OREANDA-NEWS. December 04, 2009. ZAO Raiffeisenbank has implemented a series of significant changes to their mortgage programmes. Interest rates for agreements including insurance will be brought down to 15.5% annually (from 20%) in the programme for purchases of previously owned real estate, to 16% annually (from 20%) for credit for the purchase of real estate with an apartment as collateral, to 18.5% annually (from 21.5%) for all-purpose credit with an apartment as collateral subject to concluding a contract of insurance; without insurance, these rates will be reduced to 18.5% (from 23.5%), 19% (from 23.5%), and 21.5% (from 25%) annually, respectively, reported the press-centre of Raiffeisenbank.

In accordance with the new conditions, the credit sum now ranges from 500,000 to 26,000,000 roubles for the purchase of previously owned real estate or the purchase of real estate with an apartment as collateral, and from 500,000 to 9,000,000 roubles for all-purpose credit. The moratoria on partial and full early repayments have been cancelled for all mortgage programmes. For purchases of previously owned real estate, the financing has been raised to 75% of the cost of the property.

The terms for mortgages for the purchase of previously owned real estate or the purchase of real estate with an apartment as collateral have been increased to 25 years. The commission upon issue of the mortgage now comes to 1.5% of the sum of the mortgage for the purchase of previously owned real estate and the purchase of real estate with an apartment as collateral, and to 2% for all-purpose credit.

Changes in Raiffeisenbank’s mortgage programmes are being implemented simultaneously in all regions where the bank is present.

Details of the conditions for all of ZAO Raiffeisenbank’s mortgage programmes may be found on the bank’s official site at  under the section "Raiffeisenbank Mortgages".

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on 3Q 2009 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 5th in Russia in terms of private deposits and 8th in consumer lending in Russia based on 3Q 2009 results.