UrBC, Yekaterinburg, October 4, 2019. The first co-investment agreement involving money from a mortgage issued by Sberbank at 3.4% a year got signed in Yekaterinburg this week, the housing developer Brusnika’s press service reports.

‘This appealing interest rate results from Brusnika and Sberbank working together in accordance with the new legislative requirements. As early as April 2018, Brusnika and Sberbank were Russia’s first businesses to launch project financing mechanisms and escrow account schemes in the co-investment housing construction sector,’ the press service says.

The developer advertised its special mortgage terms (3.4% a year) for Yekaterinburg-based families with children in September 2019. The offer holds for homes in Brusnika’s new projects (Southern Quarter’s Building 2 and Northern Quarter) that are both supported by Sberbank. The apartments get sold through escrow account schemes.

According to Brusnika, families whose second (or next) child was born after January 1, 2018 can apply for the state-supported mortgage program for families with multiple children and get their loan at a preferential rate of 3.4% a year. The rate applies to the entire mortgage period (up to thirty years all in all). The mortgage limit is set at RUB 6m, with a 20% down payment.