Investment Bank
CIT Finance begins to implement its own program of mortgage lending. About M2 reported in the press-service of the bank.
Program CIT Hypothec "to provide mortgage loans for up to 30 years in Russian rubles and U.S. dollars. Down payment - 10% of the cost of housing. Interest rate ranges from 10.5% to 12% in U.S. dollars and from 13% to 14.5% in rubles. Mortgage loans will be provided for the purchase of real estate in the secondary market.
Loan will be in Moscow, St. Petersburg and the regional offices of KIT Finance. In 2006-2008 the bank plans to provide up to 20 thousand credits.
The press service noted that the realization of its own mortgage program is in conjunction with the project KIT Finance in the refinancing of mortgages. KIT Finance has already started to buy pools of mortgages, has established partnerships with several dozens of market operators. On the basis of the mortgage pools would be formed by mutual funds, and in future the Bank plans to begin production in rubles and foreign currency mortgage securities.
Source:
M2 -- Square meter 
