News of the Bank

PRAVEX-BANK ameliorated terms and conditions of land crediting

During ten years immovable property stayed the most "grateful" object of investments. Recently municipal immovable property let land the first line in the rating of investment profitability.

In accordance with the last statistic data only for the first quarter of 2007 prices for land in Brovarskoy, Vyshhorodskiy and Obuhovsky directions increased two times. It is natural that one cannot do without bank crediting with such demand. But here there are some difficulties in these issues that is why they are slowly developed and practiced not in all banks.

Terms of land crediting in financial plans lightly differ from credits on immovable property. First payment is preferable — 25%. However, there are banks which issue credits without first payment. But they require supplementary pledge, moreover only liquid immovable property. Credit on land, as well as on flat, can be obtained for the period from 10 to 30 years. But average annual rates on such credits are higher than on flats.

"Having analyzed boom on market of consumer crediting, PRAVEX-BANK changed terms and conditions of providing individuals with credits for land purchase" says Dmitriy Buts, Head of mortgage crediting department of PRAVEX-BANK.

Within new terms and conditions credit for land purchase is provided for the period of 20 years, with the first payment of 20% with interest rate in Euro from 11,49%, in USD from 12,49%. Maximal amount — USD 200 thousand.

"At present we simplified terms and conditions of crediting on the land purchase having offered to our potential borrowers the best terms and conditions on land crediting market: low interest rate, long-lasting term of crediting and the most important — absence of supplementary pledge. Thus, we plan to issue approximately 50 credits for land purchase per month" — summarized Mr. Buts.