Associate Professor of the Department of Finance for Sustainable Development of the PRUE G.V. Plekhanova Elena Altukhova said that according to the law, the borrower can close any loan ahead of schedule, there are no penalties for this. However, this is not always profitable, she shared in an interview with Prime on January 30.
The expert advised to reduce the repayment period in the first half of the loan term, and not at the end.
“With a differentiated method of repaying a loan, when its size decreases every month, and the ratio of interest and principal remains unchanged, early repayment is beneficial at any time,” Altukhova explained.
She also recommended not to spend the last money on a loan, these payments should not be at the expense of comfort. The financier also recalled the importance of the “airbag”, savings should be enough for three to six months of normal life.
The day before, Olga Daineko, an expert at the Center for Financial Literacy, told how obtaining a consumer loan instead of a mortgage secured by personal property and lending at retail outlets can financially harm the borrower.
On January 27, it was reported that in 2022, the growth rate of mortgages in Russia amounted to 20.4% (this is + 31% compared to 2021). According to the Central Bank of the Russian Federation, subsidized programs proposed by the state contributed to this.
On January 14, analysts from the federal company Etazhi told Izvestia that average mortgage rates for suburban real estate have become much more affordable than for secondary apartments. Last month, the difference between the average approved rates in these segments grew to a record 2.3%.
At the end of December 2022, it became known that the Central Bank proposed to limit the ability to use preferential mortgages so that the borrower could take such a loan only once.