'The current market situation shows that mortgage loans are enjoying increasing demand as far as customers are concerned. Banks, on their part, are trying to limit the number of low-quality loans as well as offer them to the people with the most dependable paying capacity,’ Ural Treasures Bank’s Mortgage Loans Sales Director Olga Naumova said to UrBC.

The Mortgage Lending Agency modified the standards of offering, refinancing, and servicing of mortgage loans. For instance, mortgages provided by banks after January 31, 2008, aren't subject to refinancing given that the sum of the loan exceeds 1.5 million RUR and the down payment/debt ratio comes to 20%/80% (or more).

'Our Bank offers mortgages through some federal programs in cooperation with the Mortgage Lending Agency’s regional branch. It’s only natural that their changes should affect our policies. However, this is not likely to make our customers go elsewhere: even though the down payment was raised, the interest rates were kept the same, that is, low enough,’ Ms Naumova said.