In the period January to August 2015 Center-invest Bank issued 1,577 mortgages to residents of southern Russia for a total of RUB2.62bn. Mortgage lending accounts for a growing proportion of the bank’s retail loan portfolio — currently 37%.

Despite the negative economic trends and the industry-wide fall in mortgage lending, Center-invest Bank has been issuing RUB300m in mortgage loans every month. This is thanks to its affordable interest rates (from 11.75% per annum).

“Center-invest Bank’s mortgage lending remains as strong as it was before,” says Nikolai Paramonov, head of the bank’s Retail Lending Division. “October to December is traditionally the peak time for mortgage deals and we expect the loan portfolio to grow faster in this period. To support our customers we have reduced the interest rates on all of our retail loan products and we are running a special promotion for mortgages for the purchase of residential property in the resale market.”

Until 30 November 2015, mortgage applicants looking to buy in the resale market need submit only their passport and one other form of identification. The rate for this new product starts at 13.5% per annum and the minimum deposit is 10%. As with all Center-invest Bank mortgages, the maximum loan term is twenty years.

Unlike other banks, Center-invest Bank does not require its customers to take out loan payment protection insurance.

The mortgage amount depends only on the borrower’s ability to repay. As well as the joint income of spouses, Center-invest Bank takes into account the income of the borrower’s immediate relatives (parents or children). It also looks at additional income from secondary employment, rental income, regular insurance payouts, bonuses, and pensions.

Customers can apply for a loan online on the bank’s website or at any Center-invest Bank branch.