OREANDA-NEWS. May 25, 2012. The Bank of Moscow has greatly improved the terms for mortgaging a land plot for housing construction, making these terms unique in the mortgage market.

One of the significant advantages of the given mortgage is the possibility of setting the credit limit at up to 200% of the estimated value of the mortgaged item through involvement of sureties and additional pledges. At the same time, the loan is granted in the form of a credit facility of up to 5 tranches.

For the convenience of clients, the borrower’s solvency will now be assessed only once, when the initial application is submitted.

The purposes of the loan have also been expanded to include not only construction from scratch but also extension of an existing house.

The categories of land accepted for mortgage have also been extended.

"We offer clients of the Bank of Moscow and VTB24 a mortgage product convenient for organising suburban living", commented Oleg Pyatlin, Director of Mortgages of the Bank of Moscow. "This mortgage allows many clients of both banks to realise their dreams of housing outside the city limits".