Is it possible to take a mortgage in Krasnoyarsk without a down payment? The answer to this question depends on what guarantees the borrower can provide in order to prove his solvency. They will affect not only the package of documents, the interest rate, but also the very probability of a bank issuing a loan. And if it was not possible to collect the necessary amount for the payment of the down payment, does it make sense to take such a loan?
What do banks offer?
Banks offer various mortgage lending programs in Krasnoyarsk. They include housing loans in both the primary and secondary markets. There are also programs with conditions under which the borrower may not pay the down payment.
There are programs for the purchase of new housing, apartments and houses in the secondary market, with and without down payment. It is possible to purchase housing on a mortgage without an initial payment in the Krasnoyarsk Territory, and not just in the city. The type of mortgage lending program depends on the duration of the loan, interest rate, the composition of the package of documents.
Many banks offer lending programs: Sberbank, Rosbank, Sovcombank and others. Thanks to a wide range of offers, you can choose the most favorable mortgage terms in Krasnoyarsk without a down payment.
Is a mortgage possible without a down payment?
It so happens that the borrower cannot, for any reason, make a down payment and take a mortgage in Krasnoyarsk. And housing must be purchased today. For example, a visitor from another city found out about a particularly profitable real estate, but he cannot buy it - he does not have any savings to pay the down payment. If you start collecting, then you can miss this proposal. In this case, in order to get a mortgage loan, it is necessary to provide the bank with a guarantee - a guarantee of third parties or a pledge. The bank may offer as an alternative to arrange insurance. All this will require time and material costs. The most beneficial option is the provision of collateral.
A mortgage is a loan secured by real estate. The guarantee is purchased housing. As a down payment, you can use the security of the apartment, house or cottage owned by the borrower, even if this is the only housing. It is quite possible to get a mortgage in this way without a down payment in Krasnoyarsk in Sberbank. And although Sberbank is considered the bank most demanding on the financial condition of a client, it does not mean at all that it is impossible to get a mortgage loan without collateral. However, it significantly increases the chance of getting a loan.
The bank must be sure that its customer will be able to pay. Indeed, if it is impossible to repay the debt by the latter, the apartment will become the property of the bank, and it will have to be realized somehow. And this is a loss of capital, since the implementation will take time. Plus, the loss of interest on the loan, as well as the possible risk of falling property prices. Therefore, for safety reasons, the bank requires a down payment of half the cost of the acquired premises.
What documents must be submitted to the bank?
In order to get a mortgage without a down payment in Krasnoyarsk, you must submit a package of documents. In addition to the passport, SNILS and TIN, the following documents should be included in it:
- certificate from a narcologist and psychiatrist;
- tax certificate of no debt;
- copy of the work book;
- copy of marriage certificate (if the borrower is a member of it);
- Documents relating to housing purchased in a mortgage: technical passport, certificate from the BTI, the conclusion of an independent appraiser;
- documents confirming the availability of collateral capital (ownership);
- statement;
- income statement;
- other documents requested by the bank.
Even with all the necessary documents, the bank may refuse to issue a mortgage loan. After all, it is issued for 10-25 years, which is considered a very long time. The bank must be sure of the solvency and reliability of the client. If he has doubts - a mortgage will be denied.
Can maternity capital be used?
According to the Family Code of the Russian Federation, maternity capital can be used to improve housing conditions. Including to repay the mortgage in Krasnoyarsk, as this is a federal law, and it is valid throughout the Russian Federation. But to issue a loan or not, the bank still decides. To get a mortgage, you must confirm that you have a permanent job and a sufficient salary. The amount of payment should not exceed 30% of the total income.
Benefits of a mortgage without down payment
A mortgage without an initial installment in Krasnoyarsk or in any other Russian city has certain pros and cons. And it does not depend on the financial condition of a single borrower. They apply to everyone who decided to take a mortgage.
The positive side is that the borrower gets the opportunity to move into the apartment immediately (if the mortgage is taken to buy already built housing, and not to shared construction). He does not need to save up for months to pay the down payment. This is especially beneficial when he purchases an apartment in one city and his own housing is in another. Thus, the borrower saves on paying rented housing. He also retains his own real estate.
disadvantages
A significant disadvantage with this method of obtaining a mortgage in Krasnoyarsk without a down payment is the high risk of spoiling your credit history and losing a part of the money already deposited. If the borrower cannot accumulate the necessary amount for the initial capital, then his financial capabilities are limited. He has either low incomes, or he does not know how to control his expenses.
Another drawback is the more stringent lending conditions. Buy an apartment in a mortgage in a new building without a down payment in Krasnoyarsk will not work. The cost of collateral will be insufficient, as old housing is cheaper than new. You can only rely on the purchase of housing in the secondary market. You will have to pay at a higher interest rate and provide more documents. Prove to the bank your solvency. It is possible that you will have to fork out for the purchase of insurance.