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19.07.12

Raiffeisenbank of Russia cuts interest rates on mortgage loans

Raiffeisenbank has announced a change in the terms of underwriting mortgage loans. The minimum interest rate on mortgage loans has been reduced across the board, by 0.5%-2% depending on the loan type, for all customer categories.

The minimum interest rate of 12% applies to loans maturing in less than five years with a down payment of 50% or more.

The new interest rate applies to all Raiffeisenbank mortgage programs (including loans to buy real estate in the secondary market, to buy real estate in the primary market (following registration of title), to buy real estate secured by a fully-owned apartment, or to refinance a mortgage loan).

Mortgage loans are one of the most attractive retail lending segments for the Bank, because of the optimal risk and return profile of investment in mortgage loans, which drives Raiffeisenbank to expand and optimise its mortgage loan offering as much as possible: we have not only reduced the minimum interest rate, but also cancelled restrictions on the minimum amount of loan prepayment, Raiffeisenbanks Deputy Chairman of Management Board, Head of the Retail Division Andrei Stepanenko said.

Raiffeisenbank does not charge commissions for underwriting a mortgage loan. You can find more information on obtaining a mortgage loan from Raiffeisenbank at the Banks website.


ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 9th among the Russian banks in terms of assets, based on H1 2012 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th with regard to consumer lending.

Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the worlds financial centres and in Asia, the groups further geographical area of focus. In total, around 61,300 employees service about 14.6 million customers through around 3,100 business outlets, the great majority of which are located in CEE (these figures include Polbank). Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBIs shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the countrys largest banking group, and serves as the group head office of the entire RZB Group, including RBI.

 

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