OREANDA-NEWS. October 15, 2010. Sviaz-Bank and Mir Nedvizhimosti diversified company in St.Petersburg have entered into cooperation within the framework of the Bank’s lending program for individuals wishing to purchase existing housing or housing under construction. Their joint project will give Mir Nedvizhimosti’s customers an opportunity to purchase apartments in St.Petersburg on easy terms offered by the Bank, reported the press-centre of Sviaz-Bank.

Loans will be made at an interest rate of 9.5% to 12.5% per annum in rubles on housing purchased on the secondary market and 12% to 12.5% on housing under construction. Loans may reach a maximum amounts of 30 million rubles, and are made for terms of three to 30 years.* The combined incomes of three borrowers who are not necessarily relatives may be counted in within the framework of a single loan agreement.

The borrower’s own share is required to be at least 20% of the price of the property purchased or under construction. Down payment may not be required for the purchase of existing housing, subject to the pledge of the existing property as collateral. There is no moratorium on early repayment of the loan.

Where loans are made for the purchase of housing under construction, the existing property is pledged as security for the loan. After the borrower has obtained a certificate of title to the property built, the pledge is transferred from the existing property to the property just built.

A loan application is considered free of charge.