Sberbank Rossii : reduces rates for Military Mortgage product

October 2, 2017, Moscow - Sberbank has reduced the interest rates for its Military Mortgage product by 1.4 percentage points. The new rate is 9.5% for both ready accommodation and housing that is under construction.

"Sberbank has improved the conditions for military mortgages. This is a continuation of the wide-scale reduction of mortgage rates that we carried out on August 10. In 2017, Sberbank has provided mortgage loans worth RUB 15 bln to servicemen, a 36% increase year-on-year. Nine thousand military families now own their own homes thanks to the advantageous conditions offered by this product. We hope that our new rate of 9.5%, which is the lowest on the market, will help even more servicemen throughout the country to buy their own homes," commented Nikolai Vasyov, Head of Sberbank's DomClick Division.

Sberbank's military loan portfolio as of September 1, 2017 amounts to more than 55 billion roubles, increasing over the past year by 40%.

The Military Mortgage product is offered to servicemen who participate in the accumulative-mortgage system and have the right to receive housing loans on the basis of Federal Law No. 117-FZ "On the accumulative-mortgage system for providing housing to servicemen" dated August 20, 2004.