Cistran Finance Exploring the Spirit of Capitalism's New Frontier

Monday, June 26, 2017

Bank of Moscow changes mortgage lending interest rates

The Bank of Moscow recently launched a new mortgage lending offer in which the term of credit and the initial payment are not seen as key criteria and do not influence the cost of crediting.

Under the terms, the interest rate will depend solely on the credit amount, which means in Moscow and the surrounding regions the interest rate for credits over $150,000 will make 11.75 percent p.a. Credits from $60,000 to $150,000 will make 12.15 percent while the percentage will be 12.85 for credits less than $60,000.

The level of interest rates in the bank's operations area will be the same as in Moscow and the Moscow region, though the credit amounts will be different - more than $60,000, between $30,000 and $60,000 and under $30,000, respectively.

For credits in foreign currency, the rate will be 8 percent p.a. for any credit amount.

"We are happy to offer our clients not only a new format of mortgage programs that makes the conditions of mortgage lending more transparent and simpler, but also interest rates that are among the lowest at the market," Georgy Ter-Aristokesyants, the director of the Bank of Moscow mortgage lending department, said.