OREANDA-NEWS.  August 29, 2013. Sviaz-Bank has lowered the minimum down payment under the Your Mortgage, Your Garage, Maternal Capital, and New Home programs to 10% for borrowers who can confirm their earnings in an official document and have a favorable credit history.

Previously, the minimum down payment under these programs was 20% of the mortgaged property. Now, trustworthy customers have been given a chance to purchase housing before they can save enough money to make a down payment. Young families and families with many children are pressed the hardest for money.

“It often happens that the shortage of funds for a down payment to be made is the principal reason why Russians cannot afford to take out a mortgage loan. We have set ourselves the task of making down payment affordable for a majority, and 10% is, in our view, the best offer available,” said Olga Oleinik, Vice Chair of Sviaz-Bank’s Management Board. “The Bank, though, makes a careful check for collaterals on cut-rate loans to reduce its own risks.”