Standards of living standards for Russians today include the possession of their own housing - an apartment or a house. Indeed, buying an apartment these days without using mortgage programs is not easy. Not only because the amounts are large, but also due to the fact that apartment prices are rising - if you don’t steal, you’ll get tired of saving. And because housing lending is one of the most dynamic segments of the banking market, and individual financial institutions are pretty tough competing among themselves for the client. What can one of the largest banks in the country offer the sophisticated borrower? Where is the place where a citizen prefers to find out what is VTB 24 Mortgage, the terms of which sometimes differ significantly from the average market, or some other lending institution?
General terms
The Russian bank VTB 24 minimizes borrower costs for mortgages. In particular, in some programs of this credit institution there is an option for free real estate appraisal. As in most other banks, payments are made according to an annuity scheme, as a rule, more comfortable than with the differentiated version. In all cases, early (full or partial) repayment of the mortgage loan is allowed - this is a common practice for VTB 24.
Mortgages, reviews of which in other banks are not always evidence of the welcome of the "Stakhanov" policy of repaying loans by borrowers, in this case completely on the side of the client's interests. The bank is ready to consider a variety of documents confirming income - not just a personal income tax certificate. There are options for registering a mortgage without guarantors and the use of the so-called intermediate form of collateral. A number of bank programs may contain a variable (or combined) lending rate - a useful option that can cause positive feedback from customers who are interested in mortgages. VTB 24 is a bank that tries to monitor the mood among borrowers.
Military mortgage
VTB 24 Bank implements a specialized housing lending program for citizens undergoing professional military service. The main feature of this type of mortgage is a low down payment (from 10% of the cost of housing) (there are no restrictions on choosing the desired property). Only the services of realtors, appraiser are paid, insurance is bought (if necessary). It is noteworthy that servicemen of lower and middle officer ranks, aged 22 and over, can participate fully in the program (however, there is a limitation - a housing loan cannot be issued if the borrower is older than 45).
The types of real estate that can be bought on a military mortgage at VTB 24 are a house with a land plot or an apartment (both on the secondary market and in the segment of new buildings). An application for a loan is considered, as a rule, up to two weeks, and the decision remains valid for 122 days. This is the military mortgage - “VTB 24”, the conditions of which are fully consistent with the purpose of this program: the bank is always ready to cooperate with people of one of the most honorable professions.
Mortgage and Maternity Capital
As a down payment on a mortgage to Russian citizens, you can use state maternal capital. VTB 24 Bank has been practicing this form of lending since 2011. Such loans can be issued not only for secondary housing, but also for construction (under an agreement of shared participation or co-financing in housing construction cooperatives). The key condition of the program is that the amount of maternal capital should be at least 20% of the cost of housing, such standards were established by VTB 24 Bank. This type of mortgage is issued for a period of up to 30 years.
Governmental support
In a number of cases, VTB 24 borrowers may apply for a mortgage with state support (when part of the interest is subsidized from the country's budget). This program attracts the bank with a rather low interest rate (about 11% per annum) with a standard maximum mortgage term (up to 30 years). However, the final rate depends on the number of documents provided by the borrower, as well as on the type of real estate: housing under construction will cost several points more than a new one or on the secondary. This program is popular with borrowers who want to know the nuances of housing lending and read about what a real mortgage, reviews. VTB 24 provides interested customers with all the necessary information.
Borrower Requirements
In general, a borrower applying for a mortgage at VTB 24, which is one of the largest banks in the country, must meet a number of criteria. First, housing loans are issued only to Russian citizens who are 21 years old (for women) or 23 years old (for men). The age limit at which a mortgage can be approved by a borrower is 65 years old at the time of application. The loaned must be registered (or temporarily registered) in the administrative unit where the office of the bank accepting documents is located. His minimum length of service should be 1 year, and income must be confirmed by reference 2-PIT or a specialized form of the bank.
