04.12.2006 /Home mortgage
 Alfa-Bank increases maximum mortgage loan up to $500,000
Building its presence on the mortgage market, Alfa-Bank has increased the maximum mortgage loan up to $500,000 to buy a flat in the secondary market. The first installment should be at least 20% of the flat’s value, from 350,000 to 500,000 US dollars (or its RF ruble equivalent). Such a loan is granted for a period from 5 to 10 years. The loan interest amounts to 9.7% in US dollars and 11.7% in rubles. Iliya Zibarev, head of Alfa-Bank’s Mortgage Division, stressed that this decision was induced primarily by the surge in housing prices in Moscow and the regions. “We try to follow the trends in the real estate market and respond to client demand in order to make mortgages more available to people”, said Zibarev. Alfa-Bank has already opened three mortgage-lending centers in Moscow, St. Petersburg and Nizhny Novgorod in 2006 and plans to offer mortgage loans in all cities with more than 1 million residents within the next year. These centers are full-fledged offices where Alfa-Bank’s customers may receive consultation, obtain housing loans, finalize deals, pay initial installments, etc. The entire process of lending takes place in a single location. The centers are located downtown and offer comfortable customer areas, meeting rooms, cash desks, and depositories equipped in accordance with the highest standards. Another clear advantage of the products offered by Alfa-Bank is the extended number of loan repayment channels: loan payments can be made at any of the Bank’s offices throughout the country, irrespective of the city where the loan was originally extended to the customer.
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