OREANDA-NEWS. August 18, 2010. Sviaz-Bank and PIK Group of Companies have developed a joint program to make loans to individuals who want to purchase apartments in Moscow and Moscow suburban areas, reported the press-centre of Sviaz-Bank.

Customers of the PIK GC will be able, within the framework of the program, to purchase apartments in Moscow and Moscow suburban towns of Lyubertsy, Mytishchi, Dolgoprudny, and Dmitrov on special terms of loans to be repaid within up to 30 years. Loans in a maximum amount of 30 million rubles are made at an interest rate of 12% to 12.5% per annum. Down payment of 20% of the price of the real estate purchased is required. No moratorium applies to early repayment of the loan.

The program may apply to the aggregate income of three borrowers (not necessarily related by family ties) who may enter into a single loan agreement for a significantly larger loan amount.

A loan is made against the existing real estate of the borrowers or third parties in any area of the Bank’s presence as a pledge for the loan. Once the borrower receives a certificate of ownership of the real estate he is going to purchase, the existing real estate may be replaced with the new property purchased as a pledge for the loan. The pledger may authorize Bank employees to register the pledge with the Registration Chamber.

An insurance company is selected and an insurance contract is signed in the Bank itself in the presence of representatives of an accredited insurance company, at a significant time saving.

A loan is issued for a commission that is charged at 1.5% of the loan amount, but at least 20,000 rubles. The cash transfer commission is charged at a rate of 1.5%, but not more than 1,200 rubles. A loan application is reviewed free of charge, and no commissions are charged for opening and maintaining the loan accounts.

PIK Group of Companies was established in 1994, and is today one of the leading Russian housing real estate developers. PIK Group of Companies is focused on projects in Moscow and Moscow Region, and also develops projects in several other Russian regions. The company is essentially concerned with the construction and sale of economy class housing, primarily in the prefabricated industrial housing construction segment.

Since the start of operation, the PIK Group of Companies has built almost 10 million square meters of housing property (over 170,000 apartments) in Russia, including more than 800,000 square meters (over 14,000 apartments) in 2008 and 884,000 square meters (over 15,000 apartments) in 2009.

The PIK Group of Companies has been added to the list of major enterprises of the Russian economy (Russian Government’s Decision of December 25, 2008). In late 2009, the PIK Group of Companies was given guarantees of the Government of the Russian Federation.