MetcomBank JSC has recently reduced the minimal annual interest rate for mortgage loans from 11.5% to 11%. The loan terms provide for 15 years of payments, given that the client has paid for at least 50% of the dwelling. The maximal mortgage interest rate is now .5% less as well and amounts to 14%; this rate is set for 30-year loans, given that the client has paid for at least 10% of the dwelling.

‘Reducing our mortgage rates is quite logical and has to do with the development of Russian economy and current state of the real estate market. Besides, the bank supports the mortgage program proffered by its partner, Mortgage Lending Agency, and is trying to offer its clients with the best loan terms,’ says Deputy Chairman Alexander Shur.

MetcomBank issued over 70m RUR worth of loans in September 2006. One can apply for a loan at any of the three offices in Yekaterinburg, reports the spokesperson for the bank.