Sberbank Rolls out Principal-Only Deferment Mortgages, with Rates Starting at 0.01%

Russia’s largest bank - Sberbank has announced the launch of a new partner subsidy program with developers, allowing borrowers to pay only interest at a rate of 0.01% or more with payment of the principal after 12 or 24 months.

The program applies properties chosen by the developer upon the conclusion of a subsidy agreement with the bank, with an aim to reduce payments for the client for the first one or two years to a comfortable amount.

“Sberbank improves its mortgage products continually, making them beneficial for clients. This time, we have launched a subsidy program with deferred payments of the principal. Due to developers’ subsidies, the client receives an interest rate discount for 12 or 24 months and a deferment period applying to the principal. During the grace period, the client only pays interest at a reduced rate. The program is already available with several largest developers that are partners of our bank,” said Nikolay Vasyov, Vice President, Director of the DomClick Division, Sberbank. DomClick is a service that helps to find, sell, purchase and lease residential and commercial properties, as well as to apply for and service mortgage loans issued by Sberbank.

The program applies to construction-stage and move-in ready housing when purchased from developers and is compatible with the State support 2020 and State support for families with children programs. Loans will be issued in a lump sum for a period of up to 30 years. Down payments start at 10%. The borrowing limit is RUB 100 million inclusive. Calculate the mortgage parameters and apply online on Domclick.

Shortly before, Fazzaco reported that Sber Asset Management, the subsidiary of Sberbank, has established Sber – Blockchain Economics, the first ETF in the country positioning investors to earn on blockchain economics​ without the challenges associated with the development, purchase, storage, and selling of digital assets.