OREANDA-NEWS. The Bank of Moscow announces the start of mortgage application taking under the government subsidization programme.

Starting from March 19, 2015, the Bank clients can purchase housing at 12% per annum. Fixed interest is established for the whole period of loan regardless the sum of down payment and loan period. Furthermore, complex mortgage insurance is provided.

The State Funding Mortgage Programme of the Bank of Moscow covers purchase of housing from legal entities in primary market, including housing ready for use from developers.

Under the Programme the down payment is from 20% of housing cost. Loan period is up to 30 years.

Maximum loan sum under the Programme is 8 million roubles for Moscow, Moscow Region and Saint Petersburg and 3 million roubles for other regions.

During the year, the Bank of Moscow plans to grant loans for approximately 20 billion roubles within the programme of government subsidization of mortgage.

By the end of 2014, the Bank of Moscow granted more than 15 thousand of mortgage loans totalling 34 billion roubles. Among them, 45% was granted under the programme of housing acquisition in primary market.