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. Last Updated: 07/27/2016

Delta Credit Drops Rates for Mortgage

A subsidiary of the U.S. Congress-financed U.S.-Russia Investment Fund will reduce the down-payment rate on its pioneering mortgage loan program to 20 percent from 30 percent in an effort to expand access to mortgage credits, Dow Jones reported Thursday.

The subsidiary, Delta Credit, said borrowers making a 20 percent down payment must make an initial payment of at least $15,000 under the new rules. The 30 percent deposit will remain for smaller credits, the newswire reported.

"This sum will allow banks to favorably develop their relations [with creditors]," Dow Jones quoted Delta Credit deputy vice president Anatoly Pechatnikov as saying.

Delta Credit has a credit portfolio of around $4 million, twice the amount in the summer, Pechatnikov said, adding the company has an additional $15 million in loans in the application process. Some 160 clients have borrowed an average of $30,000 through the program.

Borrowers can lower their interest rate from the standard 15 percent a year to 13 percent by increasing their month payments, Pechatnikov said.