Wednesday, August 23, 2017

Housing loans on the rise in Yekaterinburg

The number of housing loans provided by the Ural Bank of Sberbank of Russia in Yekaterinburg has nearly doubled when compared to last year.

In the first three months of 2012, the bank provided a total of 1,010 new housing loans, totaling more than $44 million. In comparison, the same period in 2011 netted 644 housing loans in the amount of $28 million, AllLoans.biz reports.

Much of the increase in demand can be attributed to new mortgage programs, a liberalization of credit and a simplification of loan processing procedures,

Among the new mortgage programs at the bank are state subsidized mortgages, special military mortgages and special mortgages using maternity capital. Maternity capital refers to a federal subsidy provided to families following the birth or adoption of a second child, according to AllLoans.biz.

Another reason for the increase in loans is a streamlining of the loan processing systems. Using a "credit factory" system, Sberbank was able to centralize and automate much of the lending decision making process, shortening the period of consideration for housing loans to approximately two to eight business days, depending on the scope and size of the specific loan.