Sberbank is reducing mortgage payments for people buying finalized housing or homes that are under construction. For the bank’s payroll customers, the down payment minimum has been reduced to 10 percent from 15 percent of the total price of the property. For borrowers seeking a mortgage loan but who lack any proof of income or job, the minimum required down payment has been cut to 30 percent from 50 percent. “Many customers have been putting real estate purchases on hold because this required some savings, even though they were fine with other terms of mortgage loans. We hope that the lower down payment will let our customers get their own place faster,” said Nikolay Vasyov, Director of DomClick Division, Sberbank.
