Where is it better to take a mortgage - conditions, banks, contributions

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

Not everyone can buy a home right away. In this case, you can use a mortgage. Each bank offers its own terms and interest rates. The state supports mortgages, and there are special programs that make it easier to pay. But to find out where it is better to take a mortgage, you need to familiarize yourself with the offers of various banks.

The term of the mortgage is different for each bank. You need to know this immediately, before signing the contract. Usually mortgages are taken for 10-20 years. For each borrower, a monthly payment is calculated. You can deposit it in large amounts, which allows you to save on interest.

Good loans

In Russia, there is one type of mortgage - with a down payment. Without it, it was possible to get a mortgage only before the economic crisis of 2008-2011. Now this type of loan is not practiced due to insufficient reliability. But banks that give mortgages without a down payment are very popular. After all, not all families have a large amount at once.

But even now you can find financial institutions that provide mortgageswithout a down payment, but only the percentage will be slightly higher. Sometimes a deposit in the form of existing housing is required. There may also be other conditions.

Providing collateral

The ideal option is to purchase a second home when there is already some kind of property. In this case, banks provide mortgages, but not for the entire amount, but for 80%. For example, if the cost of an apartment is 10 million, 8 million will be provided

You can get real estate with 2 loans. Only for the initial deposit, funds should be taken from another bank. In any case, each program will have its own conditions. As collateral, it is usually required to provide other real estate, a car. The bank needs this as a guarantee if the borrower for some reason cannot pay the mortgage.

Consumer credit

If you are interested in a mortgage, in which bank is it better to take it? It is advisable to contact reputable Russian institutions. There is another option - obtaining a consumer loan. In this case, no deposit in the form of housing is provided. Banks issue amounts of 300-500 thousand rubles, which will not be enough to purchase an apartment even in a small town. But such a loan is suitable for buying property in the village.

Today, there are many programs, but only two are considered the most effective - "Young Family" and maternity capital. They offer borrowers benefits to facilitate repayments.

Young Family Program

Where can a young family get a mortgage? You should contactbanks that work with the special program "Young Family". Under it, borrowers are provided with a subsidy, only spouses must be under 35 years old. The conditions include residence in the region of residence for more than 10 years. But even if you participate in the subsidized program, you need to pay a mortgage installment of about 20% of the property value.

Favorable loan conditions based on the Young Family program are provided by Sberbank. The overpayment is 11-12% per annum, and the first installment is about 12% of the amount. To participate in the program, you must prepare the following documents:

• parents' passports;
• children's birth certificates;
• certificate of marriage or divorce;
• income certificates;
• extract from the house book;
• photocopy of personal account;
• document on survey of family living conditions;
• act on the emergency condition of housing;
• document confirming the presence or absence of property.

This is just a basic list of documents, but the bank may require something else. Everything is governed by the rules of the institution.

Requirements for borrowers

Mortgage in Moscow and other cities of Russia is issued only with borrowers who meet the following requirements:

• age – over 23 and under 65;
• permanent job for more than 6 months;
• The land on which housing will be built must be the property of the borrower.

There may also be othersmortgage conditions. It is advisable to take it in large, trusted financial institutions. Among the best institutions are Sberbank and VTB (bank), where mortgages are provided on favorable terms. If you need a small loan, it is better to contact the Russian Agricultural Bank.

Where is it better to take a mortgage to arrange it at favorable interest rates? In this case, you can purchase a share in the apartment. Then the restriction will be age, experience, place of work. It is advisable to choose a large bank. It is more profitable to take a mortgage at 13-15% per annum. But many institutions offer a loan at 23%, it all depends on the conditions. Some banks require a guarantor. They can be a relative or a close person.

What affects the percentage

Mortgage in Moscow and other cities of Russia is provided at interest. Only in one institution it can be small, and in another - high. Be sure to pay attention to the terms of the contract, since the interest rate depends on this.

Loan benefits are affected by various requirements, such as insurance. For this service, a significant amount will be added to the loan. But the borrower can refuse insurance within 14 days, it all depends on his desire.

To determine the payment of a mortgage, an annuity form of payments is used, which increases the interest rate. But many believe that such a system of payments is the best way to spend the family budget. The longer the mortgage term, the lessmonthly payments.

How to get a low interest loan

Where is the best place to get a mortgage to take advantage of low interest rates? Such loans are offered in various banks, the following requirements must only be met:

• positive credit history;
• stable and well-paid job;
• provide lots of documentation;
• possibility of providing a down payment.

The interest is calculated depending on the term of the loan and the amount of the first installment. The lowest interest rates are provided by major banks. Small institutions tend to be unstable, so they will have large overpayments.

Many banks offer individual mortgage conditions for customers. If a loan was once issued, then more favorable conditions are provided in the future. Banks are ready to issue mortgages at acceptable rates only to trusted clients.

Best Russian banks

Before deciding where it is better to take a mortgage, you should familiarize yourself with the conditions of several banks. For each person, the concept of benefit depends on many factors. Some want to quickly pay off the loan, so as not to overpay a lot. Others will benefit from a small monthly payment.

Sberbank offers a mortgage at 14.5%, but you will need to pay an initial payment of 50%. The loan will have to be repaid over 10 years. If you do not provide a certificate of income, the rate rises to 15%. If you pay the initialinstallment of 30%, then the overpayment will be 15.5%.

Interest increases in the following situations:

• if the contract is not signed within a month after confirmation of the mortgage;
• when refusing life and he alth insurance.

Sberbank has a Young Family program. The initial payment is reduced to 10%, and at the birth of a child, the payment of the remaining part of the debt is suspended for 3 years. You can use maternity capital to repay the loan.

VTB is a bank that provides mortgages according to its own method of assigning interest, which makes it possible to consider its offer as acceptable. The overpayment is 15.25%. The percentage increases only when he alth and life insurance is waived.

Mortgage can be issued at Alfa-Bank. Here the client has to pay a down payment of 50%, and then the loan is granted for up to 10 years. The percentage will be 20%. If the first payment is 30%, then the mortgage period is extended to 25 years. Overpayment on the loan will be 21.1% per year.

Maternity Capital

Until 2009, the down payment could be made with the help of maternity capital. You didn't have to wait until 3 years after your second child was born to use the funds.

The certificate should be sent to the bank upon receipt. The capital is transferred by the Pension Fund after the re-registration of housing to the owner. Additionally, you need to provide an application for application, a certificate, a certificate of pension insurance.

Mortgage Benefits

Before applying for a mortgage, you should learn about all the pros and cons of the solution. This will avoid many difficulties in the future. Specialists highlight the following advantages of a mortgage:

• real estate becomes the property of the borrower, who can acquire a residence permit there, as well as register his family;
• since 2016, the conditions began to operate under which the borrower has the opportunity to early repay the debt without pen alties and interest;
• payment is similar to rent, but the borrower becomes the owner;
• you can take advantage of a profitable program, a social project.

According to experts, a loan to buy a house during an economic crisis is beneficial, because banks at this time provide customers with better conditions. Mortgages also have disadvantages. It is necessary to make an initial payment - 10-20% of the amount. The contract is concluded for a long period, which psychologically burdens the borrower. If you choose the right program, the mortgage will be a profitable investment.