2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Quite often, when there is not enough money to buy their own home, people buy it on credit. The procedure for obtaining a mortgage implies the fulfillment and observance by the borrower of certain conditions. That is why before contacting the bank, you should study all the subtleties of this process. This way you can avoid complications and get a mortgage loan quickly.
Requirements of banking institutions to the borrower
Before contacting a credit institution, you must first find out the procedure for obtaining a mortgage. In addition, you need to understand that a loan can be denied for a variety of reasons. That is why it is important to immediately create a favorable background for cooperation with the bank, having studied the standard conditions for obtaining a mortgage. Consider a few of them:
- Availability of property. The borrower must be the owner of the property in order to provide it as collateral.
- Possibility to pay the down payment, the amount of which is from 30%the cost of the apartment and above.
- The amount of repayment of the monthly payment should not exceed 1/2 of the income of the person who took the loan.
- A mandatory condition for obtaining such a loan is insurance not only for the apartment, but also for life.
Mortgage term
The procedure for obtaining a mortgage differs from other loans in terms. The minimum is usually no more than 3 years, and the maximum is issued for 30, and in some cases even 50. Such requirements scare away many people. After all, few people want to depend on a banking organization for so long.
Applying for a mortgage loan
It is also worth noting that financial institutions impose their own requirements and restrictions on borrowers. For example, in order to receive money on a loan for housing, you must have a permanent residence permit and work. In addition, the total work experience of the borrower must be at least 1 year. If the client's credit history is damaged, then it is unlikely that it will be possible to get a mortgage. In addition, he should not have a criminal record and other parallel loans. The minimum age for obtaining a loan is from 21 years old, and the maximum age is no more than 65-75 years old at the time of repayment of the mortgage.
When filling out the application, you can specify co-borrowers, which can be brothers, spouses, parents or acquaintances. A man under 27 must present a military ID to the bank. Without him, the loan will be denied, even if he has a delay due to his studies. When an application is made formortgages simultaneously in several banking organizations, it is necessary to find out more detailed requirements for borrowers and the procedure for acquiring real estate in each of them. Once your mortgage application is approved, you can start choosing a suitable home. The bank allocates several months for these events.
How is a mortgage processed?
The procedure for obtaining a loan is as follows: filling out an application, searching for real estate, approving housing, concluding a deal. The bank makes a positive decision from the moment all documents are submitted to the credit institution within 5-10 working days. During this time, he checks the accuracy of the information provided and determines the maximum loan amount available to the applicant. After approval, the client proceeds to the selection of real estate. Although some pre-select an apartment. Banking organizations also have certain requirements for housing, which must be taken into account.
When the borrower finds a suitable option, he will have to get copies of all papers for the bank from the seller and conduct an independent property valuation. In this case, the appraisal company must be accredited by a financial institution. After submitting documents for an apartment, the bank carefully examines and checks them to eliminate legal and financial risks. This takes 3 to 7 days. Upon approval of all items on the appointed day, the parties are required to appear at the banking organization to complete the transaction. The borrower will only have to sign the contract and receive the amount necessary to buy a home.
Creditinstitutions usually control the settlement, carried out in cash through a safe deposit box, between the parties. Credit funds and an initial payment are placed in this safe. They cannot be obtained until the transfer of ownership of housing is completed. When the buyer becomes the new owner of the apartment and receives a certificate for it, the seller will be able to withdraw his money from the safe deposit box.
Obtaining a loan for the purchase of secondary real estate
The procedure for obtaining a mortgage on a used home has its advantages:
- After the conclusion of the transaction, the apartment can be immediately used for living.
- It is much easier to buy secondary real estate, as banking organizations are more willing to lend to this particular market segment.
- Housing can be chosen in any convenient place and area.
- These properties are most often built with more durable building materials, so they are durable and fit the bill.
The procedure for obtaining a mortgage for secondary housing is of interest to many citizens today. Banks often offer customers favorable conditions for obtaining a loan for the purchase of such an apartment. The main thing is that the loan amount does not greatly exceed the value of the selected property. In other words, the borrower should be able to immediately pay from 15-35% of its value.
Among other things, you can't take out a mortgage on a property that doesn't meet the bank's requirements. For example, secondary housing must be in good condition. On thean apartment in a house to be demolished will not be given a mortgage. That is why the borrower will have to devote a lot of time to finding suitable housing.
What documents are needed for a mortgage at Sberbank?
To get a loan to buy an apartment in Sberbank, you need to prepare a package of documents, which is formed from the following papers:
- passports;
- income certificates in the form of 2-personal income tax;
- additional certificates: passport, pension, military ID, driver's license;
- work book.
Instead of personal income tax, the borrower has the right to submit a bank sample certificate. The employer fills it out, entering information about income, employee experience for the last six months and deductions. Basically, this option is resorted to if the organization cannot provide standard data on 2-personal income tax. What other documents are needed for a mortgage at Sberbank, in addition to those listed? A financial institution may ask the client to provide additional paperwork to confirm the information.
How do I get a government-backed mortgage?
Mortgage with state support is designed to help vulnerable categories of the population and low-income citizens. The goals of the program are to increase the purchasing power of people and stimulate the construction of new real estate for the population. True, a mortgage with state support does not allow you to buy secondary housing. It will be possible to obtain credit funds only for real estate in houses under construction andnew buildings.
Many large banks take part in this project - Otkritie, VTB-24, Sberbank, Gazprombank and others. But it should be understood that only developers who have partnerships with financial organizations or government agencies will be able to get this mortgage loan.
Mortgage loan costs
Most people don't know what mortgage costs they will incur if they get approved for a loan. Often, this behavior leads to the fact that borrowers incorrectly calculate the total cost of the apartment. As a result, they have further problems with the repayment of the loan.
When buying a home on credit, you have to pay for various services, which can range from 3-10% of the value of the property. For example, some banks charge a certain fee for processing a mortgage application. Moreover, if a financial institution refuses to receive a loan, the borrower will not be able to return the money paid.
The main condition for obtaining a mortgage loan is an independent assessment of the purchased housing. A procedure is followed to determine the amount of the loan. Most often, banks already cooperate with some appraisers. Therefore, the client does not need to look for experts himself. True, you will have to pay about 5-20 thousand rubles for such a service.
You will still need to fork out for insurance. According to the current legislation, when buying an apartment, it is necessary to protect yourself from the loss of housing andhis damage. In addition, banks may refuse to obtain a loan if the borrower does not insure the ownership of the apartment and life. Therefore, insurers still have to pay a few percent of the cost of housing.
You should also remember about the additional commissions of financial institutions: for renting a cell, wire transfer or withdrawal of funds. If there are difficulties with paying the debt, the bank will charge fines and pen alties. It is advisable to avoid such situations in order to avoid problems.
Conclusion
Before you take out a loan, weigh well all the consequences of this decision. Perhaps now such a financial burden will be unbearable, therefore, it is better to wait for a more favorable moment. Of course, it is simply unrealistic to calculate all the costs of obtaining a mortgage loan. But when applying for such a loan, you should definitely take into account your family budget and unforeseen expenses.
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