For Russian citizens, mortgage, on the one hand, is the only chance to find housing, and on the other - a long-term debt bondage. The crisis of 2015 deprived the majority of the opportunity to pay the first installment. For those who cannot solve the problem on their own, the banking sector has developed a budget lending program. For more details on what constitutes a mortgage with state support (Sberbank of Russia), on what terms and to whom the loan is provided, read on.
Statistics
A mortgage in Sberbank with state support, the conditions for which are different in each region, is very popular. Two weeks after the launch of the program (03/18/2015), more than 150 applications were submitted in the North Caucasus alone. Sberbank lends to customers who buy housing in a new building. The maximum loan amount will be 8 million rubles for the capital and St. Petersburg, for other regions - 3 million rubles. Housing is purchased only from legal entities in accredited real estate. Borrower risks are minimized. They do not require additional collateral. You can insure the object directly in the branch of Sberbank of Russia OJSC.
The mortgage with state support will be valid until the end of February 2016. During this time, it is planned to provide loans totaling 225 billion rubles. As of November 30, 2015, loans worth 180 billion rubles were issued. 1.5 thousand applications each. Approximately 30% of Sberbank mortgage products are provided under the new program.
Program objectives
- Stimulate the construction industry.
- Help citizens solve the housing problem.
Sberbank: mortgage with state support
The conditions for issuing a loan are simple:
- Down payment: 20% of the cost of housing.
- Duration: 1-30 years (inclusive).
- Interest rate: from 11.9% in rubles.
- Minimum loan amount: 45,000 rubles.
- Maximum amount: from 3 to 8 million rubles. (depending on the region).
A loan in rubles is secured by acquired property. Residents of the capital and St. Petersburg can count on 8 million rubles. Other citizens can get a loan for a total amount of 3 million rubles. You can choose an object among apartments under construction, finished new buildings or from accredited sellers. The deadline for real estate does not matter. Documents for the selected premises should be provided no later than 60 days after receiving a preliminary positive decision. In addition, the credit institution will require to arrange life and health insurance for its client. The minimum mortgage rate of Sberbank with state support is 11.9%. It does not change after the registration of the object. But it is affected by the size of the down payment, the term of participation in the program, membership in a salary project, a “good” credit history in the past. Commission for issuing a loan is not charged. Additional costs may include: fees for life and health insurance services, evaluation of the acquired property, notarization of documents.
Borrower Requirements
- Age: minimum 21 years, maximum 55 years (women), 60 (men).
- Passport of a citizen of the Russian Federation.
- Experience at the last place of work: 6 months.
- Total work experience: 12 months.
The client will have to attract co-borrowers (spouses, relatives and friends). This will help ease the credit burden. The more "assistants", the higher will be the total income, which determines the maximum loan amount.
Action algorithm
To apply for participation in the program “Mortgage with state support (Sberbank of Russia)”, you must:
- Fill out a questionnaire, a sample of which is on the website of the financial institution.
- Collect a standard package of documents for all participants: a copy of the passport, information about the employer, 2-personal income tax.
- Provide paper to any branch of Sberbank of Russia.
- Wait for the decision of the bank.
In parallel, it is necessary to collect a second set of documents that relates to the acquired property. It is most often used as collateral. It is extremely rare for banks to agree to use other housing as collateral. For such an object, it is necessary to provide: a registration certificate, a contract of sale, a cadastral passport, a certificate of absence of arrears in payments for utilities, information about residents.
Members
In which banks can I get the product “Mortgage with state support”? Sberbank, VTB24, Gazprom, Deltacredit, Bank of Moscow, RSHB. The desire to participate in the program was expressed by 30 not only large, but also small banks. The state financial institutions, as well as Svyaz-Bank, Absolut Bank, Vozrozhdenie, account for a large part of the planned 400 million rubles. More than half of this amount is going to lend to Sberbank. Mortgage with state support during the previous crisis of 2008-2009 acted only through VTB. The choice of financial institution does not affect the terms of the loan. The rules for receiving money are as follows. The borrower pays a minimum of 11.9% per annum of the amount. The maximum compensation that banks from the state can count on is 5.5%. The Ministry of Finance allocated 20 billion rubles from the state budget to finance the project. Since the plan was not completed by the end of 2015, the program was extended.
results
Since the program "Mortgage with state support" (Sberbank of Russia) is still in effect, it is too early to sum up the results. So far, we can only talk about the dynamics of real estate sales. So, almost all developers since April 2015 have noted a sharp increase in the number of signed sales contracts. The first participants in the program began to collect documents in January last year, but the transaction was postponed until the launch of a new product. First, contracts were concluded with a minimum budget. The loan was borrowed by people who were counting on early repayment (the rate was not so important for them), as well as those who signed contracts for a short period (3-5 years) so as not to overpay interest.
