OREANDA-NEWS. November 20, 2012. Sviaz-Bank launched a new mortgage program, Your Garage, for automobile owners to have funds for the purchase of parking bays, reported the press-centre of Sviaz-Bank.

A borrower may apply for a loan to purchase a parking bay in an existing garage, which he can pledge as security for the loan issued at an interest rate starting at 12% per annum in rubles for up to 30 years. The borrower is required to make a down payment of 20% of the parking bay price. The maximum loan amount does not exceed 3 million rubles.

According to statistics provided by the Russian Center for the Study of Public Opinion, over 47% of the population in Russia own cars, but far from all of them have garage space. Up till now, it has been virtually impossible to buy it, and the Bank has a new product today on offer to its customers that will help them buy a parking bay in a safe and secure place.

The loan terms are over-liberal – the stack of required documents has been thinned out and no personal insurance is needed. The borrower himself decides where or not to take out a policy, even though availability or absence of insurance policies pressed for by the Bank will affect the cost of the loan. The buyer has an option between parking bays in garages on the ground and underground.