ORGRESBANK and YIT Concern are embarking on cooperation in the field of mortgage lending

27.08.2009

ORGRESBANK and YIT Concern are embarking on cooperation in the field of mortgage lending

JSB ORGRESBANK is extending the list of mortgage programs by introducing a new offer «A mortgage loan for construction on a shared basis». This program envisions financing acquisition of apartments in the Bank-accredited new buildings, which are still under construction by YIT Concern under the brand of YIT DOM in Moscow region.

The mortgage loans under this program have maturity of up to 30 years and the rates ranging from 9% to 13% per annum in EUR/USD and from 16% to 20% in RUB per annum.

What makes the program special is that no mortgage is required over the existing property of a borrower pending title registration in respect of the new apartment, In the meantime, proprietary interest in the new apartment is pledged to the Bank. After registration the apartment itself shall be mortgaged to the Bank.

The sale of apartments in the Bank-accredited new buildings is governed by the Federal Law No. 214-FZ «On construction of apartment buildings on a shared basis …». This law regulates the way how developers shall obtain funds from the population for construction of apartment buildings and stipulates protection guarantees in respect of the rights, legitimate interests and property of population.

In addition to this new program, ORGRESBANK offers mortgage loans under the Classic, Designated Purpose and Any-Purpose programs.

Further on the terms and conditions of the lending programs you can find out from our Mortgage Loan Center by dialing (495) 662-11-55, 777-34-77 or visit the section on Mortgage lending of our site.

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