Family mortgage: conditions in the current year

CrimeaPRESS reports:

Russian families, portal experts say Compare.ru, they can still get a mortgage at a rate of 5-6% per annum. We tell you who is entitled to a family mortgage, what housing it applies to and where to apply for it.

Family Mortgage Conditions – 2023

The base rate for a family mortgage is 5% for residents of the Far East and 6% for residents of other regions of the Russian Federation. Banks can make discounts for customers, so you can find offers with lower rates.

The maximum amount of a family mortgage reaches:

• 12 million ₽ — in Moscow, the Moscow region, St. Petersburg and the Leningrad region;
• 6 million ₽ — in other regions of the Russian Federation.

If housing costs more than 6-12 million ₽, then together with a family mortgage, you can apply for a mortgage at a market rate — for the missing amount.

For example, if you need to take out a loan for 15 million ₽, then 12 million ₽ can be taken at 6% per annum, and the remaining 3 million ₽ — at the bank’s market rate (an average of 11.06% per annum for a mortgage on a new building, according to May 2023 ).

Family mortgages can be taken out for a maximum of 30 years.

The initial payment must be at least 15% of the cost of housing.

The family mortgage program is valid until July 1, 2024 (before this date, you need to have time to conclude an agreement with the bank).

And families with a disabled child with a date of birth before December 31, 2023 can apply for a family mortgage until December 31, 2027.

Who can apply for a family mortgage

You can apply for a family mortgage in 2023:

• families with a child born between January 1, 2018 and December 31, 2023;
• families with two or more children under 18;
• families with a child with a disability.

A family-supported mortgage can be taken by any parent. The borrower and his child (children) must have citizenship of the Russian Federation.

What type of home can you buy with a family mortgage?

As part of a family mortgage, you can buy:

• Finished housing — from the developer (legal entity or individual entrepreneur) under a sale and purchase agreement: an apartment, including in a townhouse, a private house, a house with a land plot, part of a townhouse.
• Housing under construction — from the developer under the DDU or from the investor (legal entity or individual) under the contract for the assignment of rights of claim: an apartment, including in a townhouse, a residential building, part of a townhouse.
• Resellers — from individuals in rural areas in the Far East.

In addition, as part of a family mortgage, you can build House, but not on their own, but under a contract with a legal entity or individual entrepreneur. The house can be built on your own land, or you can purchase an empty building site or one on which the house is already being built.

Can you refinance a regular mortgage with a family mortgage?

Yes, conventional market mortgages can be refinanced under family mortgages. In particular, Sberbank refinances a market mortgage under a family mortgage if:

• the mortgage is issued in another bank and has not yet been refinanced in Sberbank (but could be refinanced in any other bank);
• more than 180 days have passed since the loan was issued, and more than 90 days are left before the loan is closed;
• the mortgage was taken for the purchase of real estate in a new building;
• There are no overdue debts on the loan.

Where can I get a family mortgage and at what rate

Family mortgages can be issued in one of the 55 banks participating in the program, here are the largest of them:

• Sberbank — rate from 5.3%, from 4.7% for the Far Eastern Federal District.
• VTB — rate from 5.5%, from 4.5% for the Far Eastern Federal District.
• Alfa-Bank — a rate of 5.8%, from 4.8% for the Far Eastern Federal District.
• Bank «Dom.RF» — a rate of 5.5%, from 5% for the Far Eastern Federal District.
• Gazprombank — rate from 5.45%, from 4.6% for the Far Eastern Federal District.
• Promsvyazbank — rate from 5.5%, from 5% for the Far Eastern Federal District.
• FC Otkritie — the rate is from 5.1%, from 5% for the Far Eastern Federal District.
• Rosbank — a rate of 5.7%.
• Rosselkhozbank — rate from 5.5%, from 5% for the Far Eastern Federal District.
• Moscow Credit Bank — rate from 5.55%.

The minimum rates in these banks may be even lower for certain categories of clients (in particular, for payroll clients) or when registering paid services (electronic registration of a transaction).

What other housing benefits do families with children have?

For families with many children, the government allocates a subsidy of 450,000 rubles for mortgage repayment.

Also, maternity capital can be partially or completely directed to the purchase or construction of housing.

In addition, Russians are entitled to a tax deduction when buying or building real estate with a mortgage — up to 650,000 rubles in total.

When writing the article, Compare did not cooperate with banks. Mortgage rates are valid as of June 13, 2023.

source: Compare.ru

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