FIRST CZECH-RUSSIAN BANK (FCRB) has offered new mortgage products for purchasing country houses. Specifically, the bank is offering credits for buying country houses on the secondary market and cottages which are under construction. Credits are also provided for improving living conditions with houses used as collateral. The maximum amount is $1.0 million. Credits are provided for 25 years. The interest rate ranges from 11% in roubles to 10.5% in US dollars. The bank has also improved terms for the current mortgage lending program by reducing the rouble rate to 11% and credit expenditures to not more than $1,000 for opening a loan account.
Source: BANKIR.RU, May 21, 2007
