Translated material
Despite the market
Mortgages from Sberbank have become cheaper
Sberbank reduced rates on mortgages and real estate loans by an average of 0.5-1.5 percentage points. Market participants believe that this decision, together with the recent increase in deposit yields, may be associated with a change in Sberbank's development strategy . But it is unlikely that other financial institutions will follow his example and begin to lower loan yields - according to bankers, the macroeconomic market conditions are now unfavorable for this.From Monday, the minimum rate on real estate loans in dollars and euros was 11.5% per annum (previously - 12% per annum), on a mortgage loan in foreign currency - 11.5% per annum (previously - 12% per annum), and after registration of a property in favor of the bank --- 9.75% per annum (previously - 11% per annum). The rate on the “Mortgage +” loan in dollars and euros is now at least 11% per annum (previously - 11.5%), after registering the property in favor of the bank - 9.5% per annum (previously - 10.75%) .
At the same time, loan rates for emergency needs were reduced by 2 percentage points, from 15.5 to 13.5% per annum. On the contrary, rates on car loans were increased - by an average of 0.5-1 percentage point.
A week ago, Sberbank raised deposit rates by an average of 0.5 percentage points. A day later, the head of the credit institution, German Gref, said: “In the near future we will make a final decision on some adjustment of lending rates, but we do not expect an increase in rates. There will be no increase in any position yet.”
At the same time, the bank's management promised that the change in rates would not lead to a reduction in the interest margin. According to Sberbank Deputy Chairman Anton Karamzin, increasing deposit rates will ensure a larger volume of attractions , which will be effectively placed. Mr. Karamzin noted that in the business plan “in the annual horizon” Sberbank expects an increase in margin by 0.1 percentage points.
Market participants, however, believe that these decisions could lead to a reduction in margins. “If we proceed from press reports about an increase in rates for raising funds and a decrease in rates when placing them, it turns out that Sberbank, through its actions, wants to increase its market share, and in theory this policy should lead to a decrease in the interest margin,” says President of the City Mortgage Bank Nikolai Shitov. “In order to accurately determine whether these decisions will affect the reduction in profits, you need to clearly understand the financing structure of Sberbank, and this information is only available within the credit institution,” notes Alla Tsytovich, managing director of the retail business unit of the Bank of Moscow. “If we consider deposits as a source of funding, then the rates on them are rising, as for loans on foreign markets, their cost for Russian clients has increased by an average of 1-1.5 percentage points.”
Apparently, this is why the newspaper’s interlocutors do not see economic prerequisites for a fall in interest rates. “The current environment is unfavorable for reducing interest rates on mortgage loans if rates are fixed for a long period, for example, 20 years,” says Mr. Shitov. -- In addition, we must not forget that some banks may unilaterally revise loan rates. In other words, if you take out a mortgage for 20 years at 10% per annum, you cannot be completely sure that this is the rate at which you will repay the loan to the bank throughout the entire term.”
It is possible that Sberbank’s actions regarding mortgage rates can be explained by social burden, says Vremya Novostei’s interlocutor, a representative of a large commercial bank: “Now the authorities are trying to prove to the population that the global crisis will not affect Russia in any way, perhaps Sberbank is trying to stabilize with its actions situation."
The decision to increase car loan rates reflects the current market situation. Bankers note that the general trend towards an increase in profitability on all loans will also affect car loans.