Loans for young families: features, conditions, reviews

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

Newlyweds rarely can afford to immediately purchase their own housing. Usually during this period of life and lovers are much more than other problems. However, no one wants to live with their parents or in a rented apartment. Additionally, it is worth considering the ever-increasing costs and the economic situation in the country. Against this background, many are afraid to take loans with high interest rates. And if replenishment is planned in the family, then own housing becomes an exorbitant dream.

However, today there is a way out. There is a Young Family program. A mortgage loan of this type has more favorable conditions, which makes it affordable for most newlyweds. Such a loan is available to citizens of the Russian Federation under the age of 35 years. However, they must meet certain conditions. Let us consider in more detail the features of obtaining a loan for the purchase of housing for a young family.

Who can access the program

This type of lending implies that certain categories of families can take a loan from the state, provided that all the money goes to purchase their own housing. By and large,the federal program is a one-time subsidy that must be used solely to pay off your mortgage.

If we talk about who is eligible for the "Young Family" mortgage loan, then you should pay attention to several important conditions:

• People under the age of 35 can count on receiving a subsidy. However, if one of the spouses is a little older, and the other, on the contrary, is younger (for example, the spouse is 37, and the wife is 32), then the partners still have the right to receive funds.
• Newlyweds must be officially registered. However, it does not matter how many times before that each of the spouses was married. If one of the spouses died, then even a single mother can apply for mortgage lending if her income allows her to pay the necessary contributions. If the lovers only live together (no matter how long), but are not officially registered, then this program is not available to them.
• Partners must be registered with their city or township as being in need of better living conditions. That is, only if the spouses do not have any housing, they can apply for subsidies.

Basic conditions of the Young Family loan

Of course, the state is trying to help newlyweds improve their housing situation. However, borrowers must complete certain steps in order to qualify for the federal mortgage relief program.

First of all, you will have to pay the initial mortgage installment. If the newlywedsno children, then it is 20% of the total cost of purchased housing. In the case when the lovers already have children, then you need to pay at least 15%.

Additional documents and fees

You also need to confirm the income of borrowers. This takes into account the combined income of the spouses. After the monthly mortgage payment, the newlyweds must have at least 40% of the money left, or more if the family has babies.

In addition, housing loans for young families require insurance, which should cover not only the borrowers, but also the chosen housing itself. As a rule, the duration of the contract is 12 months. After that, the insurance must be renewed. If the newlyweds do not fulfill this condition, then the interest rate on the loan will be increased.

Peculiarities of mortgage lending

It should be borne in mind that loans for young families differ from standard programs only in the amount of the interest rate. This means that until the debt is repaid, the housing acquired on a mortgage will be the property of the bank. Accordingly, it is impossible to exchange or sell housing.

It is also worth considering that in most financial institutions it is possible to repay the debt ahead of schedule. At the same time, no fines are imposed on the newlyweds. No additional restrictions are implied.

When applying for a loan to a young family to buy a home, not all spouses can afford to make a down payment. In this case, it is alloweduse parent capital. This amount is usually enough not only for the down payment, but also to repay part of the loan on the loan. However, at the same time, a document must be notarized, which states that the children of the spouses own a share of the living space.

When choosing a loan for young families, many are faced with the fact that they do not know which bank to contact. Today, not all banks provide such services. Sberbank is considered the most reliable. It is worth learning more about the conditions of this financial institution.

Sberbank requirements

When contacting this organization, rather favorable credit conditions are assumed. The interest rate on the mortgage in this case will be 12.5%. In this case, the loan is issued for a period of 30 years. However, customers must take out insurance for the purchased property. The initial contribution will be 20%, however, the bank allows the use of maternity capital (if the family has more than two children).

Pros of lending

If we talk about the benefits of the loan "Young Family" in Sberbank, then in this case, borrowers may not confirm their income. However, this is possible only if there are guarantors. They can be close friends or relatives of the young couple.

It is also worth noting that in 95% of cases, potential borrowers are approved. Refusal is possible if an incomplete package of documents was collected or the basic conditions of the loan were not met.

Good to know

If necessary,having issued a preferential loan for a young family, spouses can ask for a deferral of payments. As a rule, the bank provides such an opportunity for a period of five years. To do this, you must contact the bank branch and write a written statement stating the reasons why the newlyweds are temporarily unable to fulfill their debt obligations.

For example, the reason for the delay may be the pregnancy of the spouse, the loss of a family member's job or a serious illness.

Also, borrowers can contact the tax authority and ask for a refund of the tax deduction. In this case, there is a chance to get up to 250 thousand rubles.

Reviews

If we talk about the opinion of the borrowers themselves, then mostly everyone notes that such loans for young families are indeed a serious help for the newlyweds. On the one hand, it seems to many that a loan for 25-30 years is a rather dangerous undertaking. However, in case of loss of work, there is an opportunity to get a deferment. This makes borrowers feel more financially secure.

Some say that it was not possible to get a loan right away. As a rule, this happens due to an incorrectly assembled package of documents. However, when applying again, almost everyone managed to get a loan. Therefore, it is important to know all the subtleties of such a procedure.

Features of applying for a loan at Sberbank

If we are talking about a loan for young families, then in this case the same package of documents is provided as for a standardmortgage lending. By and large, the difference lies only in the amount of the overpayment and the down payment.

In order to receive funds for the construction or purchase of housing, the newlyweds must:

• Fill out a loan application form and submit it to the bank branch.
• Wait a few days until the financial institution decides to provide funds.
• Submit to the bank all documents for the property being purchased or under construction.
• Sign a loan agreement. At the same time, an account is opened for the client of the bank, to which funds will be transferred.
• Register ownership. To do this, you need to contact Rosreestr or make electronic registration through a bank branch.
• Insure the property, sign a mortgage agreement or mortgage.

What documents are required

To apply for a loan to a young family for the construction or purchase of housing, you need to prepare a standard package of documents:

• Statement from the spouses indicating the details of the guarantors (if any).
• Copies of passports of all co-borrowers.
• Certificate in the form of 2-personal income tax, confirming the income of the spouses (if there is a guarantor, then only he must confirm his solvency) and work books.
• Documents confirming the official marriage and the presence of children.

After reviewing the application, a bank employee may ask foradditional documents. For example, if we are talking about a house under construction, then the financial institution must be sure that all apartments will be commissioned on time, and other nuances. If the spouses want to use their existing housing for loans, then it is necessary to confirm that both or one of the spouses are the owners.

Alternative methods of state support for young families

Mortgage lending is not the only way to reduce overpayment on a loan. For example, the amount of maternity capital for 2018 is 453 thousand rubles. All of it can be used to partially pay off the mortgage. It should be noted that this program is valid until 2020. Families with two or more children can also count on additional funds.

Also, at the birth of a baby, a one-time payment of 15 thousand rubles is provided. However, such “help” must be issued no later than 6 months after the birth of the child.

There is also a governor subsidy. It is available to married people under the age of 30 who have one or more children. The amount of payment depends on the region in which the newlyweds live. Therefore, the amount may vary significantly.

Additionally, you can try to issue a regional payment. As a rule, it is a one-time allowance. The exact amount of such payments also depends on the region where the young spouses live.

Besides this, you should pay attention to programs called "Large Family". In this case, the newlywedscan count on assistance from the state, provided that they have at least three children who are not yet 18 years old. Such a program also includes the use of funds to pay a portion of mortgage payments. Additionally, newlyweds may be exempt from part of the taxes.