Russia’s CITY MORTGAGE BANK (Russian acronym, GIB) is increasing the maximum amount of a mortgage loan to $1.0 million in all regions where it operates. This is caused by a considerable price hike on immovables and the resulting increased demand for mortgage and lombard credits of up to $1.0 million. The credit may be provided for purchasing apartments or houses or for other consumer purposes, including home repairs and other needs.
Source: BANKI.RU, November 9, 2006
