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 tenour 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 ’implementation of this program is in line with the business development strategy of Nordea Bank in the field of mortgage lending under which we offer to our customers mortgage loans on purchase of a wide range of residential real estate in various price brackets’.
Ms. Andrei Polynin, project manager, noted that: ‘Flexibility and client appeal of the terms and conditions offered by Nordea Bank allow an even wider range of customers to purchase country houses in our gated community’.