House on credit — mortgage on individual housing construction in 2023
According to the results of the first half of the year, the demand for housing loans in the field of individual housing construction is almost twice as high as in the same period in 2022. At the same time, the authorities and banks continue to modernize the product. Thus, DOM.RF and the Ministry of Construction are developing a unified mortgage program with subsidized rates for all segments of individual housing construction. Company experts
New offer from the market leader
In June 2023, at the St. Petersburg International Economic Forum (SPIEF), Sberbank presented a new type of mortgage for individual housing construction. Now customers have the opportunity to take a loan secured by land. The collateral for such a loan will be land for construction and a residential building after its registration. The loan is issued in parts for each stage of the construction of the cottage (foundation, walls, decoration, etc.). Consequently, borrowers can save by paying interest only on the funds actually used. Clients should pay attention to this scheme, because it does not require the imposition of a pledge on other real estate or the search for guarantors.
What the coming day has in store for us
Also in June, the authorities announced plans to subsidize lending rates in the field of individual housing construction. “Together with the Ministry of Construction, we are actively involved in the development of this segment, we are developing a unified mortgage program for all types of individual housing construction, including both an economic method, including with the involvement of a contractor or a manufacturer of house kits, and construction under a share scheme,” said the CEO of DOM .RF» Vitaly Mutko. There are no other details yet. But, given that preferential programs are already spreading to the suburban market, we are probably talking about the upcoming emergence of new targeted programs or modifications of existing ones. However, this is not a reason to postpone the purchase of a cottage. On the contrary, the expansion of “targeted” support measures will apparently be accompanied by the curtailment of basic preferential mortgages.
Where can you build
Not every site is suitable for individual housing construction. Before taking out a loan, you need to make sure that the selected land provides for individual housing construction as a type of permitted use. If you intend to build a house for seasonal residence (without the right to permanent registration), plots for personal subsidiary farming or gardening are also suitable. The land category can be found on the Rosreestr portal rosreestr.gov.ru. From March 1, 2022, the government allowed the construction of residential buildings on agricultural land owned by peasant farms. However, then you are obliged to engage in agricultural activities on it. The law does not prevent obtaining a mortgage for the construction of houses on leased plots, but a permit for individual housing construction is required in an agreement with the owner of the land.
What houses can be bought and built
Individual housing construction involves the construction of houses on a land plot with an appropriate VRI with a height of no more than three floors and 20 meters. At the same time, cottages cannot be divided into several real estate objects, for example, they cannot be turned into townhouses. Other requirements depend on the specific bank. As a rule, a ready or under construction house should be equipped with the most important communications (electricity and water supply, sewerage, heating). In addition, most banks issue mortgages only for cottages built not earlier than 2000, with an area of up to 300 square meters. m and do not require major repairs.
The list of requirements for borrowers for each credit institution is individual. If you do not meet the criteria of a certain bank in terms of age, the amount of the down payment or the amount of collateral, it does not mean that you will be denied another. To apply for a mortgage, you will definitely need a passport, a certificate of income and tax withheld (formerly 2-personal income tax), an extract from the USRN, a response from the local administration on approval of construction (not needed for those who purchase a finished house).
In 2023, state-supported mortgage programs continue to operate on the IZHS market. They are the most important driver of its development. A preferential mortgage of 8% allows you to get a loan for building a house, including on your own. A family mortgage of 6% allows only the construction of a cottage with the involvement of a contractor or developer. IT-mortgage 5% applies only to the primary market (ready cottages and plots with a contract). In the Moscow region, the maximum loan amount is 30 million rubles, but the subsidized rate applies to amounts up to 12 million rubles. Rural mortgages with a rate of up to 3% are not valid in the Moscow Region.
Since the pandemic period, there has been a sharp increase in the demand for individual housing construction, — summarizes Ruslan Syrtsov, Managing Director of Metrium. — The growing trend towards environmental friendliness was supported by legal changes: softening the conditions for issuing mortgages, expanding preferential programs, allowing you to freely choose how to build a house — with the participation of a contractor or on your own. The IZHS lending segment is one of the fastest growing. In 2022, the volume of loans for the construction and purchase of cottages tripled, by the end of 2023 it may double. High demand is explained, among other things, by the fact that banks have the right to subsidize preferential loans. For example, in DOM.RF, the family mortgage rate starts from 4.8% per annum, in Sberbank — from 5.3%.