SOBINBANK and RUSSIAN MORTGAGE BANK have announced the joint implementation of mortgage policy and a single line of mortgage products available across Russia, SOBINBANK press service said. Both banks are releasing seven credit programs, geared towards various segments of the real estate market. The mortgage package comprises programs to purchase housing on the secondary market, flats in new apartment blocks, houses or blocks in townhouses with a plot at the secondary market. New mortgage offers include a consumer credit for any purpose, secured with any real estate. The credits are issued for under 25 years at a rate from 9.75% in U.S. dollars and from 10.75% in Russian roubles. The downpayment starts at 5.0% of the housing cost. The single mortgage offers will be available across Russia at SOBINBANK branches, regional banks, real estate agencies and other operators of the mortgage loan market through the conclusion of appropriate agreements.
Source: NOVECON, February 7, 2007
