2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The economic situation of the last decades leaves much to be desired. Due to the lack of well-paid jobs, many families are unable to purchase their own housing. Some decide to save up for an apartment for years, while renting a house, while others turn to the bank for help. How profitable is it to get a mortgage? First of all, it is worth exploring the offers of popular financial institutions.
What is a mortgage
Many construction companies today cooperate with commercial banks and other popular financial institutions. This interaction is beneficial for both parties. Housing on credit is an opportunity to conclude a deal for both the developer and the bank. The client himself also wins, who, without having a large amount, can move into housing purchased on a loan.
Mortgage is a kind of lending. The main condition for this is the registration of real estate, which is acquired under a contract, on bail. This is additional insurance for all parties to the transaction. If the client for a number of reasons cannot repay the loan, the housing becomes the property of the bank. In the end, no onemust. What is more profitable, to take a mortgage or a loan? The latter option is more acceptable when it comes to purchasing an apartment or house.
What nuances you need to know
Any loan is debt. Therefore, before entering into an agreement with a financial institution, it is worth studying its conditions. First of all, you should pay attention to the interest rate, to study the issue of the presence of hidden fees. These indicators will primarily affect the amount of overpayment on the loan. What is the best mortgage to take? It is worth paying attention to those offers that involve the possibility of early repayment of the debt without pen alties.
Special attention should be paid to the choice of the bank with which the transaction will subsequently be concluded. It is profitable to take a mortgage for a young family at Sberbank. The conditions will be described below. In general, it is undesirable to enter into an agreement with a financial institution that has been operating on the market for less than 5 years.
Another important point to pay attention to is the total family income. It will not be possible to take a secured loan if the estimated minimum payment under the agreement exceeds 40% of this indicator.
Sberbank
This financial institution is today the leader in mortgage lending. Under the terms of the bank, you can purchase real estate, both in a finished house and at the development stage. How profitable is it to get a mortgage? It is worth paying attention to proposals with state support. Positive is the fact that the deal is in rubles. Therefore, the overpayment on the loan will not be tied to the exchange rate.foreign exchange.
Any citizen of Russia who has reached the age of 21 can become a bank client. The contract can be concluded for a period of 1 to 30 years. It should be borne in mind that the longer the client owes the bank, the greater the final overpayment will be. At the same time, with a short loan term, the minimum monthly payment will be higher. The annual interest rate on the loan is 11.4%. A prerequisite is an initial payment of at least 20% of the total value of the property. How profitable is it to take a mortgage at Sberbank? Increase the amount of the advance payment!
Tinkoff Bank
Those who are interested in which mortgage is more profitable to take should pay attention to the offer of this financial institution. The fact is that Tinkoff Bank offers an annual interest rate on a loan of 10.5%. The loan term is the same as in the previous case - 30 years. There are no hidden fees. An adult client can conclude a deal for the purchase of housing not only in the primary, but also in the secondary market.
Tinkoff Bank has convenient online support. Everyone can register their data at home and submit an application for a loan. If the financial institution approves the request, all that remains is to collect the necessary package of documents and go to the nearest bank office to sign the contract. In addition, the official website has a convenient loan calculator that allows you to pre-calculate howit is profitable to take a mortgage.
Opening
The financial institution is relatively young. Despite this, the number of customers is only increasing due to favorable lending conditions. The overpayment under the contract will directly depend on the initial payment. What is the best mortgage for a young family? The most attractive deals are those concerning apartments in new buildings. The financial institution offers a rate of 11.3%. The amount of the advance must be at least 20%. The cost of housing cannot exceed 8 million rubles.
Those who want to buy an apartment on the secondary market will be able to conclude an agreement with a rate of 12.75%. In this case, the initial payment should already be at the level of 30%. The maximum loan term is 30 years. Maternity capital can be used as a down payment.
On the bank's website, you can also apply for a mortgage loan or calculate the estimated costs.
Trans Capital Bank
If you study the question of which bank is profitable to take a mortgage, the reviews of Muscovites show that the most attractive conditions are offered by Trans Capital Bank. Everyone can buy real estate in the residential complex "Uspensky Kvartal" at only 8% per annum. The only downside is the short loan term. Mortgage can be issued for only 8 years. Such an offer will be convenient for people with high wages.
Trans Capital Bank offers to purchasereal estate in the secondary market at 11.9% per annum. The loan term is 25 years. The maximum transaction amount is 20 million rubles. The down payment must not be less than 20% of the mortgage value of the property. Reviews show that early repayment of the debt without pen alties is possible at any stage.
The financial institution provides for the use of maternity capital as a down payment. In this case, the advance must be paid within 3 months from the date of the transaction.
Promsvyazbank
This financial institution today offers the most favorable lending conditions, according to reviews. To conclude a deal, the client must provide data on the official place of work, the period of stay at which cannot be less than 4 months. How profitable is it to get a mortgage on an apartment? All you need to do is to apply with a passport of a citizen of the Russian Federation, as well as an identification code, to the nearest bank branch. The lowest rate (5.99%) will be offered to those who want to buy housing in a new building. A prerequisite is that the age of the borrower at the time of conclusion of the contract is 21 years. Such a low interest rate is offered only to those clients who have been served by Promsvyazbank for more than a year.
Clients who apply for help to a financial institution for the first time will be offered a rate of 11.4% per annum, subject to the purchase of an apartment in the primary market and 12%, subject to the purchase of housing in the secondary market. The maximum loan term is 25 years.
Rosselkhoz Bank
The conditions of this credit institution cannot be called the most favorable. At the same time, the bank ranks fourth in terms of reliability, according to data provided by the Central Bank. Mortgage lending rate depends on the advance paid by the client. So, if you pay more than 50% of the original cost of real estate, the annual percentage will be at the level of 11.5. The minimum advance under the terms of the bank is 10%. At the same time, the annual rate will be at the level of 12.9%. The maximum loan term is 30 years. The deal can be concluded for a total of 20 million rubles.
How profitable to take a mortgage? Reviews show that, in addition to paying an impressive advance, it will also be necessary to confirm your income. The bank carefully evaluates the solvency of customers. A financial institution may consider an application for a mortgage transaction up to 5 business days.
Where and how to get a mortgage: step by step instructions
Those who decide to purchase housing on credit will have to act according to the following scenario:
- Study the offers of popular financial institutions, choose the most suitable option.
- Send a preliminary online request to the selected bank.
- If the answer is positive, collect the necessary package of documents. The mandatory ones include: a passport of a citizen of the Russian Federation, an identification code, a military ID if available, a document on marital status (presence of children), a certificate of income for the last 6 months.
- With a package of documents come tothe appointed time to the bank and conclude a mortgage agreement.
Additionally, the financial institution will require documents relating to the property that is collateral. In addition, the bank may request information about the income of other family members. The higher the total income, the more likely the bank will give a positive answer.
Mortgage can be profitable for those who are confident in the future. In the absence of stability, it is not worth concluding an agreement with a financial institution.
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