Savings Bank became an official operator of the housing construction savings system in Bashkiria

An agreement to finance housing construction using a system of housing construction savings is signed between the Government of Bashkortostan and the Savings Bank of Russia.

As the press service of the Government RB informs, at the moment it is the only bank with which such document is signed. It is assumed further similar agreements with other credit institutions provided that they would meet the requirements established in the Decree of the Government RB from February 14, 2014 No. 56 "On implementation procedure of arrangements for housing construction financing using a system of housing construction savings in Bashkortostan Republic".

This social project is designed to increase the availability of housing for people with average income and will be implemented in terms of co-financing by the budget.

At the first stage citizens shall save funds to pay part of the housing cost on the special account opened in one of the banks participating in the program, while a premium of 30 percent of the accumulated sum is added from the republican budget. At the end of the saving period participants of the program will be able to get a loan at a discounted rate of six to seven percent per annum, which is twice lower than the average values.

Bashkortoctan was the second Russian region after the Krasnodar Territory, which inhabitants will be rendered assistance in increasing the size of the initial instalment for purchasing property at the expense of the regional budget. Housing savings program in the republic will be effective from April 1, 2014. Since this date Savings Bank will begin accepting applications from people.