2024 Author: Howard Calhoun | [email protected]. Last modified: 2024-01-17 18:37
To have your own apartment is probably the dream of every young family. However, not everyone can afford such a luxury: the value of real estate is currently breaking all records. But do not be upset! Thanks to the recently appeared type of lending - mortgages - this desire of young people has become feasible!
The essence of the mortgage
Mortgage is nothing more than a loan for the purchase of a property (apartment or house). Unlike other types of loans, this offer is long-term, issued for about 10-15 years. And this is quite understandable: not everyone will be able to pull huge payments in the case of providing a mortgage for a short time. And if you divide this amount by a long 120 or more months, you get a very real value.
The second feature of the mortgage is the obligatory pledge of the purchased property as loan security. The bank needs this to gain confidence in the next day. After all, even if the client does not pay alldebts on time, the creditor will only benefit: the apartment / house will become his property.
The third distinguishing feature of the type of lending in question (this is what you need to get a mortgage without fail) is the presence of a down payment. If, when receiving a consumer loan, no one asks about the availability of own funds, then here you simply cannot do without them. Usually the minimum value of the first installment is 10-20% of the value of the property.
Stages of mortgage registration
If you want to get a loan to buy an apartment / house, you should do the following basic steps:
- Find your desired property. It should be noted that new buildings are more preferable for the bank. So, often when buying an apartment in a newly built house, the lender issues a loan at more attractive interest rates.
- Prepare the required package of documents.
- Apply to the bank for a mortgage. It is best to contact several organizations at once. Perhaps one of them will approve the loan.
- If the response to the submitted application is positive, contact the branch of the financial institution to draw up a loan agreement.
- If necessary, arrange insurance for real estate, life and he alth of the borrower.
As you can see, getting a loan for real estate is not so easy, this process will take a lot of time. But nothing in the future can be compared with the result of such a case - living in your apartment. Moreover, knowing the main stagesmortgage processing, everything can be done much faster.
Mortgage: conditions for obtaining
Now most financial institutions offer their services in issuing a loan for the purchase of real estate. All their products have their own distinctive features, their own criteria and requirements. But there are several basic conditions that are almost the same in many companies. They are:
- Mortgage currency. In our country, the bulk of loans are issued in Russian rubles, but there are cases of housing loans in dollars and euros.
- The value of interest rates in this type of lending most often takes values from 10 to 16% per annum. No bank can give exact information on this matter, since it depends on many factors (borrower's income, mortgage term, etc.).
- Down payment. According to the requirements of most banks, the client must have at least 10% of the property value in order to obtain a mortgage.
- Terms of lending. This item is selected based on the solvency of the borrower and his own wishes.
- Repayment of debt in the form of monthly payments to the bank account. The values of all amounts are agreed in advance in the loan agreement.
- As collateral for a loan, the obligatory registration of a pledge of acquired real estate.
- In most cases, insurance is also required: the subject of lending, the life, he alth and working capacity of the borrower.
- Conducting appraisal work. This is done by independent appraisal agencies. Required in order tofor the bank to verify the reality of the named cost of the apartment/house.
- Providing income statements. This will allow the lender not to doubt the solvency of the borrower.
Required package of documents
Speaking about the need for a particular package of papers, it should be noted that this list can be reduced or supplemented in a single company. Below is the main list of documents for obtaining a mortgage, which is most often requested by banks:
- Loan application form
- Identity document. Most often, it is the passport of a citizen of the Russian Federation.
- Second additional document for identification: military ID, passport, driver's license or pension book.
- Income statements.
Requirements for borrowers
Having a good income is not enough to get a mortgage. Banks impose certain requirements on their borrowers. Of course, depending on the organization, they may change a little, but their essence is something like this:
- The presence of Russian citizenship. The proof of this is the passport of a citizen of the Russian Federation.
- Age at the time of application from 21 years old and by the end of the mortgage term up to 60 years old.
- No "black" credit history.
- Permanent residence in the region where the loan was issued.
- Employment at the last job at leastsix months, while the total experience should be more than a year.
Offers from leading banks
To make it easier for a potential borrower to make a choice, the following table should be presented, which shows the interest rate on mortgages in banks in the country.
