It is no secret that the purchase of housing for most people is associated with serious financial costs. The cost of real estate always involves large investments. For many, this can be a serious obstacle, especially for those who are just starting an independent adult life. One of the solutions to the problem of the lack of one’s own living space is often to rent it, but such an exit can only be temporary. Therefore, today banks offer a large number of programs and products that can be used to purchase real estate.
What is a mortgage
Perhaps one of the fastest and most convenient ways of acquiring real estate, which does not require a one-time deposit of a large amount, but allows you to pay for the purchase over a long time, is a mortgage. This is a certain form of collateral, which implies the purchase of housing into the property before the actual payment, where the guarantee of repayment of the loan is either the property itself or the property equal to the price.
Mortgage terms in Novosibirsk
The procedure for approving and issuing a loan may differ depending on the terms of the contract and the bank that provides it. In Novosibirsk, there are up to 32 such financial institutions. They have in their portfolio products designed for individuals where the repayment period of a loan can reach 50 years. The basic conditions for mortgage agreements of the banks of Novosibirsk include the presence or absence of an initial payment:
- fixed interest rate;
- terms of the mortgage agreement;
- collateral insurance;
- commission for registration or its absence.
All coefficients in the mortgage calculator are mainly affected by the amount of real estate purchased. The interest rate in this case ranges from 7.65 to 18% per annum. Some financial institutions offer such an opportunity as a mortgage without a down payment. In Novosibirsk, banks offer many mortgage programs, the number of which reaches 300. This diversity allows you to choose the right conditions for each particular case, while receiving the maximum benefits.
What is important when making
A mortgage in Novosibirsk without a down payment is a rather complicated procedure, which banks rarely agree to. Since the down payment, in fact, is a confirmation of the serious intentions of the borrower to repay the loan within the agreed time period, and also removes a significant debt burden, allowing you to reduce the collateral amount and reduce the overpayment on the loan. Accordingly, a zero down payment can cause a client to default on a loan due to an increased load as a result of increased ratios under the terms of the contract.
Given the heavy load for the client when applying for a mortgage, not all banks are willing to take risks and give their consent to this condition under the contract. More often they offer a down payment, the average size of which is from 10 to 30%. But still, a mortgage without a down payment in Novosibirsk is possible. For this, the client needs to prove his worth, and his high income will be sufficient evidence. Next, you need to choose a property for purchase and decide on a bank that can provide the most favorable conditions for this particular case.
What role can various mortgage programs play in obtaining benefits?
Choosing a bank in Novosibirsk when applying for a mortgage without a down payment, you need to carefully study the existing programs. At different times, many banks often offer preferential terms for special promotions. Sometimes the initiators of such actions are the city authorities, providing certain segments of society with very favorable conditions. Novosibirsk often allocates funds from the budget as part of a program to buy a house or apartment in a mortgage without an initial payment.
For example, before 2018, an action is planned for teachers and employees of preschool institutions. As part of the terms of the program, support is provided to public sector employees from education with the aim of improving housing conditions through new benefits. They consist in the provision of compensation for mortgage payments for teachers, as well as in subsidizing people who bought housing with fewer meters than it should be for one person. The program is extremely popular, so the authorities allocated additional funds for its implementation.
The choice of a preferential program largely determines what kind of housing is planned for purchase. Will it be a room, an apartment or a private house. It refers to the primary or secondary real estate market. Having decided on the type of real estate being acquired, it is not difficult to find a suitable program. A mortgage in Novosibirsk without a down payment can be quite profitable if you can find a suitable preferential program.
Offers from developers
Often, preferential programs can be found as an offer from companies that are engaged in the construction of apartment buildings. One of such programs can rightfully be considered a mortgage from the developer without an initial payment. Novosibirsk is a large developing city where intensive construction is underway. A lot of companies in conditions of high competition hold various shares on very favorable terms.
But you should think about whether you need a mortgage without a down payment when buying a home at the construction stage. In Novosibirsk, new buildings from the developer can be purchased at the lowest possible price.
What is the advantage of new buildings
It is profitable for construction companies to sell apartments under construction, bypassing intermediaries and thereby reducing the cost of housing. Yes, and housing itself at the stage of wall construction has a low price, which increases significantly after completion of construction work. Therefore, if you are not in a hurry, then you can choose a mortgage program from the developer to buy real estate, significantly reducing the loan burden due to the lower cost of an unfinished new building. If it is not possible to find a suitable program without a down payment, then as an alternative you can get a simple consumer loan, which will not be a problem with a small amount on the mortgage.
The preferential program from Sberbank
For 2017, under the terms of existing Sberbank programs, a mortgage in Novosibirsk without an initial payment is carried out through the use of the parent's borrower capital. If the required down payment exceeds its value, then the payment of the missing amount in cash is allowed. This year, Sberbank offers to use two products that provide for the possibility of using capital:
- mortgage for the purchase of housing under construction;
- mortgage for the purchase of finished housing.
In other programs from Sberbank, there is no payment of the down payment when applying for a mortgage using a certificate plus a cash surcharge.
Preferential Mortgage Program Terms| Condition | Housing under construction | Finished housing |
| interest rate | from 12.5% | from 13% |
| term | up to 30 years | up to 30 years |
| the amount | from 300 000 p. | from 300 000 p. |
| pledge | Acquired or other property | |
| special conditions | Pledge insurance for the term of the contract | Not obligatory confirmation of employment and income, compulsory insurance.
|
For everyone who has a certificate for maternity capital, in 2017 a preferential program is available - a mortgage without an initial payment in Novosibirsk. Sberbank provides for the attraction of co-borrowers under the agreement, which allows to increase the amount of collateral to be issued.
Documents required for obtaining a mortgage
To obtain a mortgage when buying property in a bank, you will need to provide a package of documents, which must include:
- Passport.
- Taxpayer number.
- Application for a mortgage.
- Certificate from the place of work, confirming the experience of at least six months at the last place of work.
- Certificate from the pension fund about deductions for the last 6 months.
The bank may require additional documents, a list of which can be found in the department where the loan is planned. It can be different and often depends on the chosen bank and the program for which benefits are provided. A mortgage in Novosibirsk without a down payment will necessarily require additional investments when evaluating property. As a rule, it is carried out by independent experts, and payment of their services is included in the costs of the borrower. On average, in Novosibirsk its cost ranges from $ 50.
Mortgage without down payment in Novosibirsk: reviews
According to customers, in various banks of Novosibirsk, obtaining a mortgage without a down payment today is largely associated with great difficulties. This was mainly affected by the 2008 crisis. Since that time, Novosibirsk banks have been reluctant to provide such a service under a contract, trying to replace it with more acceptable conditions that do not create an additional burden. It is possible that in a crisis, a mortgage without a down payment is doomed to failure, as raising ratios seriously increase overpayments and significantly tighten credit conditions.