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Banca Intesa launches state-subsidised housing loan programme
Belgrade,
18 April 2006
Director of the National Corporation for Housing Loan Insurance Aleksandar Jovic and general director of Banca Intesa Draginja Djuric signed today an agreement on securing housing loans.
Jovic said that Banca Intesa is the 15th bank that has joined the state programme for housing loan insurance and recalled that the National Corporation so far secured the purchase of 2,300 apartments in the total value of over €65 million.
This year alone, almost 870 loans were secured, he said noting that the interest in housing loans in April hit a record high due to favourable legal measures, such as mortgage on apartments under construction and reduced interest rates following the decision of the National Bank of Serbia to exclude housing loans from obligatory bank reserves.
Banca Intesa assistant director in charge of retail banking Dejan Tesic said that this bank offers five types of housing loans and explained that only the model secured with the National Corporation stipulates loans of at least €10,000, with a repayment period of between 11 and 30 years and nominal interest rate of 6.9% annually.
According to Tesic, the interest rate is formed after the model of six-month average rate of interest in the EU (Euribor) increased by 3.9%, with an effective interest rate for these housing loans ranging from 7.05% to 7.3% annually, while participation for loan amounts to 20%.
He went on to explain the clients cannot have their monthly instalment higher than 50% of their monthly salaries and gave an example of a monthly instalment in the amount of €256 for a €40,000 loan with a 30-year repayment period.
Banca Intesa will offer these housing loans in the bank’s 36 offices throughout Serbia, Tesic said noting that the procedure will not take longer than seven days.
This year alone, almost 870 loans were secured, he said noting that the interest in housing loans in April hit a record high due to favourable legal measures, such as mortgage on apartments under construction and reduced interest rates following the decision of the National Bank of Serbia to exclude housing loans from obligatory bank reserves.
Banca Intesa assistant director in charge of retail banking Dejan Tesic said that this bank offers five types of housing loans and explained that only the model secured with the National Corporation stipulates loans of at least €10,000, with a repayment period of between 11 and 30 years and nominal interest rate of 6.9% annually.
According to Tesic, the interest rate is formed after the model of six-month average rate of interest in the EU (Euribor) increased by 3.9%, with an effective interest rate for these housing loans ranging from 7.05% to 7.3% annually, while participation for loan amounts to 20%.
He went on to explain the clients cannot have their monthly instalment higher than 50% of their monthly salaries and gave an example of a monthly instalment in the amount of €256 for a €40,000 loan with a 30-year repayment period.
Banca Intesa will offer these housing loans in the bank’s 36 offices throughout Serbia, Tesic said noting that the procedure will not take longer than seven days.
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