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Raiffeisenbank: The reduction of mortgage rates and the introduction of a new approach to determining these rates

Raiffeisenbank is introducing a new approach to the formation of mortgage rates, and is significantly reducing the rates on all of its lending programmes. Now the interest rate depends not only on how the client verifies his income and the currency in which the loan is issued, but also on the home equity of the client.

In the new programme, the mortgage rate for purchases on the secondary housing market has dropped to 12.25% per annum in roubles, and 9.25% in U. S. dollars. The mortgage rate for purchases on the primary housing market has dropped to 13.75% per annum in roubles (until property registration is completed, when it drops to 12.25%). The rate on home equity loans has dropped to 12.75% per annum in roubles and 9.75% in U. S. dollars. The rate on multi-purpose home equity loans has dropped to 13.25% per annum in roubles. For these rates to apply, an insurance policy must be taken out to cover death and disability, destruction, loss, damage to property and loss of property rights.

In addition, the difference in the rate of the mortgage programme that does not require a comprehensive insurance policy is only 0.3 percentage points (previously it was 3.5 percentage points). Property insurance is required in 100% of cases.

Raiffeisenbank is making changes to its mortgage programmes simultaneously across all regions in which the Bank operates.

Detailed terms and conditions of all Raiffeisenbank mortgage programmes can be found on the official website of the Bank  in «Mortgage Raiffeisenbank».

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is ranking 9th in terms of assets among the Russian banks based on H1 2010 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 6th in Russia in terms of private deposits and 9th in consumer lending in Russia based on H1 2010 results.

Raiffeisen International operates one of the largest banking networks in CEE, covering 17 markets across the region through subsidiary banks, leasing companies and a range of other financial service providers. The group’s nearly 56,000 employees service more than 14.7 million customers through around 3,000 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank ?sterreich AG (RZB), which owns 72.8 per cent of the common stock. The remainder is in free float, with the shares listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.


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