Effective March 1, a specialized mortgage bank, DELTACREDIT, has cut the interest rates on its products, the bank’s press service said. Rates were cut by 1.5% on average on all mortgage programs, making them one of the lowest in the Russian market. Rates fell from 11.5% to 10.5% on 25-year credits in U.S. dollars (if income is confirmed by form 2-NDFL, issued by the employer). For the same category of borrowers, rates on rouble-denominated programs, regardless of tenure, fell to 11% from 12.7%. The rate of seven-year mortgage credit in dollars is only 9.5%. The cut in the rate marks yet another step in the bank’s strategy to make mortgage credits accessible to an ever increasing number of Russians at a time when real estate prices remain high.
Source: NOVECON, March 5, 2007
