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It allows lending towards purchase of an individual residential house being built on agricultural lands, which has been impossible so far.
Nearly a half of cottage villages are being built on the lands that used to be farmland. There are no obstacles to building an individual residential house on these lands. But such land purpose was an obstacle to mortgage lending. None of mortgage programs envisaged lending of cottage construction on lands of horticultural cooperatives or garden suburb non-for-profit partnerships. Since April 2007, the situation is to change drastically.
Osobniak Company found a way of applying mortgage patterns in its cottage villages. To draft the pattern, specialists of KIT Finance Investment Bank were engaged. The pattern drafting was rather time-consuming, because there were no off-the-shelf patterns for lending towards cottage construction on agricultural lands. This joint work resulted in a pattern that allows lending towards construction of cottage villages both on lands intended for individual housing and on lads of garden suburb non-for-profit partnerships.
The lending conditions will be as follows: the down payment amounts to at least 10% of the contractual amount. Loans will be granted in rubles for up to 30 years at 11.75% p.a. and in U.S. dollars for up to 15 years at 9.75% p.a. The maximum loan amount shall be RUB 60,000,000. The mortgage loan application shall be considered during 5 to 10 days.
»Without exaggeration, we are opening up a new page in the history of mortgage lending. This pattern offers additional opportunities to our customers in terms of payment options. The action principle is the same as for municipal mortgage. The land pledge is only added. Our pattern is not simple but it is legally competent, legitimate and absolutely transparent. That's why there will be no problem obtaining a mortgage loan,«comments Ms. Irina Tikhonova, Manager of Osobniak OOO.
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