Tinkoff’s mortgage loan offering is the first of its kind in Russia, with the process taking place entirely online, from paperwork to credit issuance. Customers will not need to visit a bank branch at any stage of the transaction, including when applying for electronic signatures.

Initially, Tinkoff customers will be able to refinance mortgage loans extended by other banks. Then, by the end of 2022, Tinkoff plans to launch mortgage loans for primary and secondary housing.

Mortgage loan refinancing is currently available to select customers and will be made available to all Tinkoff customers by the end of Q1 2022. The refinancing rate starts at 8.9%, with a maximum loan amount of RUB 30 million and a refinancing period of up to 30 years. In the first stage of the project, refinancing options will cover the secondary housing market only.

For this initiative, Tinkoff leveraged its experience in extending secured digital loans (using real estate or cars as collateral) since 2019. Tinkoff is currently Russia’s leading bank in terms of the size of its secured loan portfolio and the number of secured loans that it has provided.

Stanislav Bliznyuk, Chairman of the Management Board at Tinkoff Bank, said:

“Our customers are at the heart of the Tinkoff ecosystem. It is them we have in mind when creating new products to meet their needs as fully as possible and help make their lives easier and more comfortable.

Mortgage lending is part of that approach. We aim to offer our customers a truly convenient way to obtain a mortgage loan, refinance their debt, and reduce their regular payments. As usual for Tinkoff, this requires no visit to the bank: we will take care of everything, and if we need to meet with the customer to issue a digital signature, our representative will arrive at any time and place that best fits the customer’s schedule.

We are now beginning to extend mortgage refinancing options to our customers, with more than 500,000 people already covered through our mobile app. In the first few days of offering this service, we have already received more than 2,000 applications, which is a testament to the strong demand that we see for our fully digital and highly convenient product. We plan to start issuing mortgage loans for housing in the primary and secondary markets by the end of this year.”