Vozrozhdenie Bank is among TOP-10 banks on issue of state-supported mortgages: the issued amount rose by 179% YoY

5 August 2016

Vozrozhdenie Bank was ranked among TOP-10 banks on mortgage loans granted at government-subsidised rates. Interim results of the programme are available at the official website of the Russian Ministry of Finance.

Since April 1, 2015, when the programme was launched, the bank has issued 3,435 loans for amount of Rub 8,492 million. In money terms, the amount of mortgages granted in 2016 increased by 179% versus 2015 figure. During the first quarter of 2016, which became the peak period, the bank lent over 1,000 loans. According to the represented report, the average loans amount was Rub 2.5 million and the average cost of the residential property to be acquired — around Rub 4.0 million.

V.Bank’s base rate on mortgages with state support is 11.6% per annum (for reference, standard mortgage rate on apartments in new buildings starts from 12.8%). In addition, the bank actively participates in constructors and developers’ partner programmes allowing Vozrozhdenie Bank to offer special lending terms and rates below market in the frame of various marketing campaigns on particular real estate items.

“The state lending programme became an important instrument of support: the market has revived with its launch. We see growing volumes of mortgage loans issued at government-subsidised rates even after change of terms that came into force in March, 2016”, noted Evgeniy Dmitriev, Head of “Retail business” block. “Vozrozhdenie Bank traditionally considers mortgage lending as a strategic business line. The major volume is issued in the bank’s core region of presence — Moscow Oblast’. We plan to further expand lending, actively develop partner programmes with developers to grant mortgages to our clients at more favourable terms and rates.”

Vozrozhdenie Bank has been ranked among TOP-10 banks on issue of mortgage loans at primary housing market during the last 5 years. Over 29,000 mortgages for amount of Rub 55 billion have been issued since 2012 and over 70 billion applications have been proceeded. In 2016 the bank has won Russian finance elite award as “The best mortgage bank of 2015”.

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