What do you need for a mortgage on an apartment? What documents are required?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2024-01-17 18:37

Thinking about buying your own apartment? Have you chosen the right option, but you do not have enough money? Or have you decided not to invest a lot of personal savings, but to use a lending service? Then a mortgage is what you need! What is it and how does it differ from a consumer loan.

How is a mortgage different from other types of loans?

The most important difference is the interest rate. For mortgage loans, it is much lower than for car loans, consumer loans, etc. And this is explained very simply. As a rule, people take out mortgages for rather large sums, because real estate is not cheap. And interest on the loan is charged on the entire amount of the debt. And if the mortgage rate was the same as the consumer loan, people would not have enough 1 life to pay off the loan. And then this debt would be inherited by their children. Because the amount of overpayments would exceed the amount of the mortgage by 3 or even 4 times.

For more clarity, consider an example. Initial data: you want to buy an apartment in a mortgage for5.000.000 rubles. You are not ready to make a down payment, but you are ready to pay 86.5 thousand rubles each. If the mortgage rate were even equal to almost the minimum consumer loan rate, then you would have to pay money for the mortgage for 20 years, and you would overpay 315%, which is equivalent to 15.7 million rubles! That is, you would pay the cost of 4 of your apartments!

Pay attention when choosing a mortgage program for the term of the loan. That is, with our initial data, the overpayment for 20 years is 315%, and if we increase the payment by only 2.7 thousand rubles, then the period will decrease by as much as 5 years! And the overpayment will decrease by 91%! Feel what a global difference?!

And with a term of 10 years and a payment of 98 thousand rubles a month, your overpayment will be 135%, because 6.7 million rubles.

If you follow the trend, it becomes clear that for every 5 years of a mortgage, the amount of interest is equivalent to the value of your apartment!

But this is at a rate of 20% per annum. In our country, according to mortgage programs, it is usually lower, and fluctuates within 13%. Let's make a calculation for similar terms and compare the result.

If we consider a period of 20 years, the monthly payment is 59.5 thousand rubles, which is 27 thousand lower than at a rate of 20%. Do you feel the role played by the difference of 7%?! The total amount of overpayments is 9.3 million rubles, i.e. 185% in 20 years. Do you understand how bigdifference?

When the term is reduced by 5 years, the payment increases by only 4.5 thousand, but the overpayment decreases by 55%! And it is 6.5 million rubles!

With a loan term of 10 years and a payment of 75.3 thousand rubles, the overpayment will be 81%, namely 4 million rubles. As you can see, the difference is very noticeable.

For clarity, we will display all the results in a pivot table so that you finally understand why mortgage programs have a lower rate.

Pivot table

Deadline	At 13%			At 20% rate			Difference
	Hedgehog payment, rub.	Over-payment, million rubles	% over-payments	Hedgehog payment, rub.	Over-payment, million rubles	% over-payments	Hedgehog payment, rub.	Over-payment, million rubles	% over-payments
10	75392	4	81	97903	6, 7	135	22511	2, 7	54
15	64082	6, 5	131	89239	11	221	25157	4, 5	90
20	59465	9, 3	185	86450	15, 7	315	26985	6, 4	130

• The package of documents required for a mortgage is significantly different. So, let's look at what documents are needed for a mortgage on an apartment.
• Passport of the borrower.
• Certificate of income, as well as the organization in which you work (copy of the work book).
• Documents confirming the deposit (if any).

What do you need for a mortgage on an apartment? List of documents

When a co-borrower or guarantor is involved, the list of documents expands. They will require the same documents as you. Those. their passport, as well as a document confirming income (as a rule, this is a certificate of 2 personal income tax).

You may also need a number of other documents. Bank employees will tell you more detailed information, because each case is individual, there are many mortgage programs. So, you will need to collect the package of documents that is right for you. The initial data is taken as a guideline.

Requirements for the borrower

In each bank they are different, but there are a number of criteria that are the same in all banks. Let's take a look at them:

1. Age. Many banks have a minimum ageto consider the application 21 years. And this is understandable. As a rule, in this time period a person graduates from an educational institution and has a certain work experience.

2. Work experience is the second criterion by which banks determine how reliable a borrower is. The minimum work experience at the last place of work must be at least one year. In addition, employees pay attention to the fact that an indicator of a person's reliability is the frequency with which he changes jobs. If a person does not stay anywhere for more than 1 month, then this fact can hardly indicate his reliability.

3. Credit history. Having a positive credit history will only benefit you. Because you have shown yourself to be a responsible person and it is easier for the bank to approve your mortgage loan.

