OREANDA-NEWS. May 27, 2014. Sviaz-Bank (Vnesheconombank Group) has totaled up the three-year performance of its Military Mortgage program – its portfolio of mortgages issued to servicemen in all regions of the Bank’s presence since 2011 topped 23.5billion rubles, more than twice as much as it was on the same date last year.

The Military Mortgage program is among the Bank’s products most in demand. According to figures released by the Rosvoyenipoteka Federal State Lending Institution, Sviaz-Bank was among three leaders in this market in the first quarter of 2014, with a 13% share of the total number of loans issued to servicemen for the purchase of housing.

In early 2014, Sviaz-Bank raised the maximum amount of loans issued under the Military Mortgage program to 2.4 million. Loans are made under this program at a minimum interest rate of 9.5% per annum. Loans are issued for the purchase of housing on the secondary market and in apartment houses under construction.

Two documents – a passport and a membership certificate from the Mortgage Accrual System (MAS) – are only required for a mortgage application to be considered.

“The Military Mortgage program gives servicemen across Russia a real chance to purchase housing. The mortgage market is growing fast with Sviaz-Bank’s active involvement. Continued development of this mortgage area is a priority for us,” said Alexei Bakhayev, Director of the Retail Business Development Department.