ZAO Raiffeisenbank is offering its clients new opportunities to obtain a mortgage: from 1st September 2008 the bank will take into account the income of the client together with the income of joint borrowers.
To increase the size of the loan the client can bring in a third party as a joint borrower; a common-law spouse, in order to obtain a loan for a flat in a new housing development, and for flats and cottages on the secondary property market.
Besides this, the borrower can bring in their parents or the parents of their spouse as a joint borrower. According to the terms of the program 'loans for the young generation', the largest loan that can be taken is USD 300,000 or 7,800,000 Rubles in Moscow, the regions around Moscow, Saint-Petersburg and the Leningrad region, and USD 150,000 or 3,900,000 Rubles in all other regions. The maximum age of the borrower and the spouse cannot exceed 35 from the moment the application is made to the bank. The program is applicable for loans on flats on the primary and secondary markets and cottages on the secondary market. The property can be registered as being owned by the main borrowers, or in part between the main borrowers and the joint borrowers. The total number of borrowers cannot exceed four persons.
Offering his comments on the launch of this new development in mortgage lending, Roman Vorobiev, a Member of the Board of ZAO Raiffeisenbank and Head of Consumer Banking Directorate noted that «It is a priority for us to bring to our clients attractive terms upon which they can obtain a loan, and now we are glad to offer them the chance to obtain a large loan by bringing in joint borrowers; common-law spouses or parents. It is gratifying for us to help young families purchase housing.»
Full information about the mortgage programs of Raiffeisenbank can be found in the section «Raiffeisenbank mortgages for individuals».
ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is the largest foreign-owned bank in Russia, ranking 7th in terms of assets among top Russian banks based on 1H 2008 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 5th in Russia in terms of private deposits and 6th in consumer lending in Russia based on 1H 2008 results.
Raiffeisen International operates one of the largest banking networks in CEE. 17 markets of Europe’s growth region are covered by subsidiary banks, finance leasing companies and a number of other financial service providers. Over 14 million customers are attended to through more than 3,000 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 68.5 per cent of the common stock. The balance is free float, the shares are traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.