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Few banks continue offering housing, car loans, experts say

The number of Belarusian banks that continue issuing loans for housing and car purchases has fallen to a “minimum,” while interest rates keep rising, says an article posted on infobank.by.

Only five banks, including state-owned giants Belarusbank, Belahraprambank and Belinvestbank, lend money for housing purchases, but some of their offices, including in Minsk, often lack money for such loans, BelaPAN said.

Priorbank and Belrosbank issue only foreign-currency loans for housing purchases, according to the article.

Interest on rubel loans varies between 20 and 26 percent and on foreign-currency loans between 18.9 and 20.6 percent.

The banks have raised the minimum income level that applicants are required to have to be eligible for a loan.
The number of banks that issue loans for car purchases has decreased to six, with only three banks – Belrosbank, Priorbank and Alfabank – offering foreign-currency loans. Interest rates range between 24 and 31 percent for rubel loans and between 17 and 20 percent for foreign-currency loans.

Options are limited for people who want to borrow money for buying a car. “And one should say that the situation does not improve in the course of time,” the article says.