Today, loan products play a crucial role in the lives of almost all citizens. In this case, the first place is taken by a mortgage, because thanks to such a program those families that have long dreamed of it can purchase their own housing.
Each bank has individual conditions for purchasing real estate on credit, as well as requirements for the borrower. Therefore, below we will consider one of the most famous financial institutions, which helps to realize the dream of many couples, namely the Bank of Moscow. What does this financial structure offer and why do most people prefer this particular bank. So, what is a mortgage at the Bank of Moscow? Let's consider further.
What are the loan products for housing in the Bank of Moscow?
Of course, the strongest side of this banking institution is a huge selection of various lending programs. Absolutely every client will be able to choose the best option for lending in this financial structure.
Mortgages at the Bank of Moscow are:
- an opportunity to purchase any type of real estate on credit;
- the ability to arrange a mortgage with the support of the state program;
- optimal attractive loan conditions.
If the family plans to purchase housing on credit, then the Bank of Moscow is worth a visit and get acquainted with its terms in detail.
Mortgage registration terms at the Bank of Moscow
How much is a mortgage at the Bank of Moscow? First of all, if we talk about the conditions, then almost every person is interested in two questions - this is the interest rate and down payment. Today, the Bank of Moscow offers the following conditions for registration of a mortgage:
If the family is a member of the state support program, the interest rate will be 11.75%. If potential borrowers are not participants in this program, then for them the interest rate will be set at 12%. As for the down payment, it should be at least 15% if maternal capital is taken into account. Well, if the family plans to take advantage of the classic mortgage terms, then they will have to pay 20% of the total. It is worth noting that the Bank of Moscow offers mortgage products for a period of 5 to 30 years. That's how convenient a mortgage is at the Bank of Moscow.
A calculator for calculating payments on the site is available. This tool is easy to use and very convenient.
It is also important that the exact amount of the down payment will be calculated from the smallest amount. And in this case it does not play a role, this is the market price of housing or contractual.
According to the established rules for obtaining a mortgage, it is necessary to provide to the financial structure not only the contractual cost of housing, but also the estimated cost of the acquired area.
What requirements does the bank put forward to a potential borrower?
This financial structure considers an application for a mortgage from citizens only if they are suitable for the following requirements of this financial institution, namely:
- Mortgages at the Bank of Moscow are issued not only to citizens of the Russian Federation. In other words, a person may be a citizen of another country, while this fact will not serve as a reason for refusing to receive a mortgage.
- The minimum age at which you can get a loan is 21 years, and the maximum is 60 years. The main condition is that at the time the payment is completed, the person must be no more than 75 years old.
- The organization in which the labor activity is conducted should be located on the territory of the Russian Federation.
"VTB Bank of Moscow" puts forward its requirements for seniority.
- Work experience must be at least 1 month at the current place of work after passing the probationary period. As for the total length of service, it should be at least 1 year.
- If a mortgage is issued by a man under the age of 27 years, then he must provide an additional document to the financial institution on the service in the army, or a certificate stating that he is not subject to appeal.
- This financial institution offers another great advantage - registration of a mortgage at the place of actual residence and at the place of work. This is very important if the person is registered in another country.
A package of documents required for registration of a mortgage
When a person makes the final decision on obtaining a mortgage, he will need to attach the following documents with the application for registration of a mortgage product.
- Passport of a citizen of the Russian Federation. If a mortgage is issued by a person of foreign origin, then a visa and a document proving legal residence on the territory of the Russian Federation are provided.
- The following document is provided to choose from, it can be a copy of a driver’s license, military ID or ID card, or a sailor’s passport. Persons of foreign origin provide a copy of a driver’s license or a document proving that he is a sailor.
- A copy of the work book with a mandatory seal on each completed page. This seal must belong to the company where the worker who applied for the mortgage is engaged in his labor activity. But a mortgage on two documents is possible.
- Certificate of income from the place of work.
Important: if the potential borrower is married, the second half also provides a statement of income and a statement that he acts as a guarantor for this loan.
If the borrower provides additional documents, then this may increase the chance of obtaining a mortgage.
VTB Bank of Moscow is considering the following additional documents.
List of additional documents:
- diploma of education;
- document on the availability of assets, if any;
- marriage certificate if the person is officially in a relationship.
As a rule, in the presence of all of the above references, problems with obtaining a mortgage will not arise. But one should take into account the fact that if a person had a bad credit history in the past, then the chances of getting a mortgage will be scanty.
Special program “Simple mortgage” without income statement
And now we will understand what a mortgage means according to two documents.
This financial institution offers another profitable program for obtaining a mortgage in just two documents. This method of obtaining a loan product is an excellent solution for those people who, by the nature of their activity, do not have free time to collect all the required documents. It is worth noting that the design for this program provides an initial contribution of 40% of the total cost of purchased housing.
This type of lending was called "Simple Mortgage at the Bank of Moscow." We consider the conditions below.
If the client wants to use the “Simple Mortgage” program, then he will not be able to use maternity capital to make an initial payment. Paying back a loan with a cash subsidy will also fail.
To get a “Simple Mortgage” a person must be between 25 and 30 years old. At the end of the loan agreement, a person's age may not exceed 65 years.
When applying for such a loan, a person provides a financial institution with their passport, pension insurance certificate or any other document that can confirm their identity. As a rule, an application from a potential borrower is reviewed by bank specialists within 24 hours.
If a person decided to use this program, then the percentage on the loan will be higher by 0.5%.
Mortgage at the Bank of Moscow for payroll clients
Persons receiving wages on the Bank of Moscow card can take advantage of obtaining a mortgage in this financial structure with great advantages. Salary customers can use credit products from this bank with significantly reduced interest.
Moreover, many developers carry out promotions for such clients together with the bank, on which it is initially possible to purchase housing with a substantial discount.
In order to find out which residential complexes from developers make a discount, you should contact one of the departments of this financial structure for detailed information.
That's what a mortgage at the Bank of Moscow means.
To date, numerous reviews of this financial institution only say that this bank does provide the most favorable credit conditions. Basically, the chance to get a positive decision on the application for a loan is quite high.
The main advantage of this institution is the opportunity to purchase the housing of your dreams to every person, regardless of their citizenship. Moreover, young families can also take advantage of the advantageous offers from this institution.
But at the same time, there are several disadvantages of this institution. First of all, this concerns not always competent bank employees. Moreover, at the moment there are cases when the interest rate was too high compared to the originally announced. Therefore, each client who decided to use the services of this financial structure must necessarily study in detail all the conditions for the provision of such a loan product.
In conclusion, it should be noted that “Simple mortgage” without proof of income is a program that many clients have used, and for the most part they were satisfied with it.