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Russia's Sovcombank launches online mortgage loans

Source: Sovcombank

Sovcombank launched online mortgage loans for the primary market.

The entire approval process no longer requires any visits to the bank branch and relies on using an enhanced qualified electronic signature.

On May 21st, the Bank closed its first purely online transaction. The loan was issued to finance the purchase of an apartment in St Petersburg (“English Mile” residential complex, Glorax Development) under a shared-equity construction agreement.

Digital mortgage transactions have now become a fully functional process and are not limited to Sovcombank’s existing customers: potential customers can also apply.

Sergey Khotimskiy, First Deputy Chairman of the Management Board:
“After a successful pilot we can now issue mortgage loans for the primary market online. Today, it is essential for our customers to be able to enter into mortgage transactions staying home.”

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