Absolutely every person needs housing. But not everyone can afford to buy it right away without getting into loans. Because you have to take a mortgage. The solution, of course, is not the best, but very common. But each person who is not enlightened in the subject first wonders: what are the types of mortgages in principle? And, since the topic is relevant, it is worth talking about it in a little more detail.
Most common option
Talking about what types of mortgages exist in principle, the first thing worth noting is the attention to lending in the secondary market. Because this is the most popular option. The principle is simple. A person must find an apartment that other people sell, and draw up a mortgage agreement. After that, he purchases housing for the money of the bank, which he then gives to them.
There are some peculiarities. First you need to find the most suitable bank according to the conditions. The best in this regard are those that are state-owned. They have a mortgage loan system designed to the smallest detail.
After a person chooses the most advantageous mortgage offer, and finds out the amount that can be given to him, you can begin to search for housing. And before the contract will be drawn up, you will need to pay the bank a commission and insurance.
Speaking about the types of mortgages, one cannot but note the attention to the purchase of which particular secondary housing it can be issued.
So, the apartment should not be located in a house subject to demolition, or requiring repair and reconstruction. It is advisable that she be in good condition. After all, a mortgage is issued up to 30 years, and the bank must make sure - if a person can not pay the debt, then he can compensate for the losses by selling housing.
Another apartment should be residential. That is, to be in an ordinary house, and not belong to a hotel or communal complex. And yet it should have a standard layout that matches the BTI plan. By the way, banks rarely give a mortgage for the purchase of apartments located on the ground or first floors. And on the "Khrushchev".
The borrower is also required to meet certain conditions. He must be a solvent citizen of the Russian Federation with at least one year of experience. And it is better to refrain from a loan if the salary is low, since each month you will have to give up to 45% of your salary.
In the list where the types of mortgages are listed, this particular one takes the second place. There are reasons for this. An equity mortgage is essentially a loan to buy a home in a house under construction. And, due to the fact that the building has not yet been commissioned, prices for such apartments are 20-30% lower than for ordinary ones.
The principle in this case is somewhat different from the previous one. To begin with, a person must choose a developer. He will send him a list of banks that cooperate with him. And among them, the person chooses the one that offers the most favorable credit conditions. The second option is similar, but exactly the opposite. First, the person determines the bank, and then he selects the developer - from the list that was handed to him there.
True, there are also disadvantages in this case. For example, a higher interest rate (1-2%), a delay in the commissioning of the facility. However, there are minuses everywhere.
For a young family
In recent years, this type of loan is gaining great popularity . Mortgage helps out many, especially if a young family needs housing. The bottom line is that local authorities allocate a subsidy to which people pay a down payment. Thus, it turns out to reduce the loan amount.
A childless family is allocated 30% of the cost of the apartment. People who have a child - 35%. To get a preferential mortgage, you must queue. When the turn of a particular family comes, they are issued a certificate for the purchase of an apartment. This is the way to the first deposit to the bank for a loan.
You should be aware that young couples are those couples in which each person is not older than 35 years old. They are given a mortgage for up to thirty years. But delays are possible (this is another plus of soft loans), and together with them it turns out about 35. However, even to get such a mortgage, you must meet several conditions. First, each spouse is required to be a citizen of the Russian Federation. And officially employed, with a source of income, which can be confirmed by a certificate. The minimum age of each person is 18 years.
Home Improvement Loan
This topic should also be noted attention, talking about the types of mortgages. Many people already have housing, but often the family needs to either expand the living space or improve the living conditions. Such issues are usually resolved simply. People sell the apartment they have, after which they buy other housing for the proceeds, paying extra with money issued by the bank as a mortgage.
The main advantage of this type of lending is that it can be issued without collateral and commissions. Local and federal programs are also widely practiced, providing preferential conditions for teachers, for example, for large families, etc. Moreover, a loan to improve housing conditions can be issued even without providing a certificate from a permanent place of work. And interest rates are less.
Information for foreigners
Many people who are citizens of other states are interested in the question - is a mortgage with a residence permit possible for them? The topic is interesting. Well, anyone can buy a home in the Russian Federation. But to do this is not for the full amount, but taking a loan is very difficult. Financial institutions try to avoid transactions with foreigners, as they do not have Russian citizenship, which means that they can easily leave the country without paying off the debt. In this regard, banks maximally tighten their requirements in relation to borrowers. However, there are also such banks that consider foreigners to be the most conscientious payers. But in general, a mortgage with a residence permit is a reality. But the conditions can be described in more detail.
