Sberbank’s Ural branch signed a government contract with Sverdlovsk Region’s Youth Affairs Department regarding the bank’s participation in the federal housing program in 2007, the bank’s press officer reports.

According to the contract, the state offers young families a subsidy they can use to buy themselves a place and transfers the money into an account that has to be opened in Sberbank of Russia. The particular sum depends on the number of family members and comes to 35% to 40% of the dwelling’s cost. After a family has found a suitable apartment and provides the bank with the purchase and sale agreement and the proof of having the rest of the money available, the bank transfers the state money into the seller’s account. The subsidy can also be used to make the down payment for a mortgage. The lists of young families that need their own place and would like to take part in the federal housing program are compiled by municipalities.

Last year, about 850 deposits were set up in Sberbank’s Ural branch under the federal program.