Under what conditions they give a mortgage: documents, features and recommendations

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The question of under what conditions they give a mortgage is of interest to many people in our time. And every person who needs his own roof over his head, at least once, thought about this issue. Many are afraid that a mortgage may not be approved. Well, such cases do happen, albeit rarely. But it is also true that a mortgage loan is extremely beneficial for banks. Therefore, they are issued to many people who apply for financial assistance. However, it doesn't hurt to know about the conditions.

Income

The extent to which a potential borrower is solvent is of most interest to bank employees. What are the conditions for a mortgage? Those in which the bank client earns well and can afford to give away part of his income (half, as a rule) as debt repayment.

In the eyes of the bank, a person can appear in a good light if he works according to the Labor Code of the Russian Federation, has a higher education and works forone place for at least a year. Entrepreneurs are reluctantly 'welcomed', considering self-employment as a risky activity.

Words about their income will have to be confirmed. There are four documents accepted by the bank. These are certificates in the form of the employer, 2-personal income tax, confirmation of income in the form of a bank and a certificate of declared, monthly received funds. "Traditionally" clients submit 2-personal income tax. This is a familiar document that indicates income for a certain period - you can trace the dynamics or stability, which is appreciated by the bank.

General Requirements

Talking about the conditions under which they give a mortgage on an apartment, one cannot help but note the general provisions. So, here are the requirements that a person who wants to get a home loan must meet:

• He must have citizenship of the Russian Federation.
• Minimum borrower age is 21.
• Maximum - 65 at the time of redemption. That is, if a person intends to get a housing loan at the age of 60, then they will give it only for 5 years. These are the requirements of most banks. Although Sovcombank, for example, has a minimum age of 20 and a maximum of 85.
• Also, the client must be registered in the region in which he draws up a housing loan.
• Total seniority - at least a year. At the last workplace - from 6 months.

That, in principle, is all about the conditions under which banks give mortgages. In some cases there may be exceptions. As with Sovcombank, for example. Or with"Gazprombank" and "VTB 24", where the experience is counted from 4 months. But in general, the requirements for borrowers are the same.

Documents

Even a person who knows nothing about loans can assume that 2-personal income tax is far from the only paper needed to apply for a home loan. Well, under what conditions do they give a mortgage? Documents with a person should be the following:

• statement;
• copy and original passport;
• SNILS (a photocopy is also needed);
• TIN certificate (original + copy);
• military ID or ascribed - for males under the age of 27;
• documents of education, marriage, divorce and marriage contract (if any);
• if there are children - a certificate of their birth;
• copy of work book, mandatory certified by the employer.

This is the main package of documents. They must be prepared if a person is seriously interested in the question of how to get a mortgage on an apartment.

Who gets a mortgage? Almost everyone, and that is why for older people, their pension certificate is a mandatory document for presentation. And for people with a dubious past - a certificate from a narcological / neuropsychiatric dispensary. However, the bank may request any other documents - but which ones, this will be specified on an individual basis.

How much should I earn?

The more the better. Paradox! After all, it would seem that mortgages were created for people in need of financial services. But you really need to earn enough - with the expectation of repaying the debt and living.

Better, however, to give an example. Many go for a mortgage at VTB 24. The conditions for bank customers are especially favorable there. So, let's say a person came to apply for a mortgage. He looked after himself an apartment in a new house for 2,000,000 rubles. He has a down payment - 15% (this is 300,000 rubles). And he wants to get a housing loan for 5 years. In this case, his monthly income should be about 63,000 rubles. Because he will have to repay ~37,900 as a debt over five years.

Given the interest rate of 12.1% per annum, during this period the client will pay 2,274,120 rubles as a debt. Overpayment - 574 120 rubles. A big amount. So, as you can see, the shorter the term and the higher the salary, the less costly the loan will be.

Payment history

It should also be noted with attention, talking about the conditions under which mortgages are given. A good credit history is just as important as a good income. And really something, and its banks are carefully checked. Before approving the service for the client, they find out if he has debts under existing contracts, whether he made payments in a timely manner. In general, how he showed himself as a client. If there is no credit history, then everything will depend on how complete the package of documents submitted by the potential borrower is.

Which property to choose?

This should also be mentioned when talking about the conditions under which mortgages are given. It is best to choose an apartment located in front of not particularly populated areas. Are there no such options? Then you can find something else, the main thing is not to choose an apartment in emergency old houses. Because banks immediately reject such “wishes” of customers.

However, real estate is not chosen in the first place. But only after prior approval. But the stage is still important. Since a person needs not to sell too cheap and invest the funds taken on credit in the best possible option. To do this, there is an appraiser, whose services the client will have to resort to. He will prescribe the subject of the mortgage and its estimated value. Which appraiser should I contact? This is a personal matter for everyone, but each bank cooperates with organizations of the corresponding profile, so it’s better not to fool yourself with unnecessary questions and use the ready-made option. In addition, it will speed up the processing of an application for a home loan. Because bank employees won't need to check an appraiser they don't know.

Social programs

They are very popular today. Therefore, the question of under what conditions they give a mortgage to a young family is often asked. So here are the basics to know about:

• The Young Family Program is open to spouses under the age of 35.
• They need to prove that they need to improve their living conditions.
• The area they live on falls short of the regional norm (6 sqm2 per person).
• Housing does not meet sanitary requirements.
• A family shares a communal area with a sick person with whom it is impossible to coexist.

Spouses can receive a subsidy that is designed to partially pay a mortgage or down payment, finance the construction of their house, pay off a home loan (already issued), buy an economy class apartment.

If income cannot be verified?

And this happens too. Sometimes people who work unofficially earn very good money - such that would be enough for a mortgage. And, as mentioned earlier, few people are denied a housing loan. So even if there is no official income statement, there is a way out.

But which banks give mortgages and under what conditions? The same "VTB 24", for example:

• 13.1% p.a.;
• two documents (passport and second choice);
• minimum down payment from 40%;
• amount - from 600,000 rubles to 30 million.

Let's say an apartment costs 3,000,000 rubles. The loan amount will be 1,800,000 rubles, since 1,200,000 people will contribute 40% as those. Every month he will have to receive about 68,500 rubles in order to repay the loan in 5 years. A little more than 41 thousand will need to be given to the bank as a debt. Of course, the requirements are tougher, but there are also advantages. In general, in other banks "surcharge"rates for lack of certificates can vary from 1 to 5%.

Recommendations

People who have already taken out a home loan often share their advice with those who are yet to do so. They certainly know under what conditions banks give mortgages. And a few practical recommendations worth noting in the end.

1. Absolutely all people assure: it is important to take out a loan for the amount, the debts for which you can definitely pay off. It would seem that this is so clear! But no, many overestimate their capabilities, because they are inspired by various motivations, such as “parents will help”, “you can find a part-time job”, “we will cut costs”, etc. But in reality it turns out the other way around. Parents of grown children are not going to help, there are no part-time jobs, and it is difficult to eat only buckwheat. As a result, everyone is in debt, with problems and with a dirty credit history.

2. The shorter the time, the better. So do banks. People who can pay off their debts in a few years instead of 30 inspire confidence.

3. And one more recommendation says that in addition to all the basic documents, it is worth bringing additional proof of income to the bank. If, for example, a person has one apartment, and he rents it out, then, in addition to 2-personal income tax, you can also imagine an agreement concluded with the tenant. This is a confirmed income that will definitely play into the hands, as it will be taken into account by a bank employee.

Well, if you take into account these tips, remember all of the above and carefully select a bank, you will be able to get a loan forthe most favorable conditions for themselves.