Mortgage Bank DeltaCredit has launched a unique credit product for Russia - Delta25. This is the first in the Russian market of mortgage loans in U.S. dollars for 25 years, with a minimum initial contribution of 20% of the value of the apartment. This loan may be repaid ahead of schedule after just 1 year after issuance.
"Our customers have been the main developers of the product" , - said Laura Faynzilberg, Managing Director of Banking. "They put us two goals - to provide an opportunity to buy an apartment in credit by about 25% larger area under the same financial position, or substantially, to 25%, lower your monthly payments. Ckazat We can be happy that with the help of Delta25 were achieved both objectives. For example, the product allows customers with a monthly income of $ 650 to buy an apartment on credit ".
Launch of the product was made possible thanks to long-term financing from OPIC Corporation in the amount of $ 125 million. Using guarantees OPIC, DeltaCredit Bank first came to market borrowing in the United States and has long-term financing at a rate tied to the rate of U.S. Treasury debt.
"Working on the creation of Delta25, DeltaCredit Bank came close to the international market of securitization of mortgage loans" , - said Sergei Ozerov, Finance Director DeltaCredit Bank. He also noted that "the next step for the bank will release the structured mortgage securities, which will put long-term mortgage finance in Russia is based on the system" .
The bank plans to issue mortgage securities already this year.
In addition, for the Bank's customers who used the product Delta25 before August 1, 2005 the minimum annual rate down to 1% and was 12%. After August 1, the minimum annual percentage rate on the loan Delta25 was 13%.
Source: Kredity.Ru
