ZAO Raiffeisenbank has implemented a series of significant changes to their mortgage programmes. Beginning on 1 December 2009, interest rates for agreements including insurance will be brought down to 15.5% annually (from 20%) in the programme for purchases of previously owned real estate, to 16% annually (from 20%) for credit for the purchase of real estate with an apartment as collateral, to 18.5% annually (from 21.5%) for all-purpose credit with an apartment as collateral subject to concluding a contract of insurance; without insurance, these rates will be reduced to 18.5% (from 23.5%), 19% (from 23.5%), and 21.5% (from 25%) annually, respectively.
In accordance with the new conditions, the credit sum now ranges from 500,000 to 26,000,000 roubles for the purchase of previously owned real estate or the purchase of real estate with an apartment as collateral, and from 500,000 to 9,000,000 roubles for all-purpose credit. The moratoria on partial and full early repayments have been cancelled for all mortgage programmes. For purchases of previously owned real estate, the financing has been raised to 75% of the cost of the property.
The terms for mortgages for the purchase of previously owned real estate or the purchase of real estate with an apartment as collateral have been increased to 25 years. The commission upon issue of the mortgage now comes to 1.5% of the sum of the mortgage for the purchase of previously owned real estate and the purchase of real estate with an apartment as collateral, and to 2% for all-purpose credit.
Changes in Raiffeisenbank’s mortgage programmes are being implemented simultaneously in all regions where the bank is present.
Details of the conditions for all of ZAO Raiffeisenbank’s mortgage programmes may be found on the bank’s official site at under the section «Raiffeisenbank Mortgages».
ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on 3Q 2009 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 5th in Russia in terms of private deposits and 8th in consumer lending in Russia based on 3Q 2009 results.
Raiffeisen International operates one of the largest banking networks in CEE, covering 17 markets across the region through subsidiary banks, leasing companies and a range of other financial service providers. The group’s nearly 59,000 employees service around 15 million customers via more than 3,100 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns about 70 per cent of the common stock. The remainder is in free float, with the shares listed 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.