2024 Author: Howard Calhoun | [email protected]. Last modified: 2024-01-17 18:37
Mortgage rates vary by bank. Its value depends on the period for which you take a loan, on the availability of collateral, insurance, commission payments.
Many banks are holding temporary promotions, reducing the cost of a home loan.
Pledges and guarantees
When deciding whether to take out a mortgage, please note that in conditions of market instability, credit institutions set strict requirements for loan collateral.
Before the registration of ownership of the acquired property in the register, most likely, it will be necessary to issue not only a guarantee from solvent persons, but also an additional liquid pledge - an existing car or apartment.
"Anti-crisis" mortgage products
Credit organizations are interested in attracting we althy clients. Mortgage banks are actively offering new products for individuals that are in demand during the crisis, but are quite expensive.
For example, FC Otkritie offers a service for refinancing mortgage loans issued earlier in other commercial banks. Commitmentsreceived in foreign currency are converted, at the request of customers, into rubles. The minimum interest rate on "on-lending" is 13% per annum. It grows when certain conditions for comprehensive banking services are not met by the following values:
- +0.25% - for borrowers who are not payroll clients of the bank;
- +1% - for business owners;
- +0, 5% - in case of refusal to pay a one-time fee for "reducing" the rate;
- +4% - if life insurance and employment contracts are not concluded.
Also, FC Otkritie offers the Mortgage Plus loan product: money is issued against the security of existing real estate for the purpose of its overhaul. Provision of documents confirming the intended use is not required. Interest rate - 16.25% per annum. The maximum funding period is 30 years.
Government-backed home loans
The most significant parameter when applying for a mortgage is the rate. There is a calculator for calculating the amount of overpayments on the official website of each bank.
The cost of servicing a mortgage is reduced when obtaining a loan under the program of state subsidies for loans for the purchase of unfinished apartments in the primary housing market.
Member banks are allocated funds from the Pension Fund, due to which they get the opportunity to reduce mortgage rates for the purpose of acquiring apartments in new buildings. Currently, PJSC Sberbank of Russia,Gazprombank, VTB 24, Uralsib, Rosselkhozbank, Promsvyazbank and many other lending organizations.
Mortgage with state support can be obtained in the amount of up to 8 million rubles. in the Moscow and St. Petersburg regions, in other regions - no more than 3 million rubles. The longest loan term under the Novostroyka program, according to the rules, is 30 years. Your contribution must be at least 20% of the price of the property being purchased..
Buy square meters with loans received under the subsidy program only from bank-approved developers.
When applying for a loan with state support, the corresponding calculation of the mortgage is carried out. Sberbank sets a fixed interest rate, 12% per annum, before and after registration in the Rosreestre of ownership of the acquired property. At the same time, it is necessary to conclude a life insurance contract for the borrower. For violation of the conditions for the annual renewal of the policy, the rate rises to 13% per annum.
In PJSC "VTB 24" you can also get a loan with state support at 12% per annum, with the obligatory execution of a comprehensive insurance agreement.
In Gazprombank, the mortgage interest rate is from 11.25% per annum.
In PJSC "Bank VTB" loan "Novostroyka" is issued with an initial payment of 15% of the amount at 11.75% per annum. The decision to grant a loan is made within 24 hours.
In FC Otkritie, the rate on mortgages with state support is from 11.45% per annum, mandatory payments (surcharges) in total do not exceed 2.5%per annum. A large number of developer companies are accredited with the bank.
Young Family Loans
Another way to get lower mortgage rates is to apply for a loan through the Young Family subsidy program.
If the age of both the husband and wife does not exceed 35 years, and the couple, according to the law, needs better living conditions, it is advisable to contact the district administration. When buying an economy-class house or apartment, the state will pay up to 30% of the price of housing.
In banks, a mortgage for a young family usually costs less. Fewer multipliers apply to it.
In Sberbank, the Young Family mortgage rate varies depending on the loan term and the size of the down payment.
Interest rates on the Young Family mortgage at Sberbank of Russia PJSC are presented in the table.
| Down payment | |||
| Credit term | 20 to 30% of the cost of housing | From 30 to 50% of the cost of housing | From 50% of the cost of housing |
| Under 10 years old | 13% | 12, 75?% | 12, 5% |
| 10 to 20 years old | 13, 25% | 13% | 12, 75% |
| 20 to 30 years old | 13,5% | 13, 25% | 13% |
Many commercial banks also have the right to accept housing certificate funds as repayment on a loan, but do not provide interest rate benefits.
However, a mortgage for a young family is now also a means of purchasing a house or apartment at a much lower cost.
How to determine future mortgage costs
When comparing lending conditions in different banks, be sure to ask the manager to prepare a preliminary calculation of the mortgage. Sberbank, VTB-24, FC Otkritie and other banks on their official websites show only an approximate amount of future costs for servicing a loan.
