OREANDA-NEWS. August 21, 2009. The partnership with HMLRA enables ROSNO to conclude insurance contracts as a collateral for the loans provided by OJSC HMLRA pursuant to the state program for support of mortgage loan borrowers, reported the press-centre of ROSNO.

OJSC HMLRA is a subsidiary of OJSC Home Mortgage Lending Agency; it was founded in February 2009 to implement the state program for support of mortgage borrowers in a difficult life situation.

OJSC HMLRA restructures mortgage loans under the principles of maturity, payment of interest, and repayment of principal, enabling the borrowers, subject to their current financial condition, to make, continuously and in full, current monthly mortgage payments for 12 months. During this period, the borrower only pays interest for the actually borrowed funds, and thereafter he or she will repay the principal of a loan issued under the program. The 12-month grace period is granted to the borrower in order for him or her to search for job and restore his or her solvency.

In addition, the borrower’s new obligations arising from the loan restructuring shall be collateralized as follows:

insurance coverage of the pledged item against loss or damage thereof (property insurance), and
personal life and health insurance coverage of borrowers (upon their request).

By partnering HMLRA, IC ROSNO will ensure that mortgage borrowers have sound insurance coverage. The company offers competitive market rates and flexible terms of payment of insurance premium.

"The insurance coverage of loans restructured under the standards of OJSC HMLRA requires the insurance company to get deep insight into the current processes and be ready for flexible modification of insurance products", says Mr. Eugeny Chepenko, first deputy CEO of OJSC HMLRA. "IC ROSNO meets these requirements, and we are certain that in case of any unforeseen events our interests and those of our borrowers will be securely protected". 

"ROSNO has been successfully cooperating with the Home Mortgage Lending Agency since 2002, providing the required insurance coverage to the Agency’s clients. I am certain that, as regards HMLRA, we will also succeed in building partnership useful and beneficial for all its participants", notes Mr. Arsen Shiroyan, head of the Mortgage Lending Department of OJSC IC ROSNO.