OREANDA-NEWS. August 12, 2011. In the framework of the partnership programme with the State Mortgage Institution Kreditprombank has already granted loans for purchase of residential housing in the secondary market in total amount above UAH 1.6 MIL, reported the press-centre of Kreditprombank.

As a reminder, this year at the beginning of July the State Mortgage Institution (SMI) in order to promote the recovery of the mortgage lending market in Ukraine has renewed the active operations on refinancing of loans for purchase of residential housing in the secondary market. Kreditprombank is included into the limited list of banks-SMI partners and actually proposes such loans at preferential terms.

Thus, the fixed interest rate on this loan makes 15% per annum, the down payment of the customer - from 25% of the housing price. The loan is granted for the term up to 30 years. Its maximum sum amounts up to UAH 1 MIL (depending on location of housing). The single fee for loan granting is lower than the average in the market and amounts to only 1.5% of loan amount. At the same time there are no monthly fees and hidden additional costs for customers. Besides, the bank does not require any additional security: the loan is secured by the housing being acquired.

State Mortgage Institution was established in accordance with the Resolution of the Cabinet of Ministers of Ukraine dated 08.10.2004. Its priority goal is to assist the development of the mortgage lending market in Ukraine, increase availability of housing to wider population. Nowadays SMI is the only mortgage institution of second level working in Ukraine. Implementing the functions of the state institution for development of the mortgage lending market, SMI supports the balance of interests of the state, primary lenders, borrowers and investors.