Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia –
When posting information on their websites about the range of the total cost of credit (TCC) for preferential mortgage loans, 16 banks do not take into account a possible increase in the interest rate. Violations were discovered during inspections by the Bank of Russia.
Bylaw banks are required to calculate the APR based on the maximum possible loan expenses. This information must be available to the borrower on the websites and at the locations where the credit institution provides services.
In some cases, a lender may increase the rate on a preferential mortgage if it becomes aware that the borrower has ceased to meet the terms of the preferential program or has previously taken advantage of the mortgage benefit.
The regulator sent a demand to the violators to promptly correct the values of the PSC ranges in accordance with the law.
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