OREANDA-NEWS. December 13, 2013. Sviaz-Bank (Vnesheconombank Group) is lowering interest rates under its uncollateralized New Home Novostroyka program in the first year of mortgages issued to customers of its branch in Kemerovo, Siberia, for the purchase of apartments from the Bank’s partner developers.

Sviaz-Bank’s Kemerovo branch is the Bank’s first regional division to offer new mortgage terms to its customers within the framework of the Bank’s specialized Year-Long Discount program.

The Bank’s customers in Kemerovo can purchase apartments on easy terms in the Kemerovo City* housing complex under construction by SDS-Stroy LLC on Pritomsky Avenue in downtown Kemerovo, on the left bank of the Tom River. The housing complex territory will have all infrastructure elements for its residents’ convenience – a childcare center, shops, drugstores, and much else.

Under the terms of the loan interest rate cuts, interest will be lowered by 2.1% to 3.8% in the first year from what is the Bank’s standard (up from 11.2% per annum before buyers acquire full title to their purchases and up from 10.5% per annum in rubles after they become property owners in law).

The interest rates to be cut in the first year of loan servicing depends on the size of down payment, or the larger the down payment the lower the interest rate payable on the mortgage.

Customers can avail themselves of the option at 10% of the real property price to make down payment. Mortgages are issued for a term of up to 30 years and have a maximum amount of 30 million rubles.

“We have slashed our interest rates under the New Home program to the lowest possible level after we have reached agreement with the developer on special mortgage rates for customers of the Kemerovo branch,” said Alexei Bakhayev, Director of Sviaz-Bank’s Retail Business Development Department. “We hope that the rate cuts will encourage many families to take out mortgages for purchasing housing at lower loan repayment rates. They can also take advantage of government tax deductions of up to 2 million rubles and save up to 260,000 rubles in wage taxes.”

“Giving the public the easiest possible mortgage terms and assisting them in purchasing housing is among the principal areas of concern for the Kemerovo branch. By joining forces with our partners, we give our customers an opportunity to pay lower mortgage servicing costs,” said Victor Kobzev, Manager of the regional branch.

In 2014, the Year-Long Discount campaign will be joined by the Bank’s other branches as well, with the biggest regional developers taking part in the program.

*The Kemerovo City housing complex is located at Block 4A, Development Area 7B, Central District, Kemerovo.