The mortgage rate varies in different banks. Its value depends on the period for which you take a loan, on the availability of collateral, insurance, commission payments.
Many banks hold temporary promotions, reducing the cost of a loan to purchase a home.
Pledges and sureties
When deciding whether to take a mortgage, please note that in the conditions of market instability, credit organizations set strict requirements for securing a loan.
Prior to registering the ownership of the property to be acquired in the registry, it is likely that it will be necessary to draw up not only a guarantee of solvent individuals, but also an additional liquid security deposit - an existing car or apartment.
Crisis Mortgage Products
Credit organizations are interested in attracting wealthy customers. Mortgage banks are actively offering new products to individuals, in demand in a crisis, but quite expensive.
For example, Otkrytie FC offers a service for refinancing mortgages previously issued at other commercial banks. Obligations received in foreign currency are translated, at the request of customers, into rubles. The minimum interest rate on “re-lending” is 13% per annum. It grows when the individual conditions for complex services in the bank are not met by the following values:
- + 0.25% - for borrowers who are not salary customers of the bank;
- + 1% - for business owners;
- + 0.5% - in case of refusal to pay a one-time fee for the “reduction” of the rate;
- + 4% - if life insurance and employment contracts are not concluded.
Otkritie Financial Corporation also offers a mortgage product Mortgage Plus: money is issued on the security of existing real estate for the purpose of its overhaul. The provision of documents confirming the intended use is not required. Interest rate - 16.25% per annum. The maximum term of financing is 30 years.
Loans for the purchase of housing with state support
The most significant parameter when a mortgage is issued is the rate. A calculator for calculating overpayment amounts is on the official website of each bank.
The cost of servicing a mortgage decreases when a loan is received as part of a government subsidized loan program for the purchase of still unfinished apartments in the primary housing market.
Banks-participants are allocated funds from the Pension Fund, due to which they get the opportunity to reduce mortgage rates for the purchase of apartments in new buildings. Currently, PJSC Sberbank of Russia, Gazprombank, VTB 24, Uralsib, Rosselkhozbank, Promsvyazbank and many other lending organizations have joined the program.
Mortgages with state support can be obtained in the amount of up to 8 million rubles. in the Moscow and St. Petersburg regions, in other regions - not more than 3 million rubles. The longest loan term under the Newbuilding program, according to the rules, is 30 years. Your contribution should be at least 20% of the price of housing that is purchased ..
You can buy square meters from loans received under the subsidy program only from developers approved by banks.
When applying for a loan with state support, a corresponding calculation of the mortgage is carried out. Sberbank sets a fixed interest rate, 12% per annum, before and after registration in the registry of ownership of the acquired property. In this case, it is mandatory to conclude a borrower life insurance contract. For violation of the terms of the annual extension of the policy, the rate rises to 13% per annum.
In VTB 24 PJSC, you can also get a loan with state support at 12% per annum, with the obligatory execution of a comprehensive insurance contract.
At Gazprombank, the interest rate on mortgages is between 11.25% per annum.
At VTB Bank PJSC, a Newbuilding loan is issued with an initial payment of 15% of the amount at 11.75% per annum. The decision to grant a loan is made in 24 hours.
In Otkritie FC, the mortgage rate with state support is from 11.45% per annum, mandatory payments (surcharges) in the amount do not exceed 2.5% per annum. A large number of construction companies are accredited with the bank.
Credits under the program "Young Family"
Another way to ensure that the mortgage rate is lower is to apply for a loan under the Young Family subsidy program.
If the age of both husband and wife does not exceed 35 years, and the couple, according to the legislation, needs better living conditions, it is advisable to contact the district administration. When buying a house or an economy class apartment, the state will pay up to 30% of the housing price.
At banks, a mortgage for a young family is usually cheaper. Fewer multiplying factors apply to it.
In Sberbank , the mortgage rate “Young Family” varies depending on the loan term and the size of the down payment.
Interest rates on the “Young Family” mortgage in Sberbank of Russia PJSC are presented in the table.
| An initial fee |
Loan terms | From 20 to 30% of the cost of housing | From 30 to 50% of the cost of housing | From 50% of the cost of housing |
Up to 10 years | thirteen% | 12.75?% | 12.5% |
10 to 20 years old | 13.25% | thirteen% | 12.75% |
From 20 to 30 years | 13.5% | 13.25% | thirteen% |
Many commercial banks also have the right to accept housing loan certificates as repayments on loans, but do not provide interest rate benefits.
However, a mortgage for a young family is now also a means of acquiring a house or apartment at a much lower cost.
How to determine future mortgage expenses
When comparing credit conditions at various banks, be sure to ask the manager to prepare a preliminary calculation of the mortgage. Sberbank, VTB-24, Otkrytie FC and other banks on official websites show only an approximate amount of future loan servicing costs.