Well, if a foreigner decided to take a mortgage with a residence permit, then he needs, firstly, to be officially employed in Russia. Also pay taxes and have at least six months of work experience in the Russian Federation. It will still have to prove the fact that a foreigner will work in Russia over the next 12 months. You can simply provide a contract with the employer and a statement of income. Age also matters. The most optimal - from 25 to 40 years.
But some banks put forward additional requirements. For example, the minimum length of service in the Russian Federation may not be 6 months, but two or three years. And the down payment, which is usually 10%, will increase to 30%. Guarantors or joint borrowers (Russian citizens) may be required. And the bank will issue the credited real estate as collateral. And also, of course, there will be an increased interest rate. In general, it is rather difficult for foreigners to get a mortgage.
Types of mortgage loans differ in certain nuances, and this situation is no exception. A foreigner will have to collect a whole package of documents, in addition to standard ones (statements of income, length of service, contracts with an employer, etc.). You will need your civil passport and a notarized copy with a translation into Russian. Also - permission to work in Russia and to enter the state (visa). And you will also need a migration card and registration in the region where the loan is issued.
Everyone knows: in order to get a loan, it is necessary to provide the bank with a certain value, which it will be able to collect for itself as compensation for the outstanding debt (if the payer is not able to repay the money). Mortgage is no exception. The type of collateral in this case is real estate. Which a person intends to acquire by taking a loan.
Everything is simple here. A person prepares a loan at a bank (or other financial institution), provided that the apartment purchased with the allocated and money will act as a pledge. The winners are all participants in the transaction. The borrower finally gets the money and buys an apartment. The Bank gains profit in the form of payments at the interest rate, and due to the fact that the mortgage purchased by the client is the mortgage, minimizes the risk of default.
And everything is done in a few steps. First, the client receives the approval of the bank. Then he selects housing, studying the primary and secondary markets. Then - evaluates and insures the property. And finally, he signs a contract, receives money, pays for the deal, and then settles.
About the "pitfalls"
Now it’s worth talking about the encumbrance in the form of a mortgage. The very essence of the definition is already inherent in the word. The encumbrance of an apartment purchased on a mortgage is expressed in the restriction of the rights of the owner, as well as in the assignment of duties to him.
To put it more simply, a person can transfer his housing for temporary use to others, rent it out, or try to sell it to pay off the debt. But all this is only with the permission of the pledge holder. Which role in this case is the bank. All burdens are removed from the person when he repays his debt. From that moment he becomes the full owner of the apartment.
But if, for example, he wants to sell it when the debt has not yet been paid, he will have to take care of the nuances. In addition to the sales contract, a deed of transfer, a written permission of the pledge holder and a statement of the parties to the transaction will be required.
It has already been mentioned several times that the acquired housing will have to be insured. It really is. What types of mortgage insurance are there? There are two of them - mandatory and optional.
So, you have to pay insurance anyway. But this is a low cost. By law, a borrower is only required to insure a pledge, that is, an apartment for the purchase of which a loan is taken. Usually this is about 1-1.5% of the total.
By issuing additional insurance, it turns out to protect the housing from damage and loss. And also - the title from the loss of ownership, which can happen due to fraud or double sales. In the end, even the life and health of the client will be protected. After all, a loan to purchase a home is taken on average for 10-15 years. This is a long time, and during this period, anything can happen to a person, because life is unpredictable.
How to benefit?
Well, a mortgage brings profit only to banks and developers, but borrowers also want not to get into trouble. And if you want to save, it is better to arrange a loan for the shortest possible time. The benefits can be calculated using a simple example. Suppose a person takes 1 million rubles on credit at a rate of 13% per annum. If he took this amount for five years, then he would have to pay 23,000 rubles a month, and as a result the overpayment would be 366,000 rubles. Having a mortgage for 15 years, he will pay 13 t. This is less! Yes, but only at first glance. As a result, he will overpay 1,300,000 rubles. So the question regarding the timing must be resolved first.
But which of all the previously listed options is best? You can argue for a long time, listing the pros and cons. To each his own. But judging objectively, the option of buying housing under construction is the best. Firstly, you can save significantly - from 1/5 to 1/3 of the total. And an overpayment in the quality of 1-3% at the rate here will not play a special role. Secondly, you can not be afraid of delays in the timing of commissioning. Now banks conclude agreements only with trusted developers, therefore the risks are minimal. But, again, everyone must decide.