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The Government of the Republic of Serbia

In the service of citizens

National Corporation for Housing Loan Insurance signs contract with Raiffeisenbank

Belgrade, 25 November 2004

Serbian Minister of Finance Mladjan Dinkic expressed belief that the contract signed between the National Corporation for Housing Loan Insurance and Raiffeisenbank will increase the offer of housing loans on the Serbian market.

Author: Tanjug

Dinkic said that Raiffeisenbank is the second bank in Serbia to sign a contract with the National Corporation for Housing Loan Insurance. The Minister said that these loans will encourage citizens who pay rent of 5 to 10 euros per square metre to opt for housing loans. He explained that a monthly installment for a €50,000 loan amounts to €400, which is €50 less than an average monthly rent.

Raiffeisenbank Retail Director Gordana Karic told a press conference that the bank will approve loans at an 8.95 percent interest rate with a down payment of 20-30 percent, while another group of housing loans with an annual interest rate of 7.45 percent will require a 20-30 percent deposit in foreign currency.

She said that housing loans can range from €10,000 to €200,000 in dinar counter value with a 20-year repayment period. She also noted that an installment may not exceed half of one’s monthly salary.

Raiffeisenbank will also approve loans amounting to between €5,000 and €70,000 for house renovation and reconstruction with a ten-year repayment period. Monthly installments for this loan will also have to be below half of one’s monthly salary.