PROMSVYAZBANK REDUCES THE DOWNPAYMENT FOR PSN GROUP PROJECTS15/09/2016
Promsvyazbank, the partner bank of the developer PSN Group, has announced a reduction in its mortgage loan downpayment requirement to 10%. Now projects in comfort-class projects are available to buyers with a downpayment starting at RUB 340,000.
Starting September 2016, the downpayment to be made by buyers purchasing a flat under the Promsvyazbank mortgage program is 10%. The program also applies to state-subsidized mortgages. The base interest rate is 12% for the entire loan term. The maximum loan amount is RUB 8 million. The program runs until December 31, 2016.
PSN Group's comfort-class projects—SREDA residential quarter and Domashniy residential community—are accredited by Promsvyazbank. Now a flat in the Domashniy community can be financed with a mortgage with a downpayment starting as low as RUB 340,000. Apartments in the SREDA residential quarter can be financed with a mortgage with a downpayment starting at RUB 410,000.
Ekaterina Tain, Retail Sales Director at PSN Group:
“The majority of purchases in the comfort class are currently financed with mortgages. However, a 20% downpayment can sometimes become an insurmountable obstacle for the buyer. That's why the reduction of the downpayment requirement will most certainly boost demand.”
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