The experts of SKB-Bank’s Mortgage Lending Center have developed and launched a new product consisting in offering a client a mortgage loan meant for covering the one obtained earlier.

‘The need for this offer has been keenly felt for quite a while. The annual interest rate on mortgage loans in Russia has been gradually decreasing from 18% to 11% over the last three years, so mortgage is becoming available to more and more people,’ says Anna Samuilova, the bank’s Mortgage Lending Director

‘Both the life of the people and the country’s economy kept changing, whereas the interest rate on an earlier loan never went down. The pioneer borrowers found themselves paying extremely high interest rates and thus were obviously at a disadvantage. And they could probably be stuck with their liabilities for a very long time, since a mortgage is well known for the long-term payments,’ Ms Samuilova explains.

‘This is why we are offering mortgage loans meant for covering the ones obtained earlier; our clients can now either make their monthly payments drop dramatically or shorten the payment period, all in very little time.

The terms and eligibility requirements are defined by the Federal Mortgage Lending Agency, reports the spokesperson for SKB-Bank.