ALFA BANK has improved the terms of mortgage loans by cutting the interest rate and raising the maximum term from 15 to 20 years, ALFA BANK press service said. Now, the interest rates on a standard mortgage loan at the secondary market with the minimum downpayment of 15% are from 9.3% in U.S. dollars and 10% in Russian roubles (earlier 9.7% and 11.7%, respectively). The rates of mortgage loans at the secondary market with a 10% downpayment are from 11% in U.S. dollars and 12.5% in Russian roubles (earlier 11.5% and 13.5%, respectively). The interest rates of mortgage credits against the security of existing accommodation start from 9.9% in U.S. dollars and 11% in Russian roubles (earlier 11% and 13.5%). In 2007, ALFA BANK intends to boost further mortgage lending in regions. In 2007, 10 mortgage lending centres will open in cities with a population of 1 million.
Source: WWW.NOVECON.RU, January 31, 2007
