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    Russia doubles mortgage loan market

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    The total amount of mortgage loans in domestic and foreign currencies issued for individual home owners in the first half of 2010 grew 115% year-on-year to 394 billion rubles ($13 bln), the Bank of Russia reported Wednesday.

    The total amount of mortgage loans in domestic and foreign currencies issued for individual home owners in the first half of 2010 grew 115% year-on-year to 394 billion rubles ($13 bln), the Bank of Russia reported Wednesday.

    The amount of mortgage loans in rubles grew during this period by 118.3% to 372.7 bln rubles ($12.4 bln) and the number of these loans more than doubled to 316,576.

    The amount of unpaid mortgage loans in rubles totaled 144.5 bln rubles ($4.8 bln) in the first half of 2010, which is 155% more than last year.

    The amount of mortgage loans in foreign currency grew during this period by 80% to 21.7 bln rubles ($721 million) and the number of these loans doubled to 4,889.

    The amount of unpaid mortgage loans in foreign currency totaled 85.2 bln rubles ($2.8 bln) in the first half of 2010, which is 81% more than last year.

    Russian Prime Minister Vladimir Putin pledged in February to maintain the Russian mortgage market and lower mortgage interest rates in order to boost market growth.

     

    MOSCOW, August 11 (RIA Novosti)

     

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