The best offers of Russian banks (products with state support are presented) | ||||
Bank name | Mortgage interest rate, % per annum | Loan amount, thousand rubles | Credit term, years | Down payment, % |
Sberbank | 11, 9 | 8, 000 | Up to 30 | From 20 |
"VTB 24" | 11, 65 | 8, 000 | Up to 30 | From 20 |
Gazprombank | 10, 7 | 8, 000 | Up to 30 | From 20 |
Rosselkhozbank | 11, 3 | 8, 000 | Up to 30 | From 20 |
"Ak Bars Bank" | 11, 8 | 8, 000 | Up to 30 | From 20 |
"Promsvyazbank" | 11, 4 | 8, 000 | Up to 25 | From 20 |
"UniCredit Bank" | 11, 25 | 8, 000 | Up to 30 | From 20 |
"Binbank" | 11 | 8, 000 | Up to 30 | From 20 |
Raiffeisenbank | 11 | 8, 000 | Up to 25 | From 20 |
"Moscow Credit Bank" | 6, 9 | 8, 000 | Up to 20 | From 20 |
Mortgage in Sberbank
It's no secret that Sberbank of Russia is one of the most reliable banks in the country. This is what explains the choice of many clients of this institution. Moreover, real estate lending services are also quite in demand here. Potential borrowers would do well to find out what is needed to apply for a mortgage with this lender.
First of all, this is compliance with the requirements of the bank. In relation to customers, they are:
- Citizenship of the Russian Federation.
- Age from 18 to 75 years old.
- Having a permanent and official job.
The same mortgage registration takes place in Sberbank under the following conditions:
- The value of interest rates - from 11.4% per annum.
- Having own funds - from 20%from the value of the property.
- Term of mortgage - up to 30 years.
It is important to note that before the state registration of property rights, the value of the interest rate increases by 1 percentage point. An increase in this value also threatens in case of refusal to issue insurance for the acquired real estate, life and he alth of the borrower.
Mortgage in "VTB 24"
"VTB 24" ranks second in terms of financial performance in the rating of banks in the Russian Federation. Therefore, there is also a description within the framework of this article of what is needed to obtain a mortgage from this company. Moreover, their product is distinguished by more attractive conditions and accessibility for a huge part of the population.
So, for starters, it will be correct to describe the terms of the mortgage in VTB 24. They are:
- interest rate - from 11.9% per annum (in the offer with state support);
- availability of own funds - from 20% of the value of the property;
- available loan amount - from 600 to 8000 thousand rubles;
- loan term - up to 30 years.
Next, the main requirements for borrowers should be mentioned. "VTB 24" puts forward the following:
- age at least 21 years old at the time of applying for a loan and not more than 70 years old at the time of loan repayment;
- total seniority - at least one year.
Insurance and mortgages
When applying for a mortgage loan, the provision ofinsurance policy for the purchased property. This is done in order to protect both the borrower and the bank from unforeseen situations: fires, earthquakes, etc. As you know, such insurance is valid in most cases for one year. But this does not mean at all that after this time you can forget about real estate insurance! The subject of the loan must be protected from risks until the client of the financial institution fully repays the loan payments.
The property insurance policy is not the only required document from the UK. So, very often the lender needs other insurance when applying for a mortgage. Namely: a life and he alth insurance policy, the borrower's performance. Of course, according to Russian law, banks do not have the right to force a client to take out this type of insurance. Financial institutions, in principle, do so, but at the same time make a reservation that if they refuse it, the interest rate will rise by 1 percentage point.
It is worth noting that not always a bank client can buy the required policy in any insurance company. Most often, the lender puts forward his requirements for the choice of the latter, and sometimes provides a list of accredited companies, among which you can choose the most suitable one.
Now, having learned what it takes to get a mortgage, potential borrowers should not doubt the need for such a loan. Whatever you say, nothing can replace your own home!
As you can see, this very mortgage is not so terrible: the conditions for obtaining andrequirements for borrowers should not intimidate a potential borrower. The main thing is not to be afraid of difficulties and go towards your goal.
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