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. Last Updated: 07/27/2016

Bank Plans Mortgages

MOSCOW -- The Investment Banking Corp. signed a deal Friday with The U.S.-Russia Investment Fund under which it will extend home mortgage loans to Moscow residents.

The Russian bank follows Mezhprombank in Moscow in teaming up with the private fund, which is backed by U.S. tax dollars, to offer five-year loans to home buyers under a fund-supported program. The loans are up to $100,000 and carry annual interest of 15 to 18 percent.

The Investment Banking Corp. is already considering several applications and expects to hand out its first loans shortly, said Galina Rubina, deputy head of marketing at the bank.

The U.S.-Russia Investment Fund's mortgage program, launched last month, earlier signed up several banks in St. Petersburg and on the Far East island of Sakhalin.