OREANDA-NEWS. July 02, 2012. Sviaz-Bank has softened the terms of mortgages it issues under its mortgage programs by reducing the amount of down payment from 50% to between 0% and 20% of real property value, depending on the choice of program, provided that the customer confirms his or her earnings on the Bank’s form, reported the press-centre of Sviaz-Bank.

Now, the minimum down payment for the mortgage to be used to purchase housing, subject to confirmation of earnings on the Bank’s form, is the same as it is upon income confirmation on Form 2-NDFL (Russian acronym for Personal Income Tax).

The Bank now offers mortgages of up to 60 million rubles at an interest rate of 9.5% per annum in rubles for the purchase of housing under construction or completed, against the security of existing property or real property to be purchased for a period of three to thirty years.

“Far from all customers can confirm their earnings on standard Form 2-NDFL, even though they have stable incomes making them eligible to take out consumer credit or mortgage if the Bank can accommodate them with loans,” said Maria Zenina, Director of Sviaz-Bank’s Retail Banking Products Department. “We have made mortgage program terms more affordable by reducing the down payment amount because few are the borrowers who can pay half the price of an apartment under a mortgage. Now, customers can, even if they have much smaller amounts, take out mortgages to improve their living conditions.”

Aside from apartments and private houses and land they stand on, real property for purchase includes townhouses and land in a package.

A mortgage can be taken out in any region of the Bank’s presence in Russia, and a two-region transaction be effected by taking out a mortgage in one region and purchasing real property in any other community elsewhere.