DOMASHNIY RESIDENTIAL COMMUNITY WINS "ARMY MORTGAGE" PROGRAM ACCREDITATION09/11/2016
The Domashniy residential community by the developer PSN Group has been accredited by FGKU Rosvoenipoteka to implement the Army Mortgage program. The program partners are Svyazbank and the association of servicemen who are members of the Molodostroy Army Mortgage program. The program applies to all servicemen of the Russian Federation.
The downpayment is 20%. The minimum loan amount is 400,000 roubles, and the maximum amount is 2.1 million roubles. The loan term is from 3 to 20 years. However, the mortgage loan has to be repaid before the borrower turns 45. The interest rate is 11.25% per annum.
Ekaterina Tain, Retail Sales Director at PSN Group:
“Compared to the classical mortgage or the living conditions improvement program, the army mortgage is a relatively new product in the real estate market. And yet this product turned out to be quite popular and is demonstrating an upward trend.”
Analysts estimate that the army mortgage accounts for 10-15% of all sales in Moscow in accredited new construction projects. To qualify for an army mortgage, a serviceman must obtain the savings mortgage system (SMS) certificate, which is based on seniority, i.e. the longer the service track record the higher the SMS savings. Average SMS savings amount to RUB 1 - 1.5 million depending on seniority.
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