Anyone who is thinking about buying a home under a mortgage loan, goes through many options and programs. And often stops on a mortgage with state support. What are its pros and cons, as well as the conditions for receiving and the timing of payment, we will understand below.
What is a mortgage?
Acquiring your own corner is the task of every second family in Russia. In the Soviet years, it was considered the norm to live with parents, but then the mentality was different. Today, young people strive for independence and autonomous life. The problem is that such a good aspiration does not always end well. And all because savings are needed to buy real estate.
What to do in a situation where there is no sufficient amount in stock, but you want to live in your apartment or house? And here it is time to recall the mortgage with state support. Such lending allows you to acquire square meters now, and pay off for them for some time. And all would be well, many people have a place to live only thanks to a mortgage, but still not completely.
The essence of lending
What is the salt of mortgages with state support, and why does the country incur such costs? Everything is quite simple and the explanation will take several points:
- Thanks to state support, the real estate sector is on its feet, developers are appearing reliable and building willingly.
- The quality of housing is growing, respectively, the service life and safety, too.
- With the advent of mortgages with state support, people began to get more loans for housing, and this returns us to the first point.
- The life of those categories of the population is improving that cannot solve the housing problem on their own (people with disabilities, large families, single-parent families).
Reasons for the popularity of mortgage programs with state support
And popularity is due to the following reasons:
- One of the most important - interest rates are lower than mortgages without support. Although two or three percent seems insignificant, they will save a lot of family budget.
- Guaranteed reliable deal. For this program, banks with a good reputation and extensive experience in issuing mortgage loans are selected that are guaranteed to comply with all conditions.
- Acquisition of housing is possible only through those developers who are directly involved in the state program. This is very successful, since there is no need to check the seller for honesty, this has long been done by the state.
- Such loans are more often approved by banks. And all due to the fact that the state shares expenses and seems to be vouching for someone who needs a mortgage loan.
- No need to give your money for what is not indicated in the contract. If the government is the partner of the bank, then all the terms of the contract are simple, understandable and do not have a second bottom.
All of these reasons really confirm the correct choice of such programs. If you give preference to them, then guaranteed your home as soon as possible.
What do you need from the borrower?
Mortgages with state support will not be approved by the first comer. For approval, the borrower must satisfy all the requirements of the bank.
The first thing to observe is the age threshold from 18-21 years old and up to 65 years old at the time of loan closure (a possible figure is 75 years old). The borrower must be a citizen of the Russian Federation. A continuous experience of at least six months is also a prerequisite for participation in the mortgage program with state support.
This type of loan is approved only if the income of an individual who wants to get a mortgage allows you to pay not only a monthly installment, but also your necessities of life. Very often, banks issue mortgage loans not for one person, but for several. Then the maximum installment per month is calculated taking into account the income of all individuals participating in the loan. It is important that the maximum payment never exceeds forty-five percent of income, regardless of the total figure. The wife and husband are also co-sponsors.
Today, no more than a dozen banks provide mortgage loans with state support.
Cons of mortgage lending
It seems that the interest rate is small, and a reliable way to get housing, but there are still disadvantages.
Not many banks cooperate with the state. And choosing a suitable lender, for example, in small towns is very difficult.
With the interest rate, it is also not so simple. These 11% begin to operate only from the moment the property is transferred to ownership. For the construction period, the interest rate rises.
A compulsory down payment, which should be at least twenty percent of the amount of the mortgage, can be found, collected, borrowed, and so on, by no means all sectors of society.
The banks have an approved list of developers. By purchasing real estate from them, the borrower can count on a reduced interest rate on a mortgage loan. If an individual has chosen an apartment from a developer not included in this list, it should not be a surprise that the interest rate on a mortgage loan will become higher. This is because the borrower is not suitable for participation in the mortgage program with state support 2018.
Whatever the perspective of these programs, the number of reservations is impressive. For example, to participate in the programs only housing in new buildings is considered and directly sold only in one hand.
Who do they apply to?
Not everyone can count on a relief from the state in paying mortgages. First of all, such assistance is provided to the following social groups:
- people working in budget organizations, such as medical facilities, military units, educational institutions;
- those who do not have enough square meters to live (less than twelve square meters);
- people standing in line to help improve the housing situation;
- families with maternity capital (family mortgage with state support is suitable for them).
What should a credited do?
No one will receive a mortgage loan until he fulfills the following requirements of the bank:
- Insurance (without fail) of life, acquired property and possible disability. Of course, the total payment amount is increasing, but without insurance, no bank will want to take such a risk. The only good news is that the cost of insurance is shared in the same way as mortgage payments. But insurance is not a prerequisite for state employees.
- In the absence of an initial payment and co-borrowers, it is permissible to draw up a pledge agreement on the existing property.
- As long as the mortgage loan is not paid, you can not conduct any operations with housing. That is, the owner cannot sell, exchange, lease it. If the bank has identified such violations, it has the right to demand full repayment of the loan before the end of its term.
