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Banks Reduce Mortgage Requirements - EastRussia | Far East

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Banks reduce mortgage requirements

Banks reduce mortgage requirements
Photo: pixabay.ru
Over the past three years, Russian banks have reduced requirements for mortgage borrowers. This trend is noted by Equifax credit history specialists. According to experts, this will lead to increased risks in the housing lending market.

According to "Merchant", amid a toughening approach to issuing cash loans, banks continue to actively attract mortgages, who are the most stable customers. According to scoring estimates on the 4score system, the ratings of mortgages and consumer loans are almost equal.

In the event that a decrease in prices occurs in the real estate market, bank pledges will depreciate and this, according to experts, is the main risk of being too loyal to customers. Previously reported that banks have become more common refuse Russians in loans. In 2019, only 36,9% of applications were approved. Most willingly, lenders agree to issue mortgage loans.