2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Over the past few years, among other banking programs in demand among the general population, mortgage housing credit has confidently taken the first place. And this is not surprising, because everyone who does not have one dreams of a roof over their head, and those who have one want to get more square meters at their disposal. Banking programs make it possible to make all dreams of living space come true, so the volume of mortgage housing loans issued is growing from year to year. But there are still quite a few people who know about the rules for granting mortgages only from the stories of acquaintances and stereotypes in society.
Support secured
In order to provide the population with opportunities to purchase housing, various programs have been launched, for example, the restructuring of a mortgage loan. Different banking structures offer different from each other, but quite favorable conditions. The state helps those banks that cooperate with the population on mortgages and maternity capital. At the state level, there is a project under which Russian citizens get the opportunitybuying a home on more favorable terms.
The government did not leave the issue without attention. A body working with banking structures was formed. It is called AHML - an agency for housing mortgage lending. In addition to it, the Agency for the Restructuring of Housing Mortgage Loans also operates. There are regional structures, various mortgage centers operate. All this allows people who take out a loan for housing today to be confident in the future and that they will be able to pay off their debts, even if the economic situation changes.
Present and future
Current estimates of the mortgage market in Russia are about $400 million, but potentially development is possible up to at least $30 billion! This means that the terms of the Home Mortgage Assistance program will be of interest to people more and more. Banks, in turn, can count on increasing the volume of transactions.
Statistics clearly demonstrate that a mortgage is the most acceptable, real way to buy a home. This applies to all regions of the country without exception. We can safely say that without a mortgage loan from Sberbank, many of the families that now have a roof over their heads would not be able to afford it if they operated only with funds accumulated independently in a conditional glass jar.
Mortgage: a panacea for all ills?
Despite the current mortgage restructuring program, the abundance of bankoffers and really favorable conditions of a number of reliable financial companies, experts urge to be careful. Mortgages should not be considered the only possible solution to the housing problem.
From the point of view of some scientists, only the processing at the root of the existing market and the creation of a more efficient structure from it will reduce the difference between the profits of the inhabitants and the price per square meter. It is urged, through the home mortgage loan and other programs, to create the basis for such a new society market. The trends in the development of housing loans in Russia in recent years generally meet the requirements of these scientists, but there is still room for improvement. The program will become really effective when the economic situation in the country is stable.
Difficulties and problems
Why can't home mortgage assistance solve every family's housing problems? The main reason is precisely the instability of the economy. In Russia, the judicial, legal, and banking systems have not yet been sufficiently established. To this day, the interest on loan programs is exorbitant, and there are no guaranteed rights to housing as such. Prices are speculative, the housing sector is actually isolated from the country's economy. Some experts are betting on a single-level lending system as the simplest, most effective, applicable in the existing realities. Its features are the exclusion of insurance, the simplicity of the applicable law.
The State Home Mortgage Assistance Program Has Become Importantsupport of the banking system and the inhabitants who need a roof over their heads. There is targeted assistance, which, coupled with long-term mortgages, promises to become the most important element of housing policy in society. But for this, the laws of the country need to include clauses that clearly regulate mortgage housing loans, their conditions, including in relation to those segments of the population that are considered socially unprotected.
Necessary and important
The most effective way to develop the housing market is targeted assistance from the state. Experts say that it is necessary to introduce new benefits that allow you to get a loan or repay it on simplified terms, you need to introduce subsidies and index loans to make it easier for the average person to pay off their debts.
Proposals to stimulate the receipt of mortgage housing loans through the tax system look reasonable. Others also offer to publicize the practice of accumulating money in society and even reward those who are especially good at it. Finally, several mortgage lending programs should be developed so that citizens can choose what suits them best. Only the state is able to think over, work out and implement all of the above.
Mortgage lending will be easier
You can count on a change in the situation with the purchase of housing on credit, if it is possible to stimulate demand for banking products in this area, which should be supported by a sufficient choice of housing in the real estate market. At the state level, it is necessary to introduce a risk management system andimprove the tax laws of the state. All this, coupled with an increase in the availability of mortgage programs for the general population, will increase the demand for offers from financial companies.
Real estate market specialists say that the most successful will be (and already are) specialized loan programs aimed at narrow groups of people. For example, these are mortgages for military or young families with children, those who are en titled to maternity capital. As for the latter, it is a rather controversial issue. The idea of the program is good, but its implementation still leaves much to be desired. It is necessary to introduce a number of clarifications into the existing laws, which will make it more efficient.
Say goodbye to debt, save your last pants
In recent years, more and more often it turns out that a mortgage for a family is an unbearable burden. For example, one of the spouses loses his job and cannot find a new one for a long time, but the loan has already been taken and payments must be made on time. You can not get into a debt hole and not be left without a penny (or even without a roof over your head) if you use the loan restructuring program. It is valid only for clients of banking structures who find themselves in a really very difficult life situation.
Through restructuring, you can keep a roof over your head, while reducing the amount of payment per month. Can be accessed topreferential programs or even sell an apartment, the mortgage on which turned out to be unaffordable, and buy something cheaper. Maintaining the quality of your credit history is important.
How to use?
To initiate restructuring, you need to apply to the company that issued the mortgage or to an intermediary firm (re altor). The first option seems to be more reliable, but not every financial structure is ready to meet the needs of the client. The most difficult thing to get refinancing is when they want to sell an apartment that turned out to be too expensive in order to buy something cheaper.
Cooperation with an intermediary can be easier, more profitable and even cheaper. Agents inspect housing, believe that the price of real estate exceeds the amount of debt, find those who want to buy and offer the client something cheaper from their base. At the same time, the client can take a more favorable mortgage loan for new housing or even pay off from their own savings, if possible. That is, if you keep a roof over your head, you can significantly ease the burden of monthly payments.
Restructuring: banking proposals
What offers can be expected from bank employees when contacting the company that issued the money to buy a home? The first option is to reduce the amount of the monthly payment. At the same time, the loan repayment period grows and the overpayment under the program becomes larger.
Many banks offer credit holidays. This term implies that the client pays only interest within a predetermined periodon credit. However, here the situation is similar - the time period is stretched, which increases the overpayment.
Finally, they can offer refinancing. This means that the client receives a new loan, the terms of which are better than those of the current one. Such a program can be requested not only in your bank, but also in a third-party. The funds received under the program are directed to the first loan, repaid it at once, then gradually pay off the new debt.
Banks: many options
In addition to these restructuring programs, there are some offers that allow the client to pay off the debt in a simplified manner. For example, if the economic situation is unstable and is accompanied by strong fluctuations in currency rates, the bank may offer the client to change the currency of the loan. Done right, this helps reduce payouts.
Some banks remove pen alties, fines, forgive amounts accumulated due to late payments. You can also pay off your mortgage early. In this case, the client saves on overpayment, but early repayment cannot be resorted to if the circumstances are force majeure.
Agencies: all in pursuit of the client
Real estate companies benefit from people going to them, so such firms are doing everything possible to attract those who want to pay off their mortgage by changing their housing to something cheaper.
When contacting an agency, you will first have to meet withexperts. They will evaluate the housing, form an official conclusion, on the basis of which the company will decide whether to deal with a problematic home or is it too risky. If the assessment is greater than the debt to the bank, you can count on productive cooperation. Agents are looking for a buyer for the house, and the money that the seller receives is sent to the bank, closing the loan. Some funds may remain at the disposal of the client. They can be safely directed to the purchase of new, more modest housing. Agents of the same company will help you find this.
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