Mortgages Getting More Expensive In Belarus
- 10.03.2025, 12:13
- 5,488
Belarusbank raised rates.
Belarusbank announced on March 10 that it had changed interest rates on loans for individuals. Among other things, real estate loans have become more expensive. The last time this bank raised interest rates on housing loans was in February, Zerkalo writes.
Thus, the rate on the Mortgage Express loan for those who purchase housing on a general basis on the secondary market from an individual or legal entity increased from 17.5% to 18.18%.
This loan also became more expensive in February. Last month, an innovation was introduced for it — the maximum loan amount for housing on the secondary market was reduced. If earlier it was possible to get up to 100% of the property value, now it is up to 90%. As for housing from developers, the bank can still issue a loan of up to 100% of its value.
Belarusbank also now issues the Mortgage Refinancing loan at 18.18% per annum.
Earlier, other banks also raised interest rates on real estate loans.
It is important to note that Belarusians regularly break records for the total amount of loans taken. The National Bank is concerned about the high growth rates of lending to the population. The regulator believes that this “may pose a threat to financial and price stability.” Experts, meanwhile, point to imbalances in the economy, including hidden inflation, and see prerequisites for a weakening of the national currency.
In this situation, the National Bank has made some tightening decisions — it has increased the calculated standard risk values (CSR) for March. This is the interest rate ceiling on bank loans, primarily for real estate.
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