Mortgage object
To become an object of mortgage, real estate must meet some requirements. So, the apartment should not be communal, that is, should have separate bathrooms and bathroom. The house should be connected to water supply, sewage and heating systems. If the mortgage apartment is located on the top floor, then the roof of the house should be in good condition.
Stages of mortgage
To obtain a mortgage loan, you need to go through several stages:
• collection of documents;
• issuance of a loan with a bank;
• Search for a suitable property;
• conclusion of a loan agreement;
• repayment of a loan;
• The most joyful moment is the closure of the mortgage loan.
Mortgage lending conditions
Despite the fact that banks offer many different mortgage programs, the conditions of the mortgage can be reduced to one list of requirements.
1. Credit currency – rubles or US dollars. When buying housing in the primary market, the ruble is the leader in the calculations. On the “secondary” situation is the opposite – the owner of the housing sold is interested in receiving payment in dollars.
2. Under the terms of mortgage loans, the repayment of the loan occurs in the same currency in which it was received.
3. The interest rate ranges from 9 to 17% per annum in rubles, and up to 20% with dollar loan. The interest rate directly depends on the loan term: the longer it is, the more interest.
4. Loan size for the purchase of housing – from 10 to 90% of the cost of housing. The size of the loan, like all other mortgages, determines the bank. At the same time, the trustworthiness of the client, his financial capabilities and evaluative cost of housing are taken into account.
5. The mortgage loan term is from 1 year to 30 years. But the higher the age of the borrower, the more difficult it is for him to get housing on credit for a long time. In this case, the interest rate is higher, and the insurance conditions are stricter.
6. The initial contribution is at least 10%, but also no more than 30% of the cost of the purchased apartment. Again, the amount of the initial contribution is determined by the bank. With a modest initial contribution, interest will be higher.
7. For the right to pledge real estate, a mortgage is drawn up. This is a security that confirms that the apartment is in the pledge, and the bank has the right to receive debt obligations.
8. The borrower must insure his life, as well as in case of disability, damage or loss of an object of mortgage. All insurance costs are paid by the borrower.
9. The cost of the purchased housing is determined by an independent expert. When submitting an application for a loan, you need to attach a certificate of assessment of the apartment. The bank can conduct an additional assessment by its specialists.
10. As when receiving a consumer loan, the borrower submits a certificate of income over the past 6 months.