Recently, the credit market of the Russian Federation is undergoing great changes. This is due to the fact that a huge number of banks could not survive the first years of the financial crisis. In many organizations, a service such as a mortgage has completely changed. Russian Agricultural Bank is an excellent example of new trends in the credit market.
Due to exchange rate fluctuations during the crisis, many were forced to offer their investors very high interest rates, which, in turn, led only to further bankruptcy. In addition, many organizations were forced to invest their money in enterprises with a very high risk, which for many ended very badly. Such a policy of financial organizations greatly undermined the confidence of the ordinary user. It was because of the struggle for the consumer that banks were forced to change their lending programs in the direction of greater convenience and fewer hidden fees. An important role here was also played by the recently adopted bill protecting the rights of both depositors and borrowers of the bank. Now the financial institution is obliged to provide the most complete and timely information on all requested payments related to the execution of the loan program.
Russian Agricultural Bank: mortgage, conditions of 2013
With the development of modern technology and the credit market, obtaining a loan program is greatly simplified. Now you donโt have to break through a bunch of papers to get a service like a mortgage. Russian Agricultural Bank provides its loans at soft interest rates - from 12 to 14% per annum. You can get such a loan simply by filling out an application form and providing the financial organization with the necessary package of documents:
- Valid passport of a citizen of the Russian Federation;
- active registration near one of the branches of the Agricultural Bank;
- a second document that can confirm the identity of the client;
- guarantor's signature.
Purchased real estate usually acts as a collateral in the design of a program such as a mortgage. The Agricultural Bank is ready to consider as collateral not only completed real estate, but also shares in a house under construction or land. Young families should also remember that there are several government subsidies that can help resolve the land issue with a minimum of effort.
Russian Agricultural Bank: mortgage for construction
In addition to designing a program for ready-made housing, the borrower can get a loan for real estate in a house under construction. This program will be slightly different from the standard. The first difference is the increased interest rate under the program until the house is commissioned. The percentage will be about 16%. However, upon completion of construction, the rate will be lower than the total mortgage program. In this case, the Agricultural Bank will provide a loan at 13% overpayment per year. Making a
loan for a house under construction is the most wise option. In this case, an overpayment on a loan will just cover the difference between a newly built apartment and an apartment in an old house.