Under the new credit terms the annual rate for mortgage loans with a 20-year tenor has been reduced to 9% in USD and to 11% in RUR. JSB Orgresbank shall grant credit facilities for purchase of flats, country houses and/or land lots as well as credit on real estate.
In the second quarter of 2007 JSB Orgresbank is planning to implement the program of investment mortgage loans to be granted with a view to purchase flats in newly built houses in Moscow region whereas the main pledge security shall be property rights to purchased flats.
Auto loan interest rate has been reduced to 9% per annum in foreign currency and to 10% in rubles, monthly loan account maintenance fee has been cancelled. The maximum auto loan crediting period has been extended to 7 years. The time for consideration of auto loans has been abridged to 1-2 days. The Bank shall grant credits for purchase of new domestic cars as well as of new and second-hand foreign made cars. The new credit program has been introduced aimed at purchase of new foreign made cars with no down payment. There is a right of prepayment without moratorium and penalty fees.