When a person’s income is not enough to buy their own housing, and the value of real estate is growing rapidly, his only option is to get a mortgage.
The mortgage has a targeted nature, which has two sides - with its help, the borrower can acquire the desired apartment, but at the same time he becomes a debtor to the bank for a long time.
Thus, before you take a mortgage, you need to think carefully about your financial capabilities, whether the borrower will be able to make high payments on the loan throughout its term.
If a citizen decides to get a mortgage, then the first thing to do is to familiarize yourself with the requirements and conditions of banks.
Filing an application with a bank
Having decided to take a mortgage loan for housing, the borrower should contact the branch of the selected bank and submit an application. However, it should be understood that before the bank provides loans, it checks the borrower for compliance with certain requirements.
Therefore, it is recommended not to rush with the choice of the bank and choose the most favorable conditions, having studied the offers in several banks.
It is important to understand that bank advertising, which says about the possibility of obtaining a mortgage in just 2 documents, does not always correspond to reality.
In addition to the citizen’s passport and SNILS (or driver’s license), the potential borrower will need to submit to the bank a document confirming income, a work book, and documents for the purchased housing. In some cases, to approve the application for a mortgage, it will be necessary to attract co-borrowers or guarantors.
Before collecting the necessary documents and applying to the bank, it is recommended that you familiarize yourself with the offers of banks, compare their conditions, and perform a preliminary calculation of the mortgage.
For example, an offer with a lower interest rate of even only 1%, calculated in terms of long term loans and the high cost of real estate, can lead to significant benefits for the borrower.
The procedure for issuing a mortgage is regulated by federal law No. 102-FZ “On Real Estate Mortgage”. In case of violation of the rights and legitimate interests of the debtor, he has the right to protect his rights in court.
Major Mortgage Mistakes
Three years ago I took a mortgage.
Every month I give a third of my salary to pay off the loan. The developer promises to rent the apartment next year.
During these three years, I made all the mistakes of beginner mortgages. I signed the contract without bargaining, agreed to the first option proposed by the manager, did not control expenses and lived on credit, using a credit card with a debt of more than 150 thousand rubles.
I'll tell you in order.
How to get a mortgage right
- Independently collect information about the housing you are interested in: how it looks, what prices, who the developer is.
- Estimate the associated costs of money and time: repair, travel to new housing, where to live, while the house is being built.
- Look for the best mortgage terms yourself.
- Read the contract and sign only under those conditions that are clear to you and to which you agree.
- Before you get a mortgage, do a workout. Live a few months, putting off the amount of the mortgage payment and analyzing your budget.
- Do not allow unnecessary payments in the form of commissions or late fees.
In 2014, I decided to stop renting a house. For the same money, you could invest in a new building at the stage of the pit, and after a few years move into your own apartment. I looked through the announcements of a new residential quarter where they sell apartments for shares, and decided on the same day to go to the sales office to sign an agreement. They promised to rent the house in a couple of years. Far away, of course, but his own apartment.
Real estate can not be bought quickly and on emotions. The price, discounts, promotions and everything else that is mentioned in the advertisement does not matter. Before you go to the sales office, you need to study the state of the market, read the mortgage forums, check the documents (building permit, project declaration), personally go to the construction sites of the houses you like and make a rating.
Developers want you to make a decision on emotions. To do this, hold promotions, draw beautiful advertisements and are waiting for you in trendy offices with friendly managers. Let this not confuse you.
Evaluate housing under construction in terms of associated costs:
- where you will live, while the house will be built, and how much it will cost,
- how much will it cost to repair a new apartment,
- where is the new building and how much will you spend in the future on the road.
The fact that you can afford an apartment for 2 million rubles in a beautifully painted house on a poster does not mean that you will not regret this purchase later.
Waiting - shiny panels, evergreen lawn and blue sky
Reality - the house is no different from any other high-rise building
Developers offer apartments with finished decoration and beautiful design. You do not control the quality of this repair
If you refuse to finish, you can get an apartment in approximately this form. Self-repair will cost more, but you yourself will control the quality
My house must be rented by agreement in the summer of 2017
But the construction is not even nearing its end. This is a photo from the official photo report of the developer on December 1, 2016. My house is in the background on the left
I called the developer and booked an apartment. The manager said that the current price of the stock will be valid for only two days, so you need to complete the transaction as soon as possible.
The developer has an agreement with Solnechny Bank. If you take advantage of their mortgage offer, there will be additional bonuses: a reduced interest rate and a constant price for an apartment until the final transaction with the bank. The process is promised a simple one: you just need to transfer the documents, wait for the bank to approve the mortgage loan, and come to sign the contract. Everything is civilized and with a smile. (Still, such money is at stake!)
To get a loan, I collected and sent the required documents by e-mail (application, certificate 2-personal income tax, a copy of the passport), and a week later the loan was approved. True, the amount of the monthly payment is 2500 rubles more than I expected. In the "Solar" they said that this is due to the lack of credit history. But I decided that I’ll master a couple of thousand a month, and agreed.
After a couple of months, I looked through other offers and found banks with more favorable conditions, but it was too late.
Requirements for a future borrower in many banks are standard:
|Borrower age||The age requirement is a basic requirement for the borrower. Mortgages are allowed after reaching the age of 21 years.|
|Official employment||work under an employment contract is also an important requirement of banks. The borrower must have a total length of service, which is confirmed by a work record, for more than one year, in addition, work at the last place of work - more than six months.|
|Stable salary||high level of income, which allows you to repay a mortgage loan. Banks have an unwritten rule that after paying a monthly installment, the borrower has more than 50% of the income|
|Citizenship of the Russian Federation, registration at the place of residence||Applicants for citizenship of the Russian Federation, as well as registration in the region where the property is located, can apply for a mortgage.|
|Good credit history||If a citizen has a negative credit history, then the bank will most likely refuse to issue a loan.|
Also, banks may have additional requirements:
|Pledging an existing property||Owned by the borrower and at a high cost.|
|The borrower is a client of the bank||Receives a salary on an open card at a bank or a deposit|
|attraction of co-borrowers or guarantors||It should be understood that the spouse automatically becomes a co-borrower for a mortgage loan|
|Submission of other documents||which may require a bank|
Different banks have different requirements for borrowers, their specific list should be clarified with a bank employee.
A large amount of money is issued on a mortgage, therefore banks seek to minimize their risks of non-repayment of borrowed funds.
Many potential borrowers are interested in whether you can re-take a mortgage in a bank in which you have already taken a housing loan earlier. There are no restrictions on the number of loans from credit institutions.
Mortgage loan can be issued an unlimited number of times. However, you can re-get a mortgage at the bank only if you have a positive credit history of the borrower, no delays in previously taken loans.
What can I get a mortgage at Sberbank?
You can apply for a mortgage loan in 2019 at the following facilities:
- finished housing - an apartment in a new building or secondary housing,
- object under construction - an apartment in an apartment building under construction,
- Vacation home,
- car place.
