On June 17, 2011 VTB Bank has lowered the requirements for initial payment when purchasing property to 20% of market value. The interest rate on new lending program will be 18.5% per annum.
"Reducing the requirements for initial payment allows you to significantly expand the range of potential customers who have a need for housing, but have managed to accumulate a substantial amount of down payment," - said the head of the mortgage Alexander Borschevich.
For those who already owns the property and wishes to obtain credit facilities on their own consumer loans secured by real estate, VTB Bank has increased the maximum loan to 60% of market value. Previously, the maximum loan amount does not exceed 50% of the market value of real estate.
Commission for the issuance of the loan is 0.99% of the loan amount.
In the case of loans in cooperation with partners VTB Bank, expected reduction in the interest rate or amount of commission, in accordance with existing partnership agreements.