Uralfinprombank raised the down payment on the mortgages it offers from 10% to 30% of the whole sum in January 2008, the bank’s Borrowing Capacity Assessment Department reports. Uralfinprombank explains this has to do with the recent changes adopted by the Mortgage Lending Agency that came into effect on February 1, 2008.

The Mortgage Lending Agency modified the standards of offering, refinancing, and servicing of mortgage loans. For instance, mortgages provided by banks after January 31, 2008, aren’t subject to refinancing given that the sum of the loan exceeds 1.5 million RUR and the down payment/debt ratio comes to 20%/80% (or more).