Russian challenger bank Tinkoff  has unveiled plans to introduce a new line of business – digital mortgage loans.

Initially, Tinkoff will allow customers to refinance mortgage loans issued by other lenders and by the end of this year, it plans to launch mortgage loans for primary and secondary housing.

Tinkoff said that the process of offering mortgage loans will be entirely online from paperwork to issuance of credit and customers will not have to visit a physical branch anytime during the transaction.

Additionally, the digital lender will offer support services during the process such as making arrangements with Russia’s Federal Service for State Registration, Cadastre and Cartography (Rosreestr), it added.

Currently, Tinkoff’s refinancing service is available to select customers and it plans to make it available to all by the end of the first quarter of 2022.

Tinkoff’s mortgage loan refinancing rate starts at 8.9% and the maximum loan amount offered is around $400,000 (RUB30m), while the refinancing period is of up to 30 years.

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By GlobalData

Tinkoff Bank management board chairman Stanislav Bliznyuk said: “We aim to offer our customers a truly convenient way to obtain a mortgage loan, refinance their debt, and reduce their regular payments.

“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.”