11% Mortgage Lending Rate in Russia

The rate of mortgage lending in the first half of 2010 may be reduced to 11% per annum, according to Minister of Regional Development Viktor Basargin.

Speaking at the plenary session of the Council of Federation, he said that in the I quarter of this year they have to complete  formation of legal and financial mechanisms for the acquisition by VEB of corporate bonds of  JSC "Agency for Housing Mortgage Lending" (AHML), and of mortgage-backed securities of banks amounting to 250 billion rubles.

Work on all the necessary documentation is completed, and their adoption will lead to lower rates, he said.

Nat Lawyer
natalylawyer@gmail.com

Contact us for more details!