- If monthly payments are ignored and the borrower out of good faith has become a malicious defaulter, then the bank can sell the property at auction. In this situation, the borrower loses both housing and debt on a mortgage loan, and the bank makes up for its losses from the resale of the apartment. In such a situation, mortgage refinancing with state support will come to the rescue.
- An individual wishing to apply for a mortgage loan must work for at least five years. And at the time of filing an application for a mortgage, the borrower experience in one place should not be less than six months.
- Programs such as family mortgages with state support and others do not allow you to purchase housing in the secondary market. This is due to the fact that in this case the development is not stimulated and the state does not want to spend its money on unjustified mark-ups of homeowners.
- An important condition for state support of a mortgage is that only a Russian citizen can apply for it.
Mortgage conditions
State support for families with a mortgage is provided on certain conditions, such as:
- percentage not higher than twelve;
- the shortest mortgage loan term is 5 years, the longest is 30 years;
- in the regions the amount is limited to three million rubles, and in the Moscow region - 8 million;
- purchase of housing is possible only with partners of the program;
- banks cooperating with the state on such conditions do not charge fees for the maintenance, servicing and signing of a mortgage agreement;
- if there is a shortage of funds from the loan applicant, the participation of two more co-borrowers is acceptable;
- the age threshold is limited to 21 years and 65 years for men and 50 for women;
- a down payment of at least twenty percent of the price of real estate is required.
All this works only if the borrower can only count on participating in any one mortgage program 6 with state support in 2018. What about those people who can apply for several state programs? No way. If a person is a state employee and at the same time has maternity capital, then you will have to choose one type of mortgage program.
How to issue?
Is a decision on a mortgage loan made? It remains to find out what is needed for this:
- First of all, you need a passport of a citizen of the Russian Federation.
- Proof of income for the past six months.
- Taxpayer Identification Number (TIN).
- For men, a military ID is required.
- Documents for the desired property (they are taken from the direct owner, these include a technical passport, certificate of ownership, cadastral passport).
- Marriage certificate (in case of acquisition of real estate by one of the spouses).
- Another identity document (driving license, passport or SNILS).
- A document confirming that the individual currently has the amount for the down payment.
It is important to understand how much this is a rough list of what may be required. Each bank has different requirements. The consultant will help to understand all the intricacies and requirements.
Mortgage: step by step instructions
- First, choose the right property. Layout, area, infrastructure and much more that will need to be provided. In order not to miscalculate with partners, developers, you need to contact an agency specializing in mortgage lending. As a rule, they have a list of developers included in the program.
- Choose a lender. In the same mortgage agency, you can learn more about all the programs and consider possible banks. When choosing, you need to pay attention to interest rates, loan disbursement period, monthly payment, down payment.
- They collect the necessary documents for the bank.
- Draw up a mortgage agreement. This step requires the signing of many securities that are kept until the full repayment of the debt.
- Insure acquired property. To do this, you do not need to make additional gestures because this operation is carried out directly in the bank. He has already concluded a contract with an insurance company and the money is deducted directly there. But no one forbids choosing another insurance company if desired. If the company is chosen by the borrower, then an insurance contract must be submitted to the bank.
- Transferring funds to developers. Funds after loan approval can be transferred by various methods - credited to a debit account that is not opened with this bank, to a mortgage payment located in this bank, an account for the seller to calculate.
- Register the transaction in the registration chamber. A document certifying ownership of the property is issued on hand. The original of this document is given to the bank, and a notarized copy is left for themselves. Such insurance protects the bank from fraudulent actions by borrowers.
Types of government programs
The state supports several types of mortgage programs in different banks.
- Mortgage with state support from VTB 24
All the main parameters have no special differences from other banks that provide such mortgage programs. The maximum approved amount reached eight million rubles. The annual interest rate did not change and was equal to 11.4%. The maximum loan repayment period was thirty years and it was allowed to close the mortgage ahead of schedule.
- Mortgage with state support from Sberbank
It was the very first bank to enter into cooperation with the state. The amount of the interest rate did not exceed 11.4%. The minimum down payment was twenty percent. Mortgage loans were issued for a period of one year to thirty years. Programs with state support existed until 2016 and after this period were not extended.
- Mortgage with state support from Rosselkhozbank
The interest rate in this bank is 11.3 percent for 30 years. The minimum loan amount is 100,000 rubles, the maximum ranges from three to eight million (depending on the region). Commissions are not provided, insurance is required. The number of co-borrowers is limited to three, which include husband / wife. If the application has received approval, then it can be used within three months.
- Mortgage with state support from Gazprombank
Interest rate - from 11.4% to 12%. In this bank, the rate is affected by the availability of insurance, the amount of the down payment and the due date. If you make more than half the amount of the price of real estate, the interest rate can be reduced to 10.9%. For families in which the second child was born, a mortgage with state support is also relied on.