OREANDA-NEWS. August 27, 2014. The Tvoya Ipoteka (Your Mortgage) program run by Sviaz-Bank (Vnesheconombank Group) was named first by analysts of the Banki.ru news agency in their rankings* of ruble-denominated mortgages issued by Moscow banks for the purchase of apartments on the secondary market against the security of housing to be purchased.

The analysts compared competing mortgages against the following criteria: mortgage period – 20 years, purchase price of the property – 7.1 million rubles; mortgage sum – 5.6million rubles; and down payment – 1.5 million rubles or 21% of the assessed housing price. “This property price is equal to the average price of a one-room apartment in Moscow or a two-room apartment in suburban Moscow,” reads the survey memorandum. Mortgages are ranged according to interest rates applicable to the stated criteria for hired employees who confirm their full earnings in certificates on Form 2-NDFL (personal income tax) and also purchase combined mortgage insurance policies (personal, title, and property).

The interest rate charged on a mortgage issued by Sviaz-Bank under its Your Mortgage program on the simulated criteria works out at 11.9%, the best offer on the market at the moment in Moscow. The borrower will be required, in the estimates of the Banki.ru news agency, to pay approximately 61,271 rubles every month on a mortgage taken out at Sviaz-Bank.**

Sviaz-Bank does not charge commissions for consideration of a mortgage application, mortgage issue, transfer of the funds to an in-house current account, and mortgage maintenance.

*The survey was based on data available on the official sites and at call centers of the banks surveyed on August 18, 2014.
**The final calculated mortgage costs may be requested from Sviaz-Bank.