OREANDA-NEWS. April 14, 2011. Sviaz-Bank and FSI Rosvoenipoteka entered into an agreement on mortgage loans to be issued to servicemen signing on the cumulative mortgage system to purchase housing. The official document was signed by Denis Nozdrachev, President-Chairman of Sviaz-Bank’s Management Board, and Vladimir Shumilin, CEO of FSI Rosvoenipoteka, reported the press-centre of Sviaz-Bank.   

Sviaz-Bank has developed a special-purpose program, Military Mortgage, on the lines of Federal Law No.117-FZ, Accumulation-Mortgage System of the Housing Provision for Servicemen, under which a serviceman can purchase housing from a mortgage loan three years after signing on the cumulative mortgage system.

FSI Rosvoenipoteka makes the down payment for housing and services the loan from funds credited to a serviceman’s personal cumulative account.

A maximum amount of 2 million rubles may be issued in loan under the Military Mortgage program at an interest rate of 9.5% per annum in Russian rubles in the first year of mortgage, to rise to 10.5% thereafter. A loan may be made for up to 20 years. No surety is required for the loan. The loan made under the program comes with property, personal, and title insurance.

The Bank charges no commissions or loan-related fees.

A serviceman can approach any of Sviaz-Bank’s branches in 51 regions of the Russian Federation for a mortgage loan under the Military Mortgage program.