Quite often, when there is not enough money to buy their own housing, people buy it on credit. The procedure for obtaining a mortgage implies the fulfillment and observance by the borrower of certain conditions. That is why, before contacting the bank, one should study all the subtleties of this process. So you can avoid difficulties and quickly get a mortgage.
Requirements of banking institutions to the borrower
Before contacting a credit institution, you must first find out the procedure for obtaining a mortgage. In addition, you must understand that a loan can be denied for a variety of reasons. That is why it is important to immediately create a favorable background for cooperation with the bank, having studied the standard conditions for obtaining a mortgage. Consider a few of them:
- Availability of property. The borrower must be the owner of the property in order to provide it as collateral.
- The possibility of paying an initial payment, the amount of which is from 30% of the cost of the apartment and above.
- The repayment amount of the monthly payment should not exceed 1/2 of the income of the person who took the loan.
- A prerequisite for obtaining such a loan is insurance not only of the apartment, but also of life.
Mortgage loan term
The procedure for obtaining a mortgage differs from other loans terms. The minimum is usually no more than 3 years, and the maximum is issued for 30, and in some cases even 50. Such requirements scare away many people. After all, few people want to depend on a banking organization for so long.
Application for a mortgage loan
It is also worth noting that financial institutions present their requirements and limitations to borrowers. For example, to get money on a loan for housing, you must have a permanent residence permit and work. In addition, the total employment history of the borrower must be at least 1 year. If the client’s credit history is damaged, then it is unlikely to get a mortgage. In addition, he should not have a criminal record and other parallel loans. The minimum age for obtaining a loan is from 21 years, and the maximum is not more than 65-75 years at the time of repayment of the mortgage.
When filling out the application, you can specify the co-borrowers, who may be brothers, spouses, parents or acquaintances. A man under 27 years old must show the bank a military ID. Without him, a loan will be refused, even if he has a delay in connection with his studies. When applying for a mortgage at the same time in several banking organizations, it is necessary to find out more detailed requirements for borrowers and the procedure for acquiring real estate in each of them. Once the application for a mortgage is approved, you can proceed to the selection of suitable housing. The bank spends several months on these events.
How is a mortgage issued?
The procedure for obtaining a loan is as follows: application, search for real estate, approval of housing, the conclusion of the transaction. The bank makes a positive decision from the moment all documents are submitted to the credit institution within 5-10 business days. During this time, he checks the accuracy of the information provided and determines the maximum loan amount available to the applicant. After approval, the client proceeds to the selection of real estate. Although some pre-select an apartment. Banking organizations also have certain requirements for housing, which must be taken into account.
When the borrower finds a suitable option, he will have to get copies of all the papers for the bank from the seller and conduct an independent assessment of the property. In this case, the appraisal company must be accredited by a financial institution. After submitting documents to the apartment, the bank carefully considers and verifies them in order to exclude legal and financial risks. It takes 3 to 7 days. Upon approval of all points on the appointed day, the parties are obliged to come to the banking organization to complete the transaction. The borrower will only have to sign an agreement and receive the amount necessary to purchase a home.
Credit institutions usually control the settlement of cash through a bank cell between the parties. This safe contains credit funds and down payment. They cannot be obtained until the transfer of ownership of housing is completed. When the buyer becomes the new owner of the apartment and receives a certificate for it, the seller will be able to withdraw his money from the bank cell.
Getting a loan for the purchase of secondary real estate
The procedure for obtaining a used mortgage on housing has its advantages:
- After the transaction, the apartment can be immediately used for living.
- Buying secondary real estate is much easier, as banking organizations are more likely to lend to this particular segment of the market.
- Housing can be chosen in any convenient place and area.
- Such real estate is most often built from more durable building materials, therefore it has a long service life and meets all the requirements.
The procedure for obtaining mortgages for secondary housing is of interest to many citizens today. Often banks offer customers favorable conditions for obtaining a loan to purchase such an apartment. The main thing is that the loan amount does not significantly exceed the value of the selected property. In other words, the borrower should be able to immediately pay between 15-35% of its value.
Among other things, you can not take a mortgage loan for real estate that does not meet the requirements of the bank. For example, secondary housing should be in good condition. A mortgage will not be given to an apartment in a house to be demolished. That is why the borrower will have to devote a lot of time to finding suitable housing.
What documents are needed for a mortgage at Sberbank?
To obtain a loan to purchase an apartment in Sberbank, you need to prepare a package of documents, which is formed from the following papers:
- passports
- income statements in the form of 2-personal income tax;
- additional certificates: passport, pension, military ID, driver’s license;
- labor book.
Instead of personal income tax, the borrower has the right to submit a certificate of sample bank. It is filled by the employer, making information about income, employee experience over the past six months and deductions. Basically, they resort to this option if the organization cannot provide standard data on 2-personal income tax. What other documents are needed for a mortgage in Sberbank, other than those listed? The financial institution may ask the client to submit additional papers to confirm the information.
How to get a mortgage loan with state support?
Mortgage with state support is designed to help vulnerable groups and low-income citizens. The program aims to increase people's purchasing power and stimulate the construction of new real estate for the population. True, a mortgage with state support does not allow you to buy a second home. It will be possible to get credit funds only for real estate in houses under construction and new buildings.
Many large banks - Otkritie, VTB-24, Sberbank, Gazprombank and others - take part in this project. But it should be understood that this mortgage loan will be obtained only from developers who are associated with partnerships with financial organizations or government agencies.
Mortgage loan expenses
Most people do not know how much they will have to pay for mortgages if they approve the loan. Often, this behavior leads to the fact that borrowers incorrectly calculate the full cost of the apartment. As a result, they later have problems with repaying a loan.
When buying a home on credit, you have to pay for various services, which can range from 3-10% of the value of real estate. For example, some banks charge a fee for considering a mortgage application. Moreover, if a financial institution refuses to receive a loan, the borrower fails to repay the paid money.
The main condition for obtaining a mortgage loan is an independent assessment of the acquired housing. Such a procedure is carried out to determine the amount of the loan. Most often, banks already cooperate with some appraisers. Therefore, the client does not need to look for experts himself. True, about 5-20 thousand rubles will have to be paid for such a service.
It will also be necessary to fork out for insurance. According to the current legislation, when buying an apartment you need to protect yourself from the loss of housing and its damage. In addition, banks may refuse to receive a loan if the borrower does not insure the ownership of the apartment and life. Therefore, insurers still have to pay a few percent of the cost of housing.
It should be remembered about additional commissions of financial institutions: for cell rental, wire transfer or cash withdrawal. If there are difficulties with repaying the debt, the bank will charge fines and penalties. It is advisable not to allow such situations in order to avoid problems.
Conclusion
Before taking a loan, weigh well all the consequences of this decision. Perhaps now such a financial burden will be unbearable, therefore, it is better to wait for a more favorable moment. Of course, to calculate all the costs of obtaining a mortgage is simply unrealistic. But when applying for such a loan, you should definitely consider your family budget and unforeseen expenses.