Check with the responsible person who is advising you:
1. Is an assessment of the acquired property required? If so, at whose expense is it carried out?
2. How much will the costs of notarizing the transaction amount to?
3. Which party to the transaction pays the state fee at the registration chamber?
4. Will the mortgage rate be higher until the burden of pledging is registered in favor of the bank?
5. What will be the additional payments under the loan agreement, except for the interest rate?
6. Is it necessary to insure collateral, as well as the life and health of the borrower? How much will the cost of policies be?
7. What will be the loan repayment schedule?
8. Are there any restrictions on early repayment of a loan?
9. What fines and penalties are stipulated by the loan agreement?
Only with complete information can you decide whether to purchase housing right now.
Mortgage from Sberbank for future owners of apartments and houses in the secondary market
Loans to individuals in the largest bank in the country remain profitable and inexpensive. Financing for the purchase of a finished house or apartment can be obtained in the amount of 300 000 rubles. for a period of up to 30 years at an interest rate of 12.5% to 16.5% per annum. Your down payment is 20% or more of the price of future housing.
When determining the loan term, your actual age will be taken into account. According to the rules of lending, at the time of the final repayment of the loan to the borrower must be no more than 75 years.
The loan amount that you will be granted will be the smaller of:
- 80% of the amount of the purchase of a house or apartment,
- 80% of the estimated cost of housing.
Acquired real estate is pledged and is compulsorily insured against the risks of loss, death, damage.
Upon receipt of a housing loan in the amount of up to 15 million rubles. in Sberbank it is possible not to confirm the fact of having a permanent job and not to provide income statements.
No loan commission is required.
Until the right of ownership to the acquired property arises, other forms of security must be provided as security for the loan: pledge of property or surety of solvent persons.
An important advantage of obtaining a mortgage in Sberbank is the possibility of early repayment without additional fees or commissions. However, a partial or full repayment of the loan will need to be notified to the lending office in advance.
Calculation of the cost of housing loans in Sberbank
The mortgage rate is lower in the following cases:
- The loan term is within 10 years.
- You get paid in an account opened with Sberbank
- Down payment - from 50% and above.
- You have submitted income statements to the bank. Work experience at the very last place of work is at least 6 months. The total period of work over the past 6 years exceeds 1 year. This requirement does not apply to salary customers of the bank.
- Life and health are insured in one of the accredited companies.
The approximate mortgage interest rate is presented in the table below.
Interest rates on housing loans in Sberbank subject to the provision of income statements | An initial fee |
Loan terms | From 50% of the cost of housing | From 30 to 50% of the cost of housing | From 20 to 30% of the cost of housing |
Up to 10 years (incl.) | thirteen% | 13.25% | 13.50% |
10 to 20 years (incl.) | 13.25% | 13.5% | 13.75% |
From 20 to 30 years (incl.) | 13.5% | 13.75% | 14% |
To the indicated rates are added:
- + 0.5% - if you do not receive income in the salary accounts of the bank.
- + 1% - for the period until registration of ownership of the acquired property.
- + 1% - if the life of the borrower is not insured.
Loan products for the purchase of finished housing
Competitive mortgage lending programs in the secondary market are offered by VTB24 Bank. Its main advantage is that the down payment can be from 15% of the cost of a house or apartment.
Loans are provided for up to 30 years at 13.5% per annum upon conclusion of a comprehensive insurance contract. In the absence of an insurance policy, the interest rate is 14.5%.
A 0.5% discount is granted to customers receiving salaries in accounts at VTB 24 PJSC.
PJSC VTB Bank previously worked exclusively with representatives of large and medium-sized businesses. However, after the takeover of Bank of Moscow, he began to develop the retail business.
Since May 2016, VTB has also been offering mortgage products to individuals. Since the retail direction of lending in the bank is only open, the mortgage rate is extremely low, ranging from 11% per annum.
Favorable financing conditions are offered by PJSC Promsvyazbank. The down payment for individual programs is from 10%. The interest rate on mortgages in the secondary housing market - from 13.35% per annum.
Inexpensive loans are issued to clients of Raiffeisenbank JSC. Interest rates for the purchase of finished housing and apartments in new buildings for salary clients range from 11% per annum, for people who receive salaries outside of Raiffeisenbank JSC - 12.25-12.5% per annum. Down payment - from 15% of the cost of housing. However, the maximum possible loan term is quite short, only 25 years, which affects the amount of monthly payments.
Conclusion
In the conditions of the financial crisis, banks are still interested in active cooperation with solvent customers. If you have a sufficiently high income, which is officially confirmed, do not rush to accept an offer from the first mortgage center that agreed to lend you. Look for optimal conditions.
In conclusion, I would like to give advice, borrowed from Bodo Schaefer’s book “A Dog named Mani”: try to deal only with those bank managers that you like. In this case, each transaction will be successful.