OREANDA-NEWS. July 30, 2010. The Bank of Moscow has announced the launch of a new mortgage programme called "Quick Home", which is designed for borrowers needing a loan to purchase an individual house. The purpose of the credit is to provide borrowed funds for purchasing a house made of glued laminated lumber of the "Timbercom" and "NLK Domostroyeniye" brands.

The mortgage period is from 1 to 30 years and the minimum sum extended for clients in Moscow is 490 000 rubles and for clients in other areas in which the Bank operates – 170 000 rubles. The collateral for the mortgage can consist of the land plot on which it is intended to build the house. The loan is extended in rubles, US dollars or Euros.

"The Bank’s new mortgage programme is intended to develop low-rise construction and make owner-occupied housing more affordable", noted Dmitriy Breitenbikher, Managing Director of the Private Banking Department of the Bank of Moscow. "This proposal is unique in that it is a comprehensive one. The Bank’s partners build the individual homes, each within a maximum of 6 months, while the Bank provides the mortgage funds to finance the construction. It is also important that environmentally friendly building materials are used in the building – glued laminated lumber, this greatly increasing the consumer features of these houses. This establishes a new standard for out-of-town living."