OREANDA-NEWS. November 22, 2010. Sviaz-Bank has launched a program for making loans to individuals for any purposes against housing as security. Loans may reach a maximum amount of 20 million rubles and are repayable to the Bank over periods of up to 15 years, reported the press-centre of Sviaz-Bank.

“Our new program enables our customers to make big-ticket purchases, for example, summer houses, land plots, and car garages, refurbish their apartments and houses, pay for education, or use the borrowed money to start up or boost their own businesses,” says Maria Zenina, Director of Sviaz-Bank’s Retail Banking Products Department.

Loans are issued at an interest rate of 14% per annum in Russian rubles. The lending commission is fixed at 1% of the loan principal, but not more than 100,000 rubles. There is no moratorium on early loan repayment, nor any ceiling on the amount repaid early.

Loans are made against housing pledged as security. Up to three individuals, not necessarily blood relatives, may join together to take out a significantly bigger loan.

Loan applications are considered free of charge, and no commission is payable for opening and managing loan accounts.

The Bank considers the borrowers’ documents within five business days once all the documents required have been delivered.