Ranges of the total cost of credit (TCC) for subsidised mortgage loans published by 16 banks on their websites are missing potential interest rate increases, according to findings by the Bank of Russia.
The law mandates that banks must calculate the TCC based on the maximum possible loan costs. This information should be available to borrowers both online and at credit institution offices.
In some situations, the interest rate on a subsidised mortgage loan may be increased if the lender learns that a borrower is no longer eligible or has already obtained such a loan.
The regulator has issued an order to the violators, instructing them to adjust the TCC ranges to comply with the law.
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