Mortgage loans are in demand among a large number of citizens who cannot independently accumulate the necessary amount for the purchase of residential real estate. Such loans are offered by a large number of different banks, presenting almost identical requirements to potential borrowers. But still there are some significant differences, so every person planning to purchase a home using borrowed funds, the question arises of which bank to take a mortgage in. To do this, you need to focus not only on the interest rate, but also on other significant parameters.
Which mortgage is considered profitable?
When choosing the optimal banking program, you need to remember the different parameters of loans. Not always a low interest rate is the main characteristic, since banks can charge different fees from borrowers, which significantly increase the overpayment.
Benefits can vary significantly from person to person. For example, some citizens expect a low overpayment, while for others a loan with a low monthly payment will be profitable, so they want to get a loan for a long period of time.
Therefore, before signing a loan agreement, you should evaluate all the conditions of the proposed document. Especially much attention is paid to the text written in small print and located at the bottom of each page. It is here that often contains the most important information for borrowers.
Which bank to take a mortgage?
This type of loan is offered by many large and small banking institutions. When choosing a specific organization in which the mortgage will be issued, it is important to consider different parameters.
The proposed interest rate, down payment and basic requirements for customers should be evaluated. There are several banking institutions that offer favorable conditions for their customers. These include Sberbank, Russian Agricultural Bank, Raiffeisenbank or Promsvyazbank.
Sberbank
If a person thinks about which bank is profitable to take a mortgage, then he most often turns to Sberbank. The features of cooperation with this banking institution include:
- Sberbank offers its borrowers the opportunity to take advantage of various government programs, so people can apply for a military mortgage or use matkapital;
- interest rate starts from 9.1%;
- down payment is 15% of the cost of selected housing;
- the borrower must have an official working experience of 6 months;
- Citizens from 21 years old can get a mortgage;
- if the client is a regular customer of a banking institution, therefore receives a salary on a Sberbank card, then he can count on a decrease in the interest rate by 0.5%;
- to obtain a large loan you will have to purchase insurance, and if the borrower refuses to buy it, the interest rate increases by 1%;
- if you use the state program offered for young families, the rate will be 8.6%, which is beneficial for all young people who need their own housing.
If people are thinking about which bank to take a mortgage from, then it is often the appeal to Sberbank that is the most relevant solution. It is especially beneficial to contact this bank when using various government programs. But if a person counts on a mortgage in Sberbank without an initial payment, then he will have to prepare for a high interest rate and the need to attract guarantors and co-borrowers.
Raiffeisenbank
In this bank, the interest rate starts at 10.99%. A mortgage is issued to people with an official work experience of three months. Down payment is 15%
You can apply for a loan from 21 to 65 years old. The disadvantage of contacting this organization is the lack of a large number of branches in different cities of Russia. For each borrower, individual requirements may be presented, which should be studied in advance.
Gazprombank
Funds are issued at a rate of 10%, but the down payment must exceed 20% of the value of the selected object. Most often this bank is chosen by people who work in Gazprom branches, since they can count on the lowest percentage among all Russian banks. The interest on the mortgage for them is reduced by 1%, and the down payment is also reduced.
Borrowers can be persons from 21 to 60 years old.
Russian Agricultural Bank
This bank offers mortgages at a rate of 10.25% and an initial payment of 15%. An institution often becomes a participant in various government programs, so if people meet the requirements of the law, then they can expect a reduction in interest rates.
It is important to contact this institution with people who are regular customers of the bank.
Promsvyazbank
They are offered a rate of 11.75%, which is not too profitable compared to the offers of other banks. But it does not charge any additional fees. An initial payment of 20% is required, as well as the age of the borrower should not exceed 65 years at the time of loan repayment.
To obtain a loan, it is required that the borrower officially work in a company for at least 4 months.
Tinkoff
A mortgage is even offered at Tinkoff Bank, with the interest rate starting at 8.25%. The bank offers the possibility of refinancing a loan, as well as obtaining a mortgage with state support or when using capital.
The disadvantage of applying to this institution is the lack of branches, so you will have to repay a large housing loan through branches and ATMs of partner banks.
Which bank is beneficial to take a mortgage?
There are several banks offering fairly favorable conditions. It is important to focus on different requirements, so that buying a home with borrowed funds is really profitable. Which bank has the lowest mortgage interest? A low rate is offered by Sberbank and Rosselkhozbank.
But if a person turns to another bank, in which he is a salary and regular customer, then he can count on a significant reduction in interest rates. Therefore, before applying for a loan, you should evaluate the offers of different banks in order to choose the best option.
When is it advisable to refuse a purchase?
Sometimes people, when choosing the best banking institution, think about which banks should not take a mortgage. It is not recommended to contact new and small organizations that may soon go bankrupt. They often violate the requirements of the law, therefore they are deprived of a license to conduct business.
It is advisable to refuse cooperation with banks whose services the borrowers have not previously used. In this case, it is impossible to count on a reduced interest rate. Before signing a loan agreement you should read reviews about banks. A mortgage is a large loan that has to be repaid over a long period of time. Therefore, the choice of a banking institution should be treated responsibly.
What factors need to be addressed?
When choosing the best option, the following parameters are taken into account:
- rules for calculating the interest rate, since it can be fixed or floating, and when participating in government programs, a single rate is usually used for the entire lending period;
- the size of the down payment, since the less funds the borrower makes, the higher the overpayment will be;
- requirements for the borrower, consisting in the period of official employment of a citizen, his age, earnings and marital status;
- the size of the bank commission, which can be charged for money transfer, transaction support or other services, about which borrowers are often not even warned in advance;
- the need to draw up several insurance policies, and if the borrower refuses to buy insurance in the process of repaying the loan, this leads to an increase in the interest rate;
- loan term, which usually does not exceed 30 years.
Having studied these parameters, each person will be able to understand in which bank to take a mortgage in order to get the most favorable conditions. It is advisable to choose several banks to which applications are submitted. Based on the answers you can make the right decision.
Advice to citizens
When choosing a bank, which will be issued a mortgage, it is advisable to adhere to the following rules:
- not only the interest rate is estimated, but also additional commissions;
- first you should choose the direct real estate and decide how much money can be made as an initial contribution;
- it is advisable to evaluate all the proposed government programs, because if borrowers meet their conditions, then you can count on obtaining preferential credit conditions;
- it is advisable to request an extract from the BCI in order to find out about your credit history, since if it is corrupted by delays in past loans, large and reliable banks will refuse to issue borrowed funds;
- It is recommended that you analyze a few mortgage offers to choose the best deal.
If a mortgage is issued at Sberbank without a down payment, then you need to prepare for a substantial overpayment. Often, banks without the absence of investments from the borrower require the transfer of not only the purchased property, but also other property as collateral.
Conclusion
Mortgages are issued by many banking institutions, presenting different requirements to their customers. When choosing a particular option, various factors are taken into account, which include the interest rate, different commissions, the loan term and the size of the down payment.
Making such a large loan is considered risky for everyone, so you need to evaluate your financial condition in advance and take a responsible approach to choosing a bank.