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Raiffeisenbank cuts interest rates on its mortgage products

On 1 February 2010 new terms for Raiffeisenbanks mortgage lending come into effect: interest rates will be cut on all mortgages products.

If payment-protection insurance has been taken out, interest rates on mortgages to buy property on the secondary market are to be cut to 14.5% APR (from 15.5%), on mortgages to buy property on the security of a flat that you already own  to 15% APR (from 16%), and on any-purpose mortgages on the security of a flat that you already own  to 17.5% (from 18.5%); if no payment-protection insurance has been taken out, interest rats are to be cut to 17.5% (from 18.5%), 18% (from 19%) and 20% (from 21.5%), respectively.

Raiffeisenbank made earlier changes to its mortgage tariffs in December 2009, when it cut the interest rates and fees on its mortgages and extended their terms.

The changes to Raiffeisenbanks mortgage products are being introduced simultaneously in every region where the Bank operates.

The detailed terms of all Raiffeisenbanks mortgage products can be viewed on the Banks official website, under Mortgage Loans.

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 3Q 2009 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 5th in Russia in terms of private deposits and 8th in consumer lending in Russia based on 3Q 2009 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 groups nearly 59,000 employees service around 15 million customers via more than 3,100 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns about 70 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 countrys largest banking group.


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