will start to tighten requirements for mortgage loans on March 1, it stated on Wednesday.

The bank said that it would increase "risk-weight add-ons for mortgage loans (issued to citizens) in order to limit individuals' over-indebtedness."

"Lending standards are significantly deteriorating against the backdrop of soaring lending," it explained.

"Over the two years, the proportion of loans issued to borrowers with a debt service-to-income ratio exceeding 80 percent nearly doubled and equaled 47 percent in the third quarter of 2023," the bank said, adding that housing loans with a low down payment (below 20 percent) reached 50 percent of all mortgages granted.
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