OREANDA-NEWS. Sberbank has reduced the interest rates for its Refinancing Secured by Real Estate product by 1.4 to 1.65 percentage points. The new rates range from 9.5% to 10%.

The purpose of this product is to reduce the interest rate on an existing mortgage that the client has received from a different bank. In addition, it allows up to six different loans to be pooled into one, thereby reducing the overall burden on the borrower, and lets the borrower take out a new loan for personal needs. Consumer and automobile loans from any bank can be refinanced, including Sberbank. Credit card debt accumulated at other banks can also be refinanced.

Mortgages received at different banks can now be refinanced at 9.5%. If loans are combined or the client contributes an additional cash sum the rate will be lowered to 10%.

Sberbank launched its updated Refinancing Secured by Real Estate product in April 2017.