OREANDA-NEWS. November 11, 2009. The loan amount with the guarantee of the guarantee fund of UAB „Investiciju ir verslo garantijos” (INVEGA), issued by Bank SNORAS for the habitat renovation projects of multi-apartment residential houses, would seek up to 95% of the project value. With INVEGA guarantee, which equals the state guarantee, the amount of the initial contribution of the loan applied by Bank SNORAS for renovation projects will comprise only 5% of the entire project’s value, reported the press-centre of Bank SNORAS.

“Despite the fact that the communities crediting issues, especially in the juridical sense, are still unsolved, Bank SNORAS finds ways how to speed up the loan issuance for apartment houses renovation. I think that the loan amount seeking up to 95 per cent should considerably set in motion the communities crediting processes. Bank SNORAS is already prepared to loan funds to communities and it will perform it will very attractive interest rates. It is likely that the tenants of the apartment houses communities will be able to face another winter heating season already prepared properly,” states Zorzas Sarafanovicius, the deputy chairman of AB Bank SNORAS Board, the director of Retail Business Division.

Bank SNORAS will grant loans for such projects in Litas and Euros. Together with INVEGA guarantee for communities crediting Bank SNORAS will apply the margin of 2 up to 3 per cent in Litas and the floating interest base VILIBOR (optionally for 6 or 12 months).

The maximum loan redemption term for communities is up to 10 years, the loan usage term – 1.5 years. Bank SNORAS can apply for communities the loan redemption delays which can be provided not later than until the following month after the investment project completion, but not longer than 1.5 years.

In 2009 Bank SNORAS credited 4 residential communities: three in Kaunas and one in Utena. The sum of these projects’ agreements comprises LTL 5.5 million. The average sum of one project exceeds LTL 200,000.

The Urban Development Agency has approved the total of 200 communities projects.