Many people need a significant amount of borrowed funds. To do this, they arrange loans at different banks. If a really large amount is required, then banks need a collateral, which is usually used as real estate. People should understand how to take out a loan secured by an apartment, what requirements are imposed on residential real estate, and also what problems can be encountered in the process of repaying a loan. Most often, an expensive collateral is required when applying for a mortgage, car loan, or a significant consumer loan.
Terms of registration
Initially, a person planning a large loan must find out in different banks whether it is possible to get a loan secured by an apartment. Not all banking institutions offer this opportunity, and banks also present different requirements to borrowers and collateral.
Typically, such a loan is provided on the following conditions:
- the age of the borrower should be in the range of 21 to 75 years, but some banks do not issue large loans to citizens after 65 years;
- the recipient of funds must be a Russian citizen;
- he must have an official place of employment;
- the apartment being pledged must not have any burdens or other problems;
- the borrower must be the sole owner of this property.
The exact requirements can be found in the branch of the selected bank.
Is it profitable?
This method of lending is considered beneficial for each participant in the process. A citizen can receive a large amount of funds that he can direct to resolve various issues.
In any case, the bank will receive its money back, so even if the borrower cannot manage the payments, the banking institution will be able to sell the property to receive a large amount.
For what purposes is it drawn up?
In Sberbank, a loan secured by an apartment can be issued for different purposes. But since a really large amount of funds is being drawn up, the borrower will have to inform the employees of the banking institution about what the money will be spent on. As a standard, a mortgage loan is issued for the following purposes:
- construction of a private residential building;
- carrying out high-quality repair or reconstruction of existing housing;
- purchase of a new property represented by a room, apartment or house;
- improvement of housing conditions, for which a large property is acquired;
- opening a business;
- development of an existing company.
If really high-quality real estate is pledged, then banks rarely refuse to issue borrowed funds, since such lending conditions are beneficial for a lending institution.
Design advantages
A loan secured by an apartment without proof of income has many advantages for many borrowers. These include:
- in most cases, banks do not require borrowers to confirm their official employment, so a citizen may even be an unemployed person;
- funds are provided for a long period of time;
- no need to attract guarantors or co-borrowers;
- you can get a really large amount of money;
- it is allowed to send the money received to solve various problems;
- ownership of the apartment is retained, which is pledged to a banking institution;
- banks are loyal to such borrowers, and even if their credit history is negative;
- low interest rate is offered;
- It is not required to prepare too many documents for obtaining a loan;
- No down payment required.
For banks, such a loan is safe and profitable, since the funds issued to the borrower will be returned in any case. The amount issued must be less than the market value of the property on which the encumbrance is imposed.
disadvantages
Not always loan conditions secured by apartments are beneficial and attractive for borrowers. Therefore, the registration of this loan is often accompanied by numerous shortcomings. These include:
- transaction processing is considered a complex and lengthy process;
- insurance policy for an apartment pledged is required;
- the borrower is obliged at his own expense to assess the property, with the help of which the bank will be able to understand how much money he will be able to receive if he sells the collateral property, and an amount that is significantly lower than the value of the object is issued to the borrower;
- there is a high probability of hidden additional payments;
- human rights to his real estate are limited, so he will not be able to conclude a transaction, the main purpose of which is the change of ownership;
- if a person has any unforeseen situations that lead to a deterioration in his financial condition, then there is a possibility that the bank will sue and require the sale of collateral;
- banks rarely agree to take an apartment as collateral, which is the borrower's sole place of residence, so you only need to use additional property;
- annually will have to purchase an insurance policy on property;
- mortgage loans are granted only on condition that the apartment meets numerous requirements, so not all real estate is suitable for these purposes.
Therefore, before you take out a loan secured by an apartment, you should study the negative aspects of such a decision. Sometimes it is considered more beneficial to issue a standard consumer loan without collateral or with the assistance of a guarantor.
Housing requirements
Before applying for a loan, the homeowner must decide whether it is possible to take out a loan secured by an apartment. Banks issue large amounts of funds solely on the condition that the proposed property meets numerous requirements. The main such requirements include:
- the apartment is wholly owned by the potential borrower, therefore there are no other co-owners;
- the object is not the only housing of a person, because otherwise it will not work to sell it in the future to receive a sum of money;
- the building in which the apartment is located has already been commissioned;
- there are no changes that were made by the owner without prior registration;
- encumbrances represented by arrest or pledge are not allowed;
- The condition of the apartment must be optimal so that it can be used for its intended purpose.
All requirements of the bank need to be studied in advance to determine the possibility of obtaining a loan.
