OREANDA-NEWS. From September KAMAZ in cooperation with Sberbank launched a special mortgage program intended only for employees of KAMAZ Group. Now the KAMAZ employees can get a mortgage loan on special, more favorable conditions.

General Director of OJSC KAMAZ Sergey Kogogin and CEO, Chairman of the Board of Sberbank of Russia Herman Gref came to an agreement about cooperation in this area last December. They met in Naberezhnye Chelny to negotiate, among other issues, special loan programs for the workers of OJSC KAMAZ.

The new program has a number of significant advantages over standard loan products. This is a reduced interest rate, simplified loan application, a reduced down payment. The bank gives loans to KAMAZ Group employees for Buying Finished Residential Property, Buying Residential Property under Construction and Buying Country Estate mortgage products.

Samat Sattarov, Director of KAMAZ's Department of Finance, gave a detailed account of the benefits of the new program, "The new mortgage program is meant for all categories of KAMAZ workers without restrictions. An interest rate depends on a down payment and a loan term. In comparison with a market offer, the interest rates are reduced by 0.75-2% per annum. For example, with the down payment of 50 per cent and the mortgage term of up to 10 years, the rate for the KAMAZ employees will be 11% per annum, which is by 2% lower than the current interest rate for the population."

In addition, the mortgage offer for the KAMAZ employees has no life insurance requirements, and the minimum down payment is reduced from 15 to 10%. For the employees of KAMAZ Group the single interest rate is valid for the entire credit period both when a house is under construction and after its commissioning. Meanwhile, standard rates of banks presuppose an increase in rates for a construction period since it is a riskier investment for a bank when there is no mortgage agreement.

The loan amount depends on the employee's income, co-borrowers are allowed. For loan application in the bank, the KAMAZ employee needs only two documents: a Sberbank salary card and a passport.

The agreement between KAMAZ and Sberbank is signed for a period until June 30, 2015. But it will be prolonged if the KAMAZ employees take an interest in the mortgage product.