"Aval" bank has liberalized terms of granting credits for construction of own dwelling for individual clients, reported the Bank press service with reference to management for consumer crediting of the JSPPB "Aval".
First, according to the management for consumer crediting, the Bank has increased the credit period for construction of own dwelling for individual clients up to 8 years whereas earlier credits for construction were granted for the term of three years.
Besides from this time on credits under this program can be received not only in hryvnas but also in USD and euro.
Credit sum within the framework of the program "Credits for construction of own dwelling" can vary from 3 thousand up to 250 thousand hryvnas. At that the maximum credit sum amounts to 70 percents from the sum stipulated in project documentation for construction works if the sum does not exceed an estimated value of security according to an expert evaluation of the Bank. Accordingly, the minimum deposit of the borrower should make up 30 percents of the sum stipulated in project documentation.
According to the terms of the program "Credits for construction of own dwelling" loan resources are granted by non-cash payment according to the estimate on account of building company or via the cash department of the Bank.
Credit security can be property mortgage (property rights) of the borrower or third parties (natural or legal) as well as financial guarantee of natural or legal person.
The interest rate under the credit makes up: for credits from 1 up to 5 years — from 21 interest per annum in hryvna and from 13 interest per annum in foreign currency; for credits from 5 up to 8 years — from 22 percents and 14 percents accordingly. Repayment of capital sum and interests is made monthly. At that the program provides an opportunity of advance repayment without penalty provision.
Crediting decision is made based on financial, property and social status, client and credit history, information on incomes, business reputation of the borrower, sufficiency and liquidity of credit security.
