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OJSC Nordea Bank has got the ‘Records of the Real Estate Market’ award in the nomination ‘Mortgage Bank No 1’. This international award has been set by the Moscow Business Club and is granted to the leaders in the Russian and outside Russia real estate markets. This year it was granted just for the second time since its establishment. Among the nominees are the largest banks, construction and investment companies, real estate agencies and insurance companies. OJSC Nordea Bank became a nominee for the first time and became ‘Mortgage Bank No 1’ at the first attempt.
‘Mortgage lending is one of the priority businesses for our bank,’ pointed out Andrei Maltsev, Deputy Chairman of the Management Board of OJSC Nordea Bank. ‘The fact that we have become the holder of the ‘Records of the Real Estate Market’ award in the nomination ‘Mortgage Bank No 1’ proves once again that OJSC Nordea Bank is one of the largest players in the market of mortgage loans and our mortgage programmes are among the most attractive.’
According to the Russian rating agency Expert RA, OJSC Nordea Bank is one of the Top-20 Russian mortgage lenders. The Bank offers a wide range of mortgage products for the purchase of flats, stand-alone houses with land plots and participatory interests in newly erected houses constructed by business counterparties of the Bank. In addition to that a customer may choose a ‘special purpose mortgage loan’ to buy a flat in a newly erected house constructed by any company other than the counterparties of the Bank, residential real estate outside Russia or for refurbishing of residential real estate (provided that the customer submits documents which prove the announced application of funds. Where a customer cannot or does not wish to provide evidences of the special purpose nature of the loan she/he may turn to a ‘general purpose loan’.
OJSC Nordea Bank offers to its customers various options as per interest rates applicable under mortgage loans: the interest rate may be fixed for the whole life of the loan or just for a number of years after a drawdown. At present, the lowest interest rate levels offered by OJSC Nordea under some of mortgage loans are as follows: 9.95% per annum for Rouble denominated loans and 6.5% per annum for non-Rouble loans. Other key advantages of the mortgage programs of the Bank are as follows: mortgage loans are offered for the period of up to 30 years; the minimum down payment is equal to 10% of the total principal amount of the loan; no link between the life of the loan and the down payment, on the one hand, and the interest rate, on the other; no penalties for prepayment of the loan by the borrower; no drawdown fees; the right of the borrower to choose one of the following loan repayment options: loan repayment in equal periodic payments (so-called ‘annuity’ repayment mode) or loan repayment in stepped down periodic payments (so-called ‘differential’ repayment mode); inclusion of various types of income into the gross income of the borrower, etc.