SKB-Bank lowered the interest rates on mortgages it offers to those who’d like to buy an apartment currently under construction rather than on the existing home market. Depending on the type of the collateral and the size of the down payment, the interest rate now varies between 15% and 16% a year.

Besides, one can now get a loan without any collateral when one’s future dwelling is still being built. All the details regarding the conditions of this mortgage are available from the bank’s website as well as over the phone (you may call up SKB-Bank’s Contact Center or any of its offices).

These interest rates are only valid while the construction is still under way. As soon as the construction has been completed and the dwelling has been registered with the Federal Registration Service, this type of mortgage is automatically converted in the traditional mortgage loan, which means the interest rate drops down to only 10.75% a year.

Recently, SKB-Bank has been giving a lot more mortgages to those who’d like to buy an apartment currently under construction. The bank is cooperating with the largest and best known builders, while the so-called participatory share construction is becoming more and more popular due to its increasing affordability (that is, lowering interest rates and more appealing borrowing terms).