So, to summarize, what does it take to get a mortgage on an apartment? Good credit history, work experience of at least a year and the age of the borrower is 21+.

Mortgage and maternity capital

Can maternity capital be used to pay off a mortgage and how to do it? What do you need to buy an apartment with a mortgage? Using capital to pay off mortgages is a common practice. But not many people know how to do it right. In some banks, you can use it as a down payment.

To do this, you need to warn the bank employees in advance that you will make the first installment not in cash, but with a certificate. You will also need to collect an extended package of documents.

Part of the certificates you will need to take from the Pension Fund, for example, a certificate of conditionyour account. And submit some documents to the Pension Fund, because. everything is carefully checked, because there are many cases when people just wanted to cash out maternity capital.

Money in an envelope when accounting for income - myth or reality?

Some people get money from multiple sources of income. And it happens that part of the salary is given to people in envelopes. How to be in this case? Since 2014, many banks have simplified the issuance of mortgage programs. That is why, you can provide the bank with a certificate of the established form, in which the employer will indicate the full amount of your income, along with bonuses and any incentives. There are banks that issue mortgages with just two documents! But in this case, you must have an ideal credit history, a long work experience in the organization.

What other expenses should be considered for people who want to take out a mortgage?

Do I need to insure an apartment with a mortgage? This question worries many borrowers. Yes, you definitely need to insure your apartment. This is a requirement of the bank and its "airbag". Because if something happens to the apartment, not all borrowers will have the money to pay the mortgage and restore the apartment at the same time, which will lead to delays in payment and other troubles.

Do I need an appraisal of an apartment for a mortgage? This question is of interest to many borrowers. Yes, this procedure must be carried out, and after appraising the apartment, submit documents to the bank.

How to choose an apartment?

Initially, you need to decide what kind of housing you want. Secondary or want to participate inshared construction, or are ready to purchase a new apartment in a finished house, but already finished. Based on your wishes, you will need to choose a mortgage program. As a rule, such programs differ in conditions. And the main criterion is what kind of housing the borrower wants to buy.

If you decide to participate in shared construction, be sure to read the reviews about the company that is the developer. To be sure that the apartment will be handed over on time, and you are not trapped.

Do you want to get a mortgage from Sberbank?

What do you need for a mortgage on an apartment? You can find the answer to this question on the official website of the bank. Instructions: Sberbank - mortgage - what documents are needed for an apartment?

• Agreement of intent.
• Your passport.
• 2 personal income tax.

Please note that this bank takes into account only the confirmed income of the borrower, so if your official income is not very large, it is better to purchase a guarantor or guarantors (there may be several). You can also bring in a co-borrower. He will need the same package of documents as you.

Have you purchased an apartment with a mortgage? What you need to know

Every citizen of the Russian Federation once in a lifetime has to return part of the money spent on buying an apartment, paying interest on a mortgage and repairing a room. How can I do that? Once a year, you need to submit to the tax service a certificate of income, documents confirming the existence of a mortgage, and others. You can find a more detailed list on the IFTS website or directly in theinspection.

How much money will be returned? You will be refunded the full amount of taxes you paid in the previous year. Please note that this amount has a limit. You can return a maximum of 260 thousand rubles for the entire period and only 1 time in your life.

What documents does a mortgage seller need?

• Certificate of state registration of rights.
• The document on the basis of which this right came.
• Statement of no debt for utilities.

How to apply for a mortgage?

What is needed for a mortgage on an apartment, we have already figured out. Now it remains to understand how to apply for it. What do you need for a mortgage on an apartment?

1. Select a property and a bank where you want to get a loan.
2. Contact the selected bank for advice, selection of the necessary program and for a list of documents that must be provided.
3. Collect a package of documents and contact the bank to apply.
4. After the application is approved, sign a mortgage agreement with the bank, and a sale and purchase agreement with the developer.
5. Get a certificate of state registration of rights with encumbrance.
6. Insure her. This can be done in any company with which your bank cooperates. You can familiarize yourself with the list either on the bank's website or get it at a bank branch. And also this information can be provided to you by calling the hotline.
7. Enjoy your own apartment!

What should I pay attention to?

1. For the interest rate. It is not uncommon for bank employees to go for tricks and print out a contract with a higher interest rate in order to make more money on this transaction. They are counting on you not to read. And if you notice a mistake afterwards, you won't be able to prove anything.

2. For the term of the loan and the amount of the monthly payment. Because the longer the term, the greater the overpayment, as we saw earlier. Be careful! Read all documents. Ask anything you don't understand. Do not be shy. If something is embarrassing, you can always call the hotline number and clarify all questions.