2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
With the advent of a child in the family, every parent faces the age-old question: where to live now. Of course, for a large family, much more space is required. But where to get the money to buy a new apartment? Today, you can get a mortgage and get housing in installments in almost any credit institution. However, even these conditions do not allow many citizens of the Russian Federation to make a one-time initial payment. This does not mean that we need to despair, as today there are special conditions that can allow families to get more living space at the lowest interest rate. Preferential loans for families with many children will allow you to receive funds quickly and at the lowest rate.
What benefits are there?
A large family is considered to be a family in which at least three children who have not reached the age of majority are brought up. Such citizens may qualify for certain benefits from the state, including bonus housing programs. For example, today there is a mortgage that includes state support. However, there are other programs at the federal and regional level.
In 2005The Affordable Housing program was developed. If the family at that moment managed to get on the waiting list, then today a third of the cost of the apartment can be reimbursed at the expense of the state. If since 2005 another child has appeared in the family, then the amount of budgetary funds will be increased by another 18%. Accordingly, there should be no additional fees for such loans, and the interest rate will not increase annually. It is also worth considering that the preferential program involves the use of maternity capital as a down payment or to repay a certain loan amount.
There are also numerous mortgage programs and loans to large families for construction, which provide installments for up to 30 years. However, under the terms of such a loan, the interest rate will be much higher, and the down payment will also have to be paid when processing documents.
In some situations, part of the loan can be repaid by receiving a subsidy from the local budget. Sometimes the amount of subsidies can reach up to 100%. However, this is only possible if the family receives the status of "In need of improved living space." There are also a huge number of banks where you can get a loan for large families for a car at reduced rates.
In addition, many today are still on the waiting list to receive their own homes from the state. In this case, it is worth contacting local authorities in order to receive up to 50% of the averagethe cost of the apartment being rented.
If one of the spouses is doing military service, then you should think about getting a military mortgage.
What documents do I need to prepare
To apply for a soft loan for large families for housing, first of all, spouses must confirm their current status. After that, they need to prepare documents that will correspond to the fact that they really need to improve their living conditions. To do this, you need to contact the local authorities and get a paper there, which will indicate certain parameters of the apartment. Accordingly, if there are too few square meters per person, then such a family may qualify for subsidies. The technical condition of the apartment is also taken into account.
However, it should be borne in mind that a married couple and children must be registered in the region in which they want to get a loan. Before taking a loan, a large family needs to prepare copies of all documents, original birth certificates for children, as well as marriage registration. In addition, you need to take care of the documents that will confirm the available income in the family. If you plan to use maternity capital, then you need to bring original documents with you and make a photocopy of them.
What conditions must a family meet to receive a preferential mortgage
To get a mortgage to buy an apartment,certain conditions must be met.
First of all, spouses must take out insurance for their home and their lives. Also, depending on the program chosen, an initial payment of 10 to 30% of the total cost of the selected apartment may be required. In some banking institutions, when applying for a loan for a large family, collateral in the form of own housing is allowed.
It is also worth considering that in 2015 a new mortgage lending option appeared with a rate of 13%. This program is calculated for 1 year. In order to become its participant, it is necessary to draw up a loan agreement for the purchase of living space in St. Petersburg or Moscow, the cost of which will be within 8 million rubles. If contracts are drawn up in other regions, then the cost can be up to 3 million rubles. In this case, borrowers are required to pay at least 20% of the cost of housing. The term of such lending is up to 362 months.
Mortgage loan for large families: how to get
To date, the federal law, which concerns preferential mortgages, is still under consideration. So far, there are no specific programs in this area. However, there are special government subsidies that can be used to get concessions for apartments. These conditions may vary greatly depending on the region of residence of the spouses, as well as on the creditor bank.
As a rule, such a mortgage is issued fairly quickly (within a fewdays). In this case, you can bring with you trusted persons, which can be the parents of one of the spouses or both.
However, it should be borne in mind that the banks themselves do not provide any mortgage benefits for large families. All this is done exclusively at the expense of the state. However, there are state banking structures that have already developed their own programs to help large families: Sberbank and AHML. Let's take a closer look at them.
Loan to large families at Sberbank
According to the terms of this organization, those who want to use maternity capital as one of the loan contributions can count on soft loans. In this case, the annual interest rate will be minimal - 9.5%. The first payment can be up to 15% of the total price of the selected apartment. It is proposed to repay the loan for 30 years.
The main advantage of this program is that in the event of a new child in the family during the loan repayment period, it is possible to postpone the payment of interest.
Also, Sberbank allows the involvement of co-borrowers, which can be the parents of the spouses. This can increase the amount of monthly income required to approve a loan for a large family.
Program from AHML
This is another government organization that provides assistance in obtaining funds for the purchase of an apartment on the most favorable terms.
Withinunder this program, the rate will be 12% annually. However, it can be increased depending on the amount of the down payment. Also, the commission will increase if the spouses refuse to take out life and housing insurance. In this case, the interest rate will be at least 20%.
As a down payment, you can use the funds received from the state after the birth of the child.
OTP Bank
To get a loan for a large family in this organization, you will also need to take out insurance. In this case, the interest rate on the loan will be 13.5%. The loan amount can be from 300 thousand rubles to 15 million.
Also, according to the conditions of the bank, it is necessary to bring a guarantor.
Loan can be repaid early.
Pitfalls of subsidized mortgages
Before you take money from the bank, you need to consider a few nuances. Firstly, the maximum loan amount is always calculated based on the data on the solvency of the spouses. The number of children in the family is also taken into account, because the more there are, the more money parents have to spend on them.
It is necessary to pay attention to the terms of credit, which are written in "small print". As a rule, the bank deducts a service fee, as well as for additional options that are activated automatically after signing the contract.
Some banks provide their own specialist who evaluates housing. However, this should not be rejoicing. The fact is thatsometimes appraisers deliberately underestimate the real value of the apartment so that the banking organization can issue a smaller amount of money.
Is it worth taking such a loan
Before you sign any documents regarding the loan of funds, it is worth thinking over everything several times. First, you need to realistically assess your ability to pay. If there is a risk that one of the spouses will be laid off at work, then this is fraught with consequences. Fees will apply if monthly payments are not made on time. Secondly, you need to study in detail the information about the selected bank. If it opened recently and operates in only one city, then there is a risk that it will go bankrupt.
In closing
A loan for a large family is an absolute help for spouses who dream of a separate or larger home. Today, the state offers the population a huge number of programs of additional preferential subsidies. Therefore, you should carefully study these conditions and choose the most profitable option. It is also worth visiting local governments.
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