CrimeaPRESS reports:
A mortgage loan is a bank loan for the purchase of housing in installments. By drawing up a loan agreement, the borrower receives money to purchase an apartment, house, or cottage, which remains pledged to the bank as a guarantee of repayment of the mortgage debt. You can take out a mortgage on both already built housing and real estate under construction.
The importance of the right approach to applying for a mortgage
Before taking out a mortgage loan, it is important to assess your financial capabilities. Almost all banks have online calculators with which you can make preliminary calculations. Particular attention should be paid to two parameters:
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monthly payment is the amount that will have to be paid monthly; it is desirable that its size does not exceed 50…60% of the borrower’s income; otherwise, the bank may not approve the application;
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size of the down payment — depending on the bank and mortgage program, its value will be from 10 to 20% of the cost of the purchased property.
It is also important to provide for additional financial expenses that will occur during the mortgage process. For example, insurance of real estate and life of the borrower, registration of property rights, etc. In addition, it is advisable to have a “financial cushion”. This will be an emergency reserve that will help pay off the loan on time in case of temporary financial difficulties (loss of job, reduction in wages, other force majeure circumstances).
Step-by-step instructions for applying for a mortgage
To apply for a mortgage need to:
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prepare the necessary documents;
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complete and submit a loan application for consideration;
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select suitable real estate;
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draw up a purchase and sale agreement;
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conclude a loan agreement;
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obtain ownership rights and register the purchased property as collateral;
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register the transaction in Rosreestr.
Housing purchased with a mortgage will be considered the property of the borrower, but until the loan is repaid, it cannot be sold or given away.
Recommendations for choosing a bank for obtaining a mortgage
When considering bank offers, you need to consider the following:
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availability of mortgage programs with state support;
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the amount of the loan rate;
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the size of the initial contribution, the possibility of paying it at the expense of maternity capital;
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the amount of monthly payments;
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maximum loan amount and loan term;
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possibility of early repayment of the loan.
Review of banks for obtaining a mortgage
Almost every bank has mortgage lending programs. To understand the large number of offers, let’s consider the features of lending in the most popular banks. So:
- Rosbank offers mortgage programs for various housing: apartments on the primary and secondary markets, private houses, apartments, etc. You can apply for a loan for a period of up to 25 years; online applications are available. Customers note a large selection of loan offers that can be applied for without visiting the bank. It is also convenient that identification is available through the State Services service, and documents can be signed with an electronic signature.
- Promsvyazbank has program selection with a reduced loan rate for IT specialists, military, family. The initial payment is from 15% of the cost of housing, it can be paid with maternity capital. There are constant promotions from developers, and the “Easy Mortgage” service is available. Those who have taken out a mortgage from a bank note the possibility of lowering the interest rate and preferential conditions for existing clients.
- Alfa-Bank offers to apply for a mortgage online for new and secondary housing. There are options with government support, programs for IT specialists, as well as Far Eastern mortgages with a minimum loan interest rate. Those who apply online can expect a lower interest rate.
- Gazprombank has programs for lending to primary and secondary housing, interest rates from 1.5%. Remote application submission is available; the approximate amount of monthly payments can be calculated yourself using an online calculator.
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