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PIK Group and Finservis Bank launch joint mortgage program

The PIK Group of Companies (PIK), one of the largest developers of residential real-estate properties in Russia, and Finservis Bank launched the Novostroika mortgage program, which potential homebuyers can use to fund the purchase of apartments in Moscow. The maximum level of loans available is $750,000/20mln.rubs, but will not be more than 90% of the expected cost of the apartment. The loan will be offered for one to 25 years, the one-time commission for granting the credit will be 1% of the total sum, but not larger than $2,000/50,000rubs, while the annual interest rate will depend on the size of down payments. “The beginning of cooperation with PIK, one of the leading players on the real-estate market, is an important step in the development of the bank’s mortgage programs for clients,” Alexander Brychkin, Finservis Bank’s deputy CEO, said. “This joint program is distinguished by its attractive terms and lower rates.” Yelena Kuratkina, the director for client programs development and mortgage at PIK, noted that the cooperation has opened new opportunities for clients. “After getting acquainted with the loan terms, clients can choose the mortgage programs that best suit their needs.”