Penza, 7 September 2015. PenzaNews. The Penza Bank Kuznetsky has reduced the mortgage rate for first and second tier housing under the Housing Mortgage Finance Agency standards.

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“The Housing Mortage Finance Agency currently offers the lowest interest rate for mortgages. The minimal mortgage interest rate for certain categories of citizens, including participants of the program ‘Housing for the Russian Family,” is now set at 9.9% for first tier housing, with the maximum of 10.5%, for the sums under 1.5 million rubles,” the press service of Bank Kuznetsky informed PenzaNews agency.

According to them, the mortgage rate for second tier housing for the same categories of citizens also were lowered to 12.25-13%.

“The classic Finance Agency standards mortgage for first tier housing under the state cofinancing program is at 10.9%, which is significantly lower than the program-set max interest of 12%. The classic mortgage interest rate for second tier housing is 12.75-13%,” the press service added.

Bank Kuznetsky was founded as a limited liability company and registered by the Bank of Russia on October 26, 1990, under No. 609. On January 19, 2012, it was transformed into OJSC Bank Kuznetsky.

On January 14, 2005, OJSC Bank Kuznetsky was included into the register of banks that are enrolled in the compulsory deposit insurance system under No. 428. In July 2015, AK&M rating agency confirmed the bank credit rating at “B++” on the national scale with a “stable” outlook.