Russia’s Sberbank raises mortgage rates by 3.5 percentage points

MOSCOW, Nov. 15 (Xinhua) — Russia’s largest bank Sberbank announced on Friday an increase in basic mortgage rates by 3.5 percentage points, bringing the minimum rate to 28.1 percent.
Sberbank said that starting Friday, its basic mortgage rates will rise due to an increase in the central bank’s key rate and the rising cost of government bonds.
The minimum interest rate for primary market mortgages on Sberbank’s Domclick platform will now be 28.4 percent, while the rate for secondary market mortgages will be set at 28.1 percent. ■