It is important that the credit history is positive. Borrower insurance is a prerequisite for a mortgage (otherwise, the interest rate will increase by several points). For many borrowers, it is desirable that there is an inexpensive mortgage: VTB 24, the down payment in which may in some cases be reduced to 10%, is able to meet such clients.
Main programs
Despite the fact that the content of specific mortgage programs of VTB 24 Bank may vary depending on market conditions, there are several standard forms of issuing housing loans in this lending institution. Firstly, the purchase of housing in the secondary market is the most popular option. The rate here starts from 11.85% per year, the down payment in some cases can be reduced to 10% of the cost of purchased housing. The maximum term for which a mortgage is issued is 50 years. The second most popular lending format is the purchase of housing in a new building. The conditions are the same as in the “secondary” program, but the interest rate strongly depends on the cost of the purchased apartment.
VTB 24 Bank has a branded product that is convenient for people who value their time - “Victory over formalities”. Using it, a mortgage can be issued according to two documents (but the down payment is much higher than for other programs - from 35%). VTB 24 may offer inappropriate mortgage loans - secured by housing, which the borrower already owns. The annual rate on it is about 13.8%, the loan term is not more than 20 years, the amount is up to 70% of the real estate price as a pledge. There is a special, unlike the options of other banks, but available in the arsenal of "VTB 24", the mortgage - "Young Family". About her a detailed story below. VTB 24 Bank may offer refinancing of existing mortgage loans in other institutions (up to 80% of the value of real estate) at more favorable interest rates and other attractive conditions. Many customers choose this bank, just because the mortgage is being refinanced there. Reviews - “VTB 24”, according to them, is sometimes recognized as one of the most comfortable credit organizations to work in this direction.
What to look for
There are a very large number of banks issuing mortgage loans on comparable conditions in the Russian market. VTB 24 has some specifics that distinguish it from many competitors. Firstly, it is the accounting of incomes not only of the borrower, but also of his relatives: thus, family solvency is assessed. Secondly, this is a mortgage term of up to 50 years - not every Russian bank will agree to such conditions. Thirdly, if the borrower wishes to repay the loan ahead of schedule, VTB 24 Bank does not provide for any fines, commissions or other encumbrances.
In general, the borrower bears absolutely small expenses for the formalities associated with the mortgage. It is also very important that the bank has an extensive network and is present in almost all regions of Russia. Thanks to this, a national knowledge base is formed on what mortgages and reviews are. VTB 24 is one of the centers for the consolidation of relevant information about this market.
Young family
There are borrowers of a special category who are in great need, and, most likely, on the terms of VTB 24, a mortgage. A young family is talking about her. One of the bank’s narrow-profile programs is called that. It is designed to facilitate the purchase of an apartment on credit to newlyweds, young and middle-aged citizens, raising children and sometimes experiencing material difficulties. Of course, the bank does not help people at its own expense, but acts as an intermediary between the borrower and the state, which subsidizes the program: real estate becomes cheaper by 35% (for a couple who have no children) or 40% (if there are one or more children) .
At the same time, the age of each of the parents to participate in the program is up to 30 years. The annual rate on the loan "Young Family" - 11%. The mortgage term is up to 30 years. This program is basic, it can be supplemented with a number of other options - for example, with the connection of maternity capital or housing certificates. This program has found huge demand among the Russians.
Bank Conclusions
VTB 24 contains one of the most colorful collections of mortgage programs among competing lending institutions. This is not surprising: this bank has an extensive network of offices, and customer service tasks are carried out taking into account regional specifics. A very important option is to show the borrower how much the mortgage at VTB 24 will cost, to calculate the payment schedule - all this is done by the bank. This credit institution works in the interests of many categories of citizens, including not the most socially protected ones - this compares favorably with this credit institution from many other market players.
For borrowers who do not belong to preferential categories, the conditions for issuing mortgages are clear and transparent, the nuances associated with payment, account management and early repayment are explained very well. The client begins to understand perfectly what a mortgage is - “VTB 24”, the conditions in which in many cases are individual, gives him the necessary knowledge.