OREANDA-NEWS  The average mortgage term in Russia has increased dramatically and approached a record 26 years. Such data is provided by the Central Bank (CB), Izvestia writes.

In February alone, the average term for housing loans (in the primary and secondary markets) increased by 5 months, to 25.8 years (309.8 months). At the same time, mortgages only for new buildings have already been taken for an average of almost 27 years (323 months).

According to experts, the trend is associated with an increase in the price of loans — with a longer term, the amount of payments becomes feasible. As a result, according to the plan, Russians will close more than half of the housing loans already in retirement, the Central Bank said. However, the actual maturity dates are usually less than the stated ones.

Earlier it became known that Muscovites need to earn at least 199,000 rubles a month to approve a market mortgage for an average home.