OREANDA-NEWS. April 19, 2013. The State Mortgage Department (SMD) plans to additionally finance completion of over 10 buildings in the current year. This was informed by head of board of the State Mortgage Department Valentyn Rybachuk during a briefing at the Cabinet of Ministers of Ukraine.

“Now the SMD has for considering over 10 applications from builders. It will enable funding completion of construction of over 150 thousand square meters of accommodation,” the head of board said.

He added that 16 out of 27 residential buildings the completion of which was financed by the Department had been put in exploitation, while the rest would be finished in the current year.

Besides, Valentyn Rybachuk noted that from year start the Department had re-financed 137 loans of physical persons to the tune of UAH 26.3 million. Only from the start of April there were re-financed 93 credits at the sum of over UAH 18.5 million.

“The structure of payments demonstrates that credits along the SMD program can be used by not only solvent citizens but those with average incomes,” Valentyn Rybachuk stressed. 

The head of board also added that the SMD received minimal revenues from re-financing credits as it drew funds from stock market under 14.3% interest rates while the rate of re-financing of mortgage loans of the SMD made up 15.3%. 

“The most important for the Department is the fact that behind every credit there stands a simple Ukrainian family. Each re-financed credit is solving a housing issue for one more family. And on the results of work in 2012 there were 1231 such families,” Valentyn Rybachuk summed up.