Nordea Bank, YIT Saint-Petersburg Embarked on Cooperation
OREANDA-NEWS. July 01, 2010. OJSC Nordea Bank and CJSC YIT Saint-Petersburg have reached an agreement, as part of which it has become possible to acquire a property in the houses under construction by YIT Corporation, reported the press-centre of Nordea Bank.
On June 1, under this program, sales in the first of the Bank-accredited properties - residential complex Trinity located in Krasnoselsky district of Saint-Petersburg, were launched.
Among the advantages of this shared equity construction mortgage loan program in respect of the houses being built by the companies of YIT Corporation is no requirement for borrowers to mortgage an owned realty with the Bank pending registration of the title to a purchased apartment. Until that, the property rights for a new apartment will be pledged.
The maximal maturity of a loan is 30 years if its amount is up to 750 tEUR (or the equivalent in USD at an exchange rate of the Russian Central Bank as of the loan amount fixing date). Besides the long maturity, another advantage setting this program apart from others is its low interest rates, being from 11% per annum pending the mortgage registration and 9.5% per annum in rubles after such registration, and up to 8% and 7% for EUR and USD, respectively.
Deputy Chairman of the OJSC Nordea Bank’s Management Board, Andrei Maltsev assures that: "Cooperation of such major and stable brands as Nordea and YIT will attract those customers who set much store by Finish construction quality and European banking level".