On May 1, 2007, the Moscow NAVIGATOR bank launched a mortgage lending program for private clients. The bank will provide loans, taking into account requirements set out by the Agency for Home Mortgage Lending. The credit amount ranges from R300,000 to R16 million for a term of 30 years. Credits are provided for purchasing apartments or houses on the primary and secondary residential housing markets. The interest rate is set at 11% to 14% in roubles, depending on downpayment and credit terms. The credit is repaid by equal monthly instalments. The minimum downpayment is 10% of the cost of housing.
Source: BANKIR.RU, May 7, 2007
