URSA Bank decreases interest rates on mortgages

10 June 2008 (07:45)

URSA Bank decreased the interest rate on its mortgage loans by 2%. Now, if you make a 10% down payment and borrow the rest of the sum for three to thirty years, the average interest rate comes to 15% a year. You can apply for anything between 100,000 RUR and 15 million RUR.

‘Decreasing the rate was possible due to our funds growing less expensive. One reason for this was the recent $36m loan we obtained from BSTDB in order to develop our mortgage lending programs in the regions where the bank operates,’ says URSA Bank’s Deputy GD Petr Morsin.

According to RBC.Rating’s data, URSA Bank was one of Russia’s top ten banks in terms of mortgage portfolio on January 1, 2008. The bank’s portfolio reached $860m at the beginning of the year.

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