What is needed for a mortgage on an apartment? What documents will be required?

Thinking about buying your own apartment? Have you found the right option, but don’t have enough money? Or did you decide not to invest a lot of personal savings, but to use a loan service? Then a mortgage is what you need! What is it and how does it differ from consumer credit.

How is a mortgage different from other types of loans?

The most important difference is the interest rate. Mortgage loans are much lower than car loans, consumer loans, etc. And this is explained very simply. As a rule, people take mortgages for quite large amounts, because real estate is not cheap. And interest on the loan is accrued on the entire amount of the debt. And if the mortgage rate was the same as the consumer loan, people would not have enough 1 life to pay the money on the loan. And then this duty would be inherited by their children. Because the amount of overpayments would exceed the amount of the mortgage by 3 or even 4 times.

For greater clarity, consider an example. Initial data: you want to buy an apartment in a mortgage for 5,000,000 rubles. You are not ready to make a down payment, but you are ready to pay 86.5 thousand rubles. If the mortgage rate equaled even the practically minimum rate on a consumer loan, then you would have to pay money for a mortgage for 20 years and you would have overpaid 315%, which is equivalent to 15.7 million rubles! That is, you would pay the cost of 4 of your apartments !

Pay attention when you pick up a mortgage program for the loan term. That is, with our initial data, the overpayment for 20 years is 315%, and if we increase the payment by only 2.7 thousand rubles, then the period will decrease by as much as 5 years! And the overpayment will decrease by 91%! Feel what a global difference? !

And with a period of 10 years and payment of 98 thousand rubles per month, your overpayment will be 135%, because 6.7 million rubles .

If you follow the trend, it becomes clear that for every 5 years of a mortgage, the amount of interest is equivalent to the value of your apartment!

But this is at a rate of 20% per annum. In our country, as a rule, it is lower for mortgage programs and ranges from 13%. Let's make a calculation for a similar time frame and compare the result.

If we consider the period of 20 years, the monthly payment is 59.5 thousand rubles, which is 27 thousand lower than at a rate of 20%. Feel what role the difference of 7% plays ?! The total amount of overpayments is 9.3 million rubles, i.e. 185% in 20 years. See how big the difference is ?

When reducing the period by 5 years, the payment increases by only 4.5 thousand, but the overpayment decreases by 55%! And it is 6.5 million rubles !

With a loan term of 10 years and a payment of 75.3 thousand rubles, the overpayment will be 81%, namely 4 million rubles. As you can see, the difference is very noticeable .

For clarity, we display all the results in the summary table so that you finally understand why mortgage programs have lower rates .

• The package of documents that you need for a mortgage is significantly different. So, let's look at what documents are needed for a mortgage on an apartment.
• Passport of the borrower.
• Certificate of income, as well as the organization in which you work (copy of the work book).
• Documents confirming the pledge (if any).

What is needed for a mortgage on an apartment? List of documents

When attracting a co-borrower or guarantor, the list of documents is expanded. The same documents will be required from them as from you. Those. their passport, as well as a document confirming income (as a rule, this is a personal income tax certificate 2).

You may also need a number of other documents. Bank staff will tell you more detailed information, because each case is individual, there are a lot of mortgage programs. So, you need to collect the package of documents that is right for you. The reference data is taken as a reference.

Borrower Requirements

They differ in each bank, but there are a number of criteria that are the same in all banks. Let's look at them:

1. Age. Many banks have a minimum age of 21 years to process an application. And this is understandable. As a rule, in this time period a person graduates from an educational institution and has a certain length of service.

2. Work experience is the second criterion by which banks determine how reliable a borrower is. The minimum work experience at the last place of work must be at least a year. In addition, employees pay attention to the fact that a person’s reliability indicator is the frequency with which he changes jobs. If a person does not stay anywhere for more than 1 month, this fact is unlikely to indicate its reliability.

3. Credit history. Having a positive credit history will only benefit you. Because you have shown yourself to be a responsible person and it’s easier for a bank to approve a mortgage loan.

So, to summarize, what do you need to take a mortgage for an apartment? Good credit history, work experience of at least a year and age of the borrower 21+.

Mortgage and Maternity Capital

Is it possible to use maternity capital to repay a mortgage and how to do it? What do you need to buy an apartment in a mortgage? Using capital to pay off mortgages is a common practice. But not many people know how to do this correctly. At some banks, you can use it as a down payment.

