What percentage of mortgages on second homes?

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

Statistics of 2016 identified Sberbank of Russia as the leader in the number of cash mortgage loans issued due to the confidence of a significant part of the population. The policy of the State Bank in 2017 is aimed at creating all the necessary conditions for citizens to be able to get a mortgage loan with a minimum interest.

Mortgage lending is one of the main components in the system of lending funds for special purposes. After the transfer of money for the purchase of real estate, housing becomes a mortgage (pledge) of the bank as a guarantee of the return of loan funds. What is the interest rate on a second home mortgage?

Interest rate concept

The Bank establishes an individual order of mortgage interest for each issued loan. Interest rates are the main factor in payments, their range ranges from 7 to 12% for loans in foreign currency, and from 8 to 14% - in ruble loans.

The following nuances matter when calculating interest:

1. An object. Acquisition of real estate. It can be an apartment or a private house, as well as part of an apartment or house.

2. Housing market. In this case, it's secondary. That is, housing is not purchased in a new house that has not yet been commissioned.

3. Official income, indicated by Form 2-NDFL or a bank statement.

4. Required timeframes. Mortgages are longer than consumer loans.

5. First installment. It matters when the cost of housing exceeds, when the interest rate goes down.

6. Promotions and special offers.

The percentage of mortgages on secondary housing is high, there is an overpayment. The longer the repayment period, the more money the borrower will pay. For example, a 20-year mortgage pays twice the price of an apartment. But the advantage is that a person will have his own premises, and he will not have to give extra money when renting a room - he will spend the money on paying his own square meters.

Mortgage for secondary housing: bank interest

2017 second home mortgage interest will depend on the following factors:

1. The amount of the main rate set by the Central Bank. Now at 11.5% (varies up to 11.9%).

2. Introduction of new state programs. Changes in rates are introduced from January 1, 2017.

3. Economic situation.

The expected 2017 mortgage program at Sberbank is a special offer for no down payment. It is very difficult for people to collect the firstamount, and additional expenses for insurance and an independent expert assessment of the immovable object will be required.

Interest rate types

Fixed interest rates are common. Their peculiarity is that they remain unchanged for the entire term of the mortgage.

There are also floating rates, which depend on the average value of the rates of all interbank markets of European importance. Every six months or a year, the borrower is informed of a new interest rate.

There is also a combined rate that stays the same for the first few years of the loan and then floats. Such a rate is beneficial to the borrower, as it allows you to accumulate funds until it is transferred from one to another.

For each user of a mortgage loan, interest is calculated individually, which he will then have to pay.

Judging by the reviews, Sberbank selects different types of programs with a minimum interest rate in the interests of its customers. Secondary housing mortgage (what percentage is in this bank - we will discuss below) is a fairly popular service that many people resort to.

The concept of resale property

Secondary is a dwelling, legally accepted for operation, previously used for the actual residence of people.

Resale housing is not a new building, but a place where someone has already lived, which the owner (individual or legal entity) has the right to sell.

"Old Fund" is no less in demand than new buildings. This is due to a more affordable price for an ordinary citizen. In addition, the purchase of such housing is very fast (up to six months).

Such housing requires less investment than the primary. Any repairs were made in it, there are communications.

Plus, the range of the secondary market is very wide. Personal preferences and wishes of customers are taken into account.

The only risks when buying such a property is the necessary thorough verification of all owner documentation and utility bills.

Resale Mortgage Percentage

Sberbank makes it possible to purchase secondary housing with a mortgage on the following terms:

1. Term. It depends on the current program. The right of early repayment is also provided.

2. Initial payment (from 15 to 20%). The higher the installment, the lower the interest rate.

3. Minimum loan (in the amount of 300 thousand rubles).

4. Permanent source of income.

5. Citizenship of the Russian Federation.

6. Good credit history.

7. Using the right of state subsidies (maternity capital, subsidies to a young family, special mortgage funds for military personnel).

8. Mortgage Calculator Calculates Loan Repayment

If forecasts are to be believed, the state will continue to help people improve their living conditions.

Acquisition of finished property

Sberbank determinesthe percentage of mortgages on secondary housing from 12% with a minimum loan. This determines:

• subsidized amount to the maximum - no more than 85% of the appraisal of the cost of purchased housing;

• loan term - up to 30 years;

• First investment from 20% of the cost of the apartment.

The percentage calculation of the secondary living space is similar to the rates in new buildings.

An approximate table of percentages for secondary housing will help you navigate the numbers.

Credit term	Down payment	Interest rate
Under 10 years old	20 to 30%	12, 5-13 %
10 to 20 years old	30 to 50%	12, 25-12, 75%
20 to 30 years old	From 50%	12-12, 5%

The percentage of mortgages on secondary housing depends on some nuances:

1. borrower category. People who do not receive wages at Sberbank pay extra from 0.5 to 1%.

2. Mortgage Loan Registration (1% added).

3. Compulsory life and he alth insurance. Additionally, the rate is increased by 1%.

Summarize

What do people say about Sberbank services? Interest on a home loan is always lower than on other types of loans, and the requirements for borrowers are always not too high. Equal payments and constant, fixed interestthe bet is always winning. Property can be redeemed ahead of maturity. The percentage of mortgages for secondary housing in Sberbank is minimal (up to 13%).