Features of obtaining a loan
Banks that provide loans secured by an apartment independently evaluate the proposed property. If it does not meet even some requirements, then the citizen will be denied the right amount of funds.
A cash loan is rarely issued on the security of a share in an apartment, since due to the presence of other property owners, the bank will have many difficulties with the sale of such an object. Additionally, apartments in which minors are registered are not accepted.
How is it made out?
If a person is interested in how to get a loan secured by an apartment, then the object should be evaluated first. The report received from a specialist is a binding document for banking institutions. The procedure for obtaining a loan is divided into stages:
- various programs offered by numerous banks and suitable for the needs of a future borrower are initially studied;
- the necessary package of documents is collected for the loan;
- applications are submitted to different banking institutions, and the procedure can be performed not only with a personal visit to bank branches, but also via the Internet;
- then you just need to wait for the decision of the banks;
- at this time, employees of banking institutions conduct an assessment and verification of real estate, which is offered as a guarantee by a potential client;
- if a positive decision is made, a loan agreement is prepared by the bank representative, which must be carefully studied by the citizen;
- if there are no problems or hidden commissions, then the agreement is signed;
- a pledge for real estate is drawn up, moreover, this encumbrance is compulsorily registered with the Rosreestr;
- a citizen receives a predetermined amount of funds.
It is with the help of the above algorithm of actions that a loan is secured against an apartment. Reviews about this method of lending are contradictory, since this method has not only advantages, but also significant disadvantages.
Competent choice of bank
Before you take a loan secured by an apartment, you should decide on a banking institution with which a citizen will cooperate. When choosing the optimal organization, the following factors are taken into account:
- independent ratings results;
- the term of the bank;
- feedback on the activities of this institution left by direct customers;
- recommendations of special services on the Internet that specialize in comparing different banking offers;
- interest rate offered on a loan;
- other conditions that are mandatory for borrowers;
- the period for which borrowed funds are issued;
- the maximum amount that can be received by the borrower;
- the number of documents that will have to be prepared to sign a loan agreement.
Banks that provide loans secured by apartments offer their customers different conditions for obtaining borrowed funds. Therefore, before starting a loan, you should study all the requirements and conditions so that different commissions and payments are not a surprise to the borrower.
What documents are prepared?
Most often, citizens prefer to contact a trusted Sberbank. A loan secured by an apartment is issued by this bank under standard conditions. To sign a loan agreement, the borrower must prepare certain documents. Typically, banks require the following documentation:
- borrower passport;
- employment history;
- a certificate from the main place of employment containing information on the citizen's income for the last three months;
- documentation for the apartment, which includes an extract from the USRN, technical passport and cadastral passport, if any;
- a report on the assessment, which contains basic information about this property, as well as information on the approximate market price of the property;
- if the borrower is married, then you need the consent of the spouse to get a loan and transfer the apartment as a pledge;
- if a minor child is registered in the facility, then you will additionally have to obtain permission from the guardianship authorities.
If you understand how to get a loan secured by an apartment, then anyone can get a large amount of money from the bank. But at the same time, you need to be confident in your own financial situation so as not to lose expensive real estate in the future.
Where to issue?
You can get a loan secured by real estate in different banking institutions. Most often, citizens prefer to contact the following organizations:
- Rosselkhozbank offers non-targeted loans secured by real estate for up to 10 years with an interest rate of 15%, and you can also get up to 10 million rubles .;
- Sberbank offers this loan for 20 years at 14% per annum, but you can get a maximum of 10 million rubles, although the exact amount of the loan is determined based on the cost of housing;
- even Tinkoff offers loans secured by apartments, but the amount disbursed cannot exceed 60% of the market price of housing, and a rate of 11.6% is applied, although the loan term can reach 15 years.
It is advisable to study the offers of other banks in order to choose the most optimal and favorable conditions for cooperation.
What are the limitations?
If housing is pledged to the bank, then the owner of this property is faced with some limitations. These include:
- redevelopment is possible only after obtaining permission from the bank;
- it will not be possible to register relatives in this object;
- it is impossible to use this apartment as collateral when obtaining a loan at another banking institution;
- you can not exchange housing or part of it;
- the object cannot act as the subject of various transactions.
The above limitations should be considered before applying for a loan secured by an apartment.
Conclusion
Many banks issue large amounts of funds secured by expensive and high-quality real estate. Before making such a loan, you should evaluate the positive and negative characteristics of the process. In addition, it is important to choose the right banking institution, which is reliable and proven.
An apartment pledged to a bank cannot be sold or converted. The burden is removed only after the final repayment of the loan.