Total home lending in Russian in January-September down almost 83% - CB
MOSCOW. Nov 3 (Interfax) - Russian banks provided 91.5 billion rubles in home loans to individuals in January-September 2009, which was year-on-year decrease of 83% in comparison with 537.5 billion provided in the same period of 2008, the Central Bank of Russia said.
Total home loans in rubles dropped in the nine months by 81.4% to 86 billion rubles from 461.9 billion rubles in the same period of 2008. Loans in forex plummeted by 92.6% to the equivalent of 5.6 billion rubles from 75.5 billion rubles.
Total home loans this year have been increasing on a month-to-month basis. In September, a total of 12.9 billion rubles were provided, a 14.6% increase from August (11.3 billion rubles) and almost 100% more than in January (6.6 billion rubles).
However, total home loans provided in September were 78% less than provided in the same period of January-September 2008 (59.7 billion rubles).