this post was submitted on 26 Jul 2024
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Jesus, 18%.
If you had a $200k mortgage, you would be paying $3,000 in just interest every month. And that's assuming you get the central bank rate, you don't. Probably looking more at like 20% for a loan an individual can actually get.
Good luck opening or expanding a business with rates like that too.
I looked up online calculators and it gives me 21.1% from sberbank. However it's just interest rate. And with additional fees it shows up to 24.4%. And you should bear in mind that actual terms tend to be worse. There is also a "military mortgage" which "starts from 18.9%", but it is not any better tbh.
Edit: apparently there are cheaper mortgages starting from 5% and 6% if you are buying "new property" that are labeled as "IT" and "family" ones. I don't know terms for those, but they are definitely not for everyone and they might have conditions which restrict those to a really small group of people. And you can't buy second hand property with those.
Imagine trying to buy shit on credit in order to fire bomb Paris train stations with those kinds of rates.