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PJSC SBERBANK

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PJSC Sberbank : SberBank extends terms of its IHC mortgage program until December 1

09/20/2021 | 06:42am EDT

SberBank has extended the terms of its soft mortgage program for individual housing construction (IHC) clients, moving its completion date from October 1 to December 1, 2021. Starting at 6%, rates will be subsidized by the integrated housing development institution DOM.RF.

Nikolay Vasyov, vice president, director of the DomClick Division, Sberbank:

'Approximately 1,800 Russians have applied to SberBank for soft IHC mortgages since early July when the program was launched. Naturally, it is worth mentioning that we are currently seeing an increased demand for IHC mortgages. This year, the metric has quadrupled at SberBank: in Jan-Aug 2021, a total of 5,819 loans for RUB 15.3 bn were granted across all programs. Speaking of the new soft mortgage program that DOM.RF subsidizes, we deem that its rates are effective, and we are seeing it enjoy demand among all stakeholders, both individuals and contractors.'

According to the terms of the new IHC soft mortgage program, home loans are capped at RUB 12 mn in Moscow, St. Petersburg, Moscow, and Leningrad Region, while in other parts of Russia the borrowing limit is RUB 6 mn. Loans can be taken out for 20 years or less, with down payments starting at 20%.

Houses will be constructed under a work contract with a contractor from the list recommended by the bank on a land plot owned by the client. Soft IHC loans also apply to IHC homes developers build using bank loans. For these projects, the bottom limit rate is set at 4.6%, taking into account the discounts provided within the bank's comprehensive offer for developers and buyers of houses and land plots.

The land plot where the construction is planned will be collateralized. Additional collateral for the construction period will not be required if a mortgage does not exceed RUB 3 mn; for Moscow, St. Petersburg, Moscow Region and Leningrad Region it's RUB 6 mn, or if the house and land plot are purchased from developers who use project financing.

Applications can be submitted on the DomClick website.

Disclaimer

Sberbank of Russia published this content on 20 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2021 10:41:02 UTC.


ę Publicnow 2021
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