Mortgages have long been considered a sought after service because they allow you to purchase your own housing. For this purpose, an Agency has been created that allows you to arrange this type of loan. It offers programs with its own terms, according to which you can profitably and reliably arrange a mortgage. Further in the article we will tell you what AHML is and what conditions are offered to homeowners here.
The concept
So what is AHML? This is the Agency for Housing Mortgage Lending. The organization was founded in 1997. The basis for its creation was the effect of a government decree of 1996. Agik shares are state-owned.
Objectives and activities of the structure
What is AHML for citizens? The organization fulfills the following objectives:
- Creating uniform housing mortgage standards.
- Securing affordable loans.
- Mortgage refinancing.
- Creating a secondary market.
- The formation of the securities market.
And what is AHML for the country? This organization allows you to develop mortgage products, as well as provide banks with liquidity. AHML of federal significance and regionally controlled organizations operate in the country.
With the banks, the named Agency performs work according to the following scheme:
- It determines the conditions for granting a loan and consults with the borrower.
- A partner bank grants a loan.
- AHML acquires the right to request a loan from a partner banking institution.
- The Agency receives funds for obtaining mortgage claim rights by placing bonds on the stock market.
- After changing the lender, the borrower receives a notice that the mortgage has been transferred to the Agency, as well as new details for payment. It turns out that the loan was issued by the state.
The above scheme indicates that the parameters of the contract are more attractive than in private banks. This is due to government policies that make mortgages available. But there may be additional costs from banks.
Benefits
Many turn to AHML. Helping mortgage borrowers has the following benefits:
- This is a government agency.
- Since the client contacts the banking organization, which is a partner of the Agency, the latter performs the function of insurance against changes in the originally agreed conditions.
- The agency offers different mortgage programs, as different population groups are taken into account.
Minuses
But there are some nuances of cooperation with AHML. Mortgage in the organization has its drawbacks:
- Applications are considered for longer, which is associated with a two-stage analysis of the documentation - first, the work is carried out by the Agency, and then by the bank.
- Offers of some banks compete with the Agency and have more favorable rates.
Borrower Requirements
Banks participating in the program operate under Agency conditions and issue loans. So, in the standards created by him, there is a procedure for issuing a mortgage, there is refinancing and support. Also there are requirements for transaction individuals.
Borrowers must meet the following conditions:
- The presence of citizenship of the Russian Federation, registration at the place of residence or stay when applying for a loan.
- Mortgages are provided to citizens aged 18-65.
- Under one agreement, there should not be more than 3 borrowers.
- The borrower confirms the income with a 2NDFL certificate or fills out the form offered by AHML.
Detailed information on loans is available on the official website of AHML. The Agency monitors compliance with standards in the country, therefore, registration of a mortgage in it is considered reliable.
Types of programs
Each AHML program is characterized by the following features:
- Loans are granted in rubles.
- The down payment is 10-30% of the value of the property.
- The amount of payment cannot be more than 45% of the client’s income.
- Need to take out insurance.
- If the down payment is less than 30%, then you need to insure the liability of the borrower.
- Life insurance is optional.
- Housing is used as collateral.
- The maximum loan term is 30 years.
Each AHML program has its advantages and disadvantages. One of them is “New building”. It was created to provide mortgages for apartments in houses that were built after 2007. The program is also extended to housing in houses "economy". The rate is 6.15% -11%.
The program “Maternity capital” allows you to increase the size of the loan by the amount of capital. It is also used to pay the initial payment of 10%. The rate is 7.65-10.75% if the housing is the primary market, and 8.65-12.45% for the secondary market.
The Military Mortgage Program is intended for military personnel who participate in the funded mortgage system (NIS). They can get a loan of up to 2,200,000 rubles. The amount of income is not affected by this mortgage. The maximum period is determined when the client is 45 years old.
Each program allows you to get a mortgage on favorable terms. Clearance and redemption procedures are quite simple. Customers have more benefits than standard mortgages.