To do this, you need to warn bank employees in advance that you will make a down payment, not in cash, but with a certificate. And also you need to collect an extended package of documents.

Part of the certificates you will need to take from the Pension Fund, for example, a certificate of the status of your account. And to submit some documents to the Pension Fund, as everything is carefully checked, because there are many cases when people just wanted to cash out maternity capital.

Money in an envelope when accounting for income - myth or reality?

Some people receive money from several sources of income. And it happens that part of the salary is given to people in envelopes. How to be in this case? Since 2014, many banks have simplified the issuance of mortgage programs. That is why you can provide the bank with a certificate of the established form, in which the employer will indicate the full amount of your income, along with bonuses and any incentives. There are banks that issue a mortgage in just two documents! But in this case, you must have an ideal credit history, a long experience in the organization.

What other expenses should be taken into account for people who want to take a mortgage?

Is it necessary to insure an apartment with a mortgage? This question worries many borrowers. Yes, you definitely need to insure an apartment. This is a requirement of the bank and its “airbag”. Because if something happens to the apartment, not all borrowers will have money to pay the mortgage and to restore the apartment at the same time, which will result in late payments and other troubles.

Do I need an apartment assessment with a mortgage? This question is of interest to many borrowers. Yes, this procedure must be carried out, and after evaluating the apartment, provide documents to the bank.

How to choose an apartment?

Initially, you need to decide what kind of housing you want. Secondary or you want to participate in shared construction, or are ready to purchase a new apartment in a finished house, but already finished. Based on your wishes, you will need to choose a mortgage program. As a rule, such programs differ in terms. And the main criterion is what kind of housing the borrower wants to purchase.

If you decide to participate in shared construction, be sure to read the reviews about the company, which is a developer. To be sure that the apartment will be delivered on time, and you did not get into trouble.

Want to get a mortgage at Sberbank?

What is needed for a mortgage on an apartment? You can find the answer to this question on the official website of the bank. Instruction: Sberbank - mortgage - what documents are needed for the apartment?

• Agreement of Intent.
• Your passport.
• 2 personal income tax.

Please note that this bank only takes into account the confirmed income of the borrower, so if your official income is not very large, it is better to purchase a guarantor or guarantors (there may be several). You can also attract a co-borrower. The same package of documents will be required from him as from you.

Have you purchased an apartment in a mortgage? What you need to know

Every citizen of the Russian Federation once in a lifetime has a refund of part of the money spent on buying an apartment, paying interest on a mortgage, and repairing a room. How can I do that? You need to submit an income certificate, documents confirming the existence of a mortgage and others to the tax service once a year. You can familiarize yourself with a more detailed list on the IFTS website or directly in the inspection itself.

How much money will be returned? You will be returned the full amount of taxes that you paid in the previous year. Please note that this amount has a limit. You can return a maximum of 260 thousand rubles for the entire period and only 1 time in your life.

What documents does the seller of an apartment need for a mortgage?

• Certificate of state registration of law.
• The document on the basis of which this right has come.
• Statement of absence of debt for utilities.

How to apply for a mortgage?

What we need for a mortgage on an apartment, we have already figured out. Now it remains to understand how to apply for it. What is needed for a mortgage on an apartment?

1. Select the property and the bank in which you want to get a loan.
2. Contact the selected bank for consultation, selection of the necessary program and for a list of documents that need to be provided.
3. Collect a package of documents and contact the bank to apply.
4. After approval of the application, sign a mortgage agreement with the bank, and a sale and purchase agreement with the developer.
5. Obtain a certificate of state registration of encumbered rights.
6. Insure her. This can be done in any company with which your bank cooperates. You can familiarize yourself with the list either on the bank's website or get it at a bank branch. And also this information can be provided to you by telephone hotline.
7. Enjoy your own apartment!

What you should pay attention to?

1. At the interest rate. Often, bank employees go to tricks and print out a contract with a higher interest rate in order to earn more money on this transaction. They rely on you not to read. And if after you notice a mistake, you can’t prove anything .

2. For the loan term and the amount of the monthly payment. Because the longer the term, the greater the overpayment, as we saw earlier. Be careful! Read all the documents. Ask everything that you don’t understand. Do not be shy. If something is confusing, you can always call the hotline number and clarify all questions.