Check with the responsible officer who advises you:
1. Is a real estate appraisal required? If so, at whose expense is it carried out?
2. How much will it cost to notarize the deal?
3. Which party to the transaction pays the state fee at the registration chamber?
4. Will the mortgage rate be higher before the registration of the encumbrance of collateral in favor of the bank?
5. What will be the additional payments under the loan agreement, in addition to the interest rate?
6. Is it necessary to insure the collateral, as well as the life and he alth of the borrower? How much will the policies cost?
7. What will be the repayment schedule for the loan?
8. Are there any restrictions on early repayment of a loan?
9. What are the fines and pen altiesprovided by the loan agreement?
Only with complete information, you can decide whether to buy a home right now.
Mortgage from Sberbank for future owners of apartments and houses in the secondary market
Loans to individuals in the country's largest bank remain profitable and inexpensive. Financing for the purchase of a finished house or apartment can be obtained in the amount of 300,000 rubles. for up to 30 years at an interest rate of 12.5% to 16.5% per annum. Your down payment is 20% or more of the price of future housing.
When determining the loan term, your actual age will be taken into account. According to the lending rules, at the time of the final repayment of the loan, the borrower must be no more than 75 years old.
The loan amount you will be granted will be the smaller of the following:
- 80% of the purchase price of a house or apartment, - 80% of the property's appraised value.
Purchased real estate is issued as a pledge and is mandatory insured against the risks of loss, death, damage.
When receiving a housing loan in the amount of up to 15 million rubles. in Sberbank it is possible not to confirm the fact of having a permanent place of work and not to provide income statements.
No fee for issuing a loan.
Before the ownership of the acquired property arises, other forms of collateral must be provided as collateral for a loan: a pledge of property or a guarantee of solvent persons.
ImportantThe advantage of obtaining a mortgage at Sberbank is the possibility of early repayment without additional fees or commissions. However, partial or full repayment of the loan will need to be notified to the lending office in advance.
Calculation of the cost of housing loans in Sberbank
The mortgage rate is lower in the following cases:
- Loan term within 10 years.
- You receive your salary to an account opened with Sberbank
- Down payment - from 50% and above.
- You have submitted income statements to the bank. Experience at the most recent place of work is at least 6 months. The total period of employment for the last 6 years exceeds 1 year. This requirement does not apply to payroll clients of the bank.
- Life and he alth are insured in one of the accredited companies.
Approximate mortgage interest rates are shown in the table below.
| Interest rates on housing loans at Sberbank, subject to the provision of a certificate of income | Down payment | ||
| Credit term | From 50% of the cost of housing | From 30 to 50% of the cost of housing | 20 to 30% of the cost of housing |
| Up to 10 years (incl.) | 13% | 13, 25% | 13, 50% |
| 10 to 20 years (incl.) | 13, 25% | 13, 5% | 13, 75% |
| From 20up to 30 years (incl.) | 13, 5% | 13, 75% | 14% |
To the indicated rates is added:
- +0, 5% - if you do not receive income on your salary bank accounts.
- +1% - for the period until the registration of ownership of the acquired property.
- +1% - if the borrower's life is not insured.
Loan products for the purchase of finished housing
Competitive mortgage lending programs in the secondary market are offered by PJSC VTB24. Its main advantage is that the down payment can be from 15% of the cost of a house or apartment.
Loans are provided for up to 30 years at 13.5% per annum upon conclusion of a comprehensive insurance contract. In the absence of an insurance policy, the interest rate is 14.5%.
A 0.5% discount is provided to customers who receive salaries on accounts at PJSC VTB 24.
PJSC VTB Bank previously worked exclusively with representatives of large and medium-sized businesses. However, after the takeover of the Bank of Moscow, it began to develop the retail business as well.
Since May 2016, VTB also offers mortgage products to individuals. Since the retail direction of lending in the bank is only open, the mortgage rate is extremely low, ranging from 11% per annum.
Promsvyazbank PJSC offers favorable financing conditions. The initial payment for individual programs is from 10%. Mortgage interest rate forsecondary housing market - from 13.35% per annum.
Inexpensive loans are issued to clients by Raiffeisenbank JSC. Interest rates for the purchase of finished housing and apartments in new buildings for payroll clients range from 11% per annum, for persons who receive a salary not from Raiffeisenbank JSC - 12.25-12.5% per annum. Down payment - from 15% of the cost of housing. However, the maximum possible loan term is quite short, only 25 years, which affects the amount of monthly payments.
Conclusion
In the context of the financial crisis, banks are still interested in active cooperation with solvent customers. If you have a sufficiently high income, which is officially confirmed, do not rush to accept an offer from the first mortgage center that agreed to lend to you. Look for optimal conditions.
In conclusion, I would like to give advice borrowed from Bodo Schaefer's book "A Dog Called Mani": try to deal only with those bank managers that you like. In this case, each transaction will be successful.
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