Russia’s ALFA BANK has announced it is increasing a mortgage loan term from 20 to 25 years. The term has been extended for credits provided for purchasing apartments on the secondary market with a downpayment of 15%. The maximum credit amount will shortly be increased from the current R500,000. Interest rates for credits provided for 21 to 25 years are set at 11.5% in US dollars and 12.7% in roubles. The new service will be offered in all regions where ALFA BANK’s mortgage lending program operates, particularly, in Moscow, St. Petersburg, Nizhni Novgorod, Novosibirsk, Kazan, Ufa, Samara, Kaliningrad, Yekaterinburg, Krasnoyarsk and Perm.
Source: BANKIR.RU, April 20, 2007
