The economic situation of recent decades leaves much to be desired. Due to the lack of well-paid jobs, many families are not able to purchase their own housing. Some decide to save for an apartment for years, while renting a house, while others turn to the bank for help. How to take a mortgage? First of all, it is worth exploring the proposals of popular financial institutions.
What is a mortgage
Many construction companies today work with commercial banks and other popular financial institutions. Such interaction is beneficial to both parties. Credit housing is an opportunity to conclude a deal for both the developer and the bank. The client himself also wins, who, without having a large amount, can move into housing purchased on credit.
A mortgage is a
type of lending. The main condition for this is the registration of real estate, which is purchased under the contract, on bail. This is an additional insurance for all parties to the transaction. If the client is unable to repay the loan for a number of reasons, the housing is transferred to the bank. As a result, no one owes anyone. What is more profitable to take a mortgage or a loan? The latter option is more acceptable when it comes to acquiring an apartment or house.
What nuances you need to know
Any loan is a debt obligation. Therefore, before concluding an agreement with a financial institution, it is worth examining its conditions. First of all, it is worth paying attention to the interest rate, studying the issue of the presence of hidden commissions. These indicators will primarily affect the amount of overpayment on the loan. Which mortgage is more profitable to take? Pay attention to those proposals that suggest the possibility of early repayment of debt without penalties.
Particular attention should be paid to the choice of a bank with which a transaction will subsequently be concluded. It is beneficial to take a mortgage for a young family at Sberbank. The conditions will be described below. In general, it is undesirable to conclude an agreement with a financial institution that has been operating on the market for less than 5 years.
Another important point worth paying attention to is the total income of the family. It will not be possible to take out a loan against bail if the estimated minimum payment under the contract will exceed 40% of this indicator.
Sberbank
This financial institution is today the leader in mortgage lending. According to the terms of the bank, you can purchase real estate both in the finished house and at the construction stage. How to take a mortgage? It is worth paying attention to proposals with state support. Positive is the fact that the transaction is in rubles. Therefore, the overpayment on the loan will not be tied to the foreign exchange rate.
Any citizen of Russia who has reached the age of 21 years can become a client of the bank. The contract can be concluded for a period of 1 to 30 years. It should be borne in mind that the longer the client owes to the bank, the greater will be the total overpayment. At the same time, with a short loan period, the minimum monthly payment will be larger. The annual interest rate on the loan is 11.4%. A prerequisite is an initial payment of at least 20% of the total value of the property. How to take a mortgage at Sberbank? Increase the down payment amount!
Tinkoff Bank
Those who are interested in which mortgage is more profitable to take should pay attention to the proposal of this financial institution. The fact is that Tinkoff Bank offers an annual loan interest rate of 10.5%. The loan term is the same as in the previous case - 30 years. There are no hidden fees. An adult client can conclude a deal to purchase housing not only in the primary, but also in the secondary market.
Tinkoff Bank has convenient online support. Everyone can register their data at home and send an application for a loan. If the financial institution approves the request, it remains only to collect the necessary package of documents and go to the nearest bank office to sign the contract. In addition, the official website has a convenient loan calculator that allows you to pre-calculate how it is profitable to take a mortgage.
"Opening"
The financial institution is relatively young. Despite this, the number of customers is only increasing due to favorable credit conditions. Overpayment under the contract will directly depend on the down payment. What is the most profitable mortgage for a young family? The most attractive are deals regarding apartments in new buildings. A financial institution offers a rate of 11.3%. The advance amount must be at least 20%. The cost of housing cannot exceed 8 million rubles.
Those who want to buy an apartment in the secondary market will be able to conclude an agreement with a rate of 12.75%. Moreover, the down payment should already be at the level of 30%. The maximum loan term is 30 years. As an initial contribution, maternity capital may be used.
On the bank’s website, you can also apply for a mortgage loan or calculate the estimated costs.
Trans Capital Bank
If you study the question of which bank is beneficial to take a mortgage, Muscovites' reviews show that Trans Capital Bank offers the most attractive conditions. Everyone can purchase real estate in the Assumption Quarter residential complex at only 8% per annum. The only negative is a short loan term. A mortgage can be issued for only 8 years. Such an offer will be convenient for people with high wages.
Trans Capital Bank offers to purchase real estate in the secondary market at 11.9% per annum. The loan term is 25 years. The maximum transaction amount is 20 million rubles. The down payment should not be less than 20% of the collateral value of housing. The reviews show that at any stage, early repayment of the debt without penalties is possible.
A financial institution provides for the use of maternity capital as a down payment. In this case, the advance payment must be made within 3 months from the date of conclusion of the transaction.
Promsvyazbank
This financial institution today offers the most favorable credit conditions, according to reviews. To conclude a transaction, the client must provide information about the official place of work, the period of stay at which can not be less than 4 months. How to take a mortgage for an apartment? All you need to do is apply with the passport of a citizen of the Russian Federation, as well as an identification code to the nearest bank branch. The lowest rate (5.99%) will be offered to those who want to purchase housing in a new building. A prerequisite is the age of the borrower at the time of conclusion of the contract is 21 years. Such a low interest rate is offered only to those customers who have been served at Promsvyazbank for more than a year.
Clients who first seek help from a financial institution will be offered a rate of 11.4% per annum on condition of purchasing an apartment on the primary market and 12% on condition of purchasing housing on the secondary market. The maximum loan term is 25 years.
Russian Agricultural Bank
The terms of this credit institution cannot be called the most favorable. Along with this, the bank takes fourth place in terms of reliability, according to data provided by the Central Bank. The mortgage rate depends on the advance made by the client. So if you pay more than 50% of the initial cost of real estate, the annual percentage will be at 11.5. The minimum advance under the terms of the bank is 10%. At the same time, the annual rate will be at the level of 12.9%. The maximum loan term is 30 years. The transaction may be concluded for a total amount of 20 million rubles.
How to take a mortgage? Reviews show that, in addition to paying an impressive advance, it will also be necessary to confirm your income. The bank carefully evaluates the solvency of customers. A financial institution may consider an application for a mortgage transaction for up to 5 business days.
Where and how to get a mortgage: step by step instructions
Those who decide to purchase housing on credit will have to act according to the following scenario:
- To study the offers of popular financial institutions, choose the most suitable option.
- Send a preliminary online request to the selected bank.
- If yes, collect the necessary package of documents. Mandatory include: passport of a citizen of the Russian Federation, identification code, military ID if available, document on marital status (presence of children), income statement for the last 6 months.
- At the appointed time, come to the bank with the package of documents and conclude a mortgage agreement.
In addition, the financial institution will require documents relating to the property, which is a pledge. In addition, the bank may request income data for other family members. The higher the total income, the more likely the bank will give a positive answer.
Mortgages can be beneficial for those who are confident in the future. In the absence of stability, it is not worth concluding an agreement with a financial institution.