Nordea Bank and MR Group have launch a joint mortgage scheme

25.10.2010

Nordea Bank and MR Group have launch a joint mortgage scheme

OJSC Nordea Bank and CJSC MR Group offer to their customers a possibility to buy residential real estate erected by MR Group in the town of Novoye Stupino near Moscow, using a mortgage loan offered by Nordea Bank secured by the real estate already owned by the borrower or by third parties.

The main purpose of the agreement between Nordea Bank and MR Group is to enable all those citizens of the Russian Federation who are interested in purchasing of an apartment, a cottage or a townhouse in the eco-town of Novoye Stupino located in the Moscow Oblast to implement their plans.

An apartment, residential (garden) house, land plot, commercial real estate located in Moscow, the Moscow Oblast or in any region of presence of Nordea Bank owned either by the borrower or by third parties may be used as a security under the loan. The total principal amount of the loan may not exceed 85% of the market value of the pledged apartment and 70% of the market value of a stand alone residential (garden) house with a land plot or commercial real estate. The tenor of the loan may not exceed 30 years. Interest rates vary from 7% per annum for the loans denominated in any currency other than the Rouble to up to 9.5% per annum for Rouble denominated loans. The borrower may choose between differential and annuity types of repayment of the loan. There is no restriction as per the number of owners of the pledged property (except for minors) and the number of those registered there. The borrower may document her /his average income either by a certificate issued by Russian tax authorities or by any other way. A loan application is reviewed by the Bank free of charge.

Mr. Andrei Maltsev, Deputy Chairman of the Management Board of OJSC Nordea Bank, pointed out that ’cooperation between our companies and a wide range of the mortgage products offered by the Bank will make affordable a country house for a large number of our customers’.

Ms. Irina Dzyuba, Deputy Director General of MR Group stressed: ‘The town of Novoye Stupino which is being constructed attracts great interest of potential buyers of apartments and cottages the number of which is rising constantly. One third of potential buyers are interested in mortgage loans. That is why – acting in the best interests of our customers - we have reached an agreement with Nordea Bank under which it has become possible for potential residents of Novoye Stupino to obtain a mortgage loan on favorable terms. Our cooperation will hopefully enable thousands of people to significantly raise living standards of their families’.

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