One in Five Russian Mortgages May Outlive Male Borrowers, Ukraine’s Intel Says

Almost one in five mortgages issued in Russia in 2025 will remain unpaid until borrowers are between 70 and 75 years old, Ukraine’s Foreign Intelligence Service (SZRV) stated on July 22.

Russian banks issued 966,000 mortgage loans last year, according to the agency. Nearly 19% of the contracts schedule the final payment for a point when borrowers are aged 70 to 75.

The service compared those terms with average life expectancy in Russia, which it put at 68.5 years for men and 78.5 years for women.

It said some male borrowers may therefore not live to make the final payment.

Nearly two-thirds of Russian mortgages will remain under repayment after borrowers turn 60, according to the assessment.

According to Rosstat’s  latest life expectancy data, the average life expectancy at birth in Russia reached 73.4 years for the total population in 2023, including 68.0 years for men and 78.7 years for women.

Rosstat also reported that Russians who reached the age of 60 could expect to live an additional 17.7 years for men and 22.8 years for women, with both figures recovering after the pandemic-related decline in 2020–2021.

The agency attributed the trend to high borrowing costs. Market-rate mortgages in Russia carry an annual interest of about 19%, forcing buyers to spread repayments over several decades, it said.

Subsidized programs offer limited relief, according to the service. At a preferential rate of 6%, an apartment priced at about $76,400 would take 30 years to repay, with monthly installments of approximately $460.

SZRV compared that payment with an average Russian pension of $280 to $320 per month, saying mortgage installments could exceed a borrower’s entire income after retirement.

Mikhail Delyagin, deputy chairman of the State Duma Committee on Economic Policy, has described Russia’s current mortgage model as a “time bomb” that primarily benefits banks and large developers, according to the report.

The Kremlin has considered reviving a Soviet-style system of long-term state housing rental under which the right to occupy a property could be passed to heirs, the service said.

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The SZRV argued that the proposed system would offer little advantage over a mortgage. While mortgage borrowers can eventually obtain ownership, heirs under the rental model would inherit only the obligation to continue making payments, according to the agency.

Financial pressure on Russian households has also increased more broadly. According to figures cited by the Ukrainian agency, the share of non-performing retail loans at several large banks reached 15% in 2025, while more than 500,000 Russians declared bankruptcy, nearly one-third more than in the previous year.

The agency also said state-backed lending programs had contributed to more than 13 million Russians holding at least three loans simultaneously.

That debt burden has been building across Russian households for months. Non-performing retail loan ratios at several large banks reached 15% in 2025, while more than 500,000 Russians declared bankruptcy, an increase of nearly one-third on the previous year.

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