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Vneshtorgbank cheapens mortgage loans and launches an investment lending product

26 April 2004

Vneshtorgbank, which was actively involved in implementation of the Housing Mortgage Programme, reduced the interest rate on mortgage loans made in roubles, and launched to the market a new mortgage-related product - loans for purchase of housing in process. At present, Vneshtorgbank`s mortgage loan became more available and convenient.

As from 1 April 2004, Vneshtorgbank makes mortgage loans in roubles for purchase of housing available on the secondary market at 15% p.a. irrespectively of the loan maturity (10, 15 or 20 years).

At present, Vneshtorgbank makes mortgage loans both in roubles, and in US dollars. Interest rate on loans made in US dollars is from 10.5% p.a.

Vneshtorgbank started implementing the large-scale Housing Mortgage Programme in October 2003, by launching a mortgage-related product called the Basic, envisaging loans to be made for purchases of housing on the secondary market.

Starting from April 2004, Vneshtorgbank offers its customers a new product comprising purchase of housing in process. Maturity of the loan with respect to the new product is up to 20 years, interest rate in US dollars is from 12.5% p.a. at the investment phase, from 10.5% p.a. after the borrower obtained ownership title for the housing it purchased. Down payment is under 15% out of the borrower`s housing value. The newly launched mortgage-related product of Vneshtorgbank is available for any natural person of any nationality.

Mortgage loan to purchase housing on the secondary market can be taken in the Moscow City, the Moscow Region and in other 44 Russian provinces where branches of the Bank are located. Mortgage loan to purchase housing in process can be granted to customers living in Moscow City and the Moscow Region only. In the future, the loan will be available for customers of the Bank located in other Russian regions.

Nowadays, mortgage lending intended for individual customers is a priority line of business of Vneshtorgbank. Under the Housing Mortgage Programme, essential philosophy of which is mass availability, easy access and marketability, Vneshtorgbank is going in the short run to launch to the market all spectrum of mortgage lending products, including those intended for purchase and construction of country housing.

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