It looks like the solvent demand for housing has gone back to its pre-recession levels now, even though the mortgage market does not seem to follow suit just yet: the existing homes buyers are faced with the lack of affordable mortgage schemes at the moment. This is why SKB-Bank wants to meet the market expectations by launching its own mortgage program on July 12, 2010.

‘Our new program can be seen as an express mortgage of sorts. It’s just as easy to get a mortgage under this scheme as it is to get a regular customer loan. The difference lies in that the future house, apartment, or room will actually serve as a guarantee for the loan,’ says SKB-Bank’s Deputy Consumer Lending Director Elena Konontseva.

SKB-Bank’s new scheme employs the 12-12-12 mode, which means the mortgage is offered for a period of twelve years, the down payment comes to 12% of the total cost of housing, and the annual interest rate for the first year of mortgage is set at 12% as well. The minimum amount of money one can get under the scheme is 350,000 RUR, whereas the maximum amount only depends on the borrowing party’s paying capacity. The mortgage can be taken out by either one person or several people (up to three people altogether).

For more details on the terms of the mortgage, please visit the bank’s website, call the toll-free 24/7 hotline number 8-800-1000-600, or come to the bank’s offices near you.