OREANDA-NEWS. August 29, 2013. Sviaz-Bank has lowered the interest rates under its mortgage programs for the purchase of housing property in the primary and secondary markets. On average, interest rates under Your Mortgage and New Home programs have been lowered by between 0.2 and 0.6 percentage points.

A loan can now be taken out at Sviaz-Bank under the Your Mortgage program at an interest rate starting at 9.5% up in rubles, and at 11.4% uncollateralized under the New Home program, or at 10.7% up collateralized (with existing real property serving as collateral) under the New Home program.

The weighted average interest rate on mortgages is around 12.7% on the market today.

“We believe mortgage rate reductions are the most effective tool to place housing within reach for a larger number of people,” said Olga Oleinik, Vice Chair of Sviaz-Bank’s Management Board.