NOMOS-BANK, one of Russia's largest private listed banks, has lowered interest rates on its mortgage lending programs.

"We are closely monitoring market conditions and support the conditions of our products at a competitive level," Alexander Dardania, the bank's director of mortgages, said. "Rates were reduced on average by 1 percent depending on the loan programs and the loan term."

The minimum rate for a mortgage loan is 10.5 percent per annum in rubles.

The bank provides loans for the purchase of apartments in the primary or secondary markets as well as for the purchase of houses and land. It also provides non-purpose loans secured by existing homes, loans for down payments and the refinancing of loans obtained by another bank.

Applications are considered in one to three business days. Each applicant is provided with a personal account manager to help with the loan and subsequent investments.

NOMOS has 21 branches and 31 representative offices in Russia. It was co-founded by Igor Finogenov, now the CEO of the Eurasian Development Bank.