From the middle of the year, clients began to appear who had long been asking the price of housing in new buildings. Despite the reduced demand, the range of real estate is declining every month. This is especially noticeable in objects in a high stage of readiness, in which housing has been sold for several years.
Features
Most transactions are through Sberbank. Mortgage with state support, of course, spurred demand for real estate. But there are still clients who, despite the strong fall of the ruble, are ready to get a loan even on standard terms. If earlier customers turned to Sberbank, because there was the lowest rate, now, having been refused, they submit documents to other institutions, and not only to government programs.
Program terms have also changed. Previously, you could pay a loan up to the age of 75. Now they have set a new threshold - 60 years for men and 55 - for women. According to realtors, the average age of the borrower is 25-35 years, and the contract is concluded mainly for 10-15 years.
Additional financial support
Is it worth taking a Sberbank mortgage with state support? Each potential borrower answers this question himself. Developers also have to fight for each client. To do this, they develop their loyalty programs. Some of them are more profitable than the Sberbank program.
For example, FGC Leader and Otkritie Bank launched a subsidy program not only by the state, but also by the developer. The conditions are as follows: the first year the client pays 8 or 10 percent per annum, depending on the amount of the down payment. Starting from the second year, the rate increases to 11.95% or to the rate that the bank will offer, depending on the financial situation of the borrower. A loan can be issued for a maximum of 30 years.
GK "Leader Group" holds an action for residents of the capital. Buyers of real estate in the Leader Park quarter, the Happiness City and Lobnya City residential districts are given a 12% discount on the full cost of the property if housing is purchased on a mortgage basis. With which particular credit institution the contract will be concluded, it does not matter.
Khimki-Group additionally subsidizes the rate of one percent. That is, if the mortgage is registered under the state support program, then the client pays not 11.9%, but 11%. City-XXI Century and Absolut Bank have created an affiliate program for the purchase of housing in the “Colors of Life” complex at 11.5%. Urban Group launched the project “Support with state support”, within which the rate is reduced by four percent for all participants.
Sberbank Mortgage with state support: reviews
The biggest drawback noted by the program participants is the small selection of real estate. Accredited Sberbank borrowers have inflated housing prices. And if you buy an apartment through another company, then the rate will increase. The second problem is the high down payment. Under the terms of the standard program, the borrower could pay 10% in the form of an advance. Now this figure has increased to 20%. This means that if before a person could count on a "kopeck piece" in a residential area, now it is difficult for him to afford a studio apartment or studio apartment for the price. Another stumbling block is the interest rate. In fact, it is increasing by about 1%. Let's calculate the mortgage with state support. Sberbank is ready to provide a loan to the client at 11.9%. In this case, a prerequisite for concluding the contract is the life insurance of the borrower for at least 1 year. After 12 months, the borrower must extend the validity of the insurance, otherwise the rate will increase to 12.9%.
At the same time, borrowers note positive aspects. Firstly, at the preparatory stage, the bank manager deals with all the paperwork. Customers appear solely to sign the contract. Secondly, even taking into account insurance payments, the monthly installment is slightly higher than the rent for a similar apartment.
In the dry residue
The budget program allows you to purchase real estate at a preferential percentage (from 11.9%) for up to 30 years. Borrowers have the right to use maternity capital to cover part of the debt, and then receive a tax deduction. But the program has its drawbacks. Firstly, a limited number of participating banks. There are only 30 of them. But in small provincial cities, you can de facto apply only to VTB24 and Sberbank. The second is a down payment of 20%. For comparison, in TransCapitalBank, under the same state program, you can get a loan by paying 15% as an advance. On the other hand, the more money a potential borrower makes as a down payment, the lower the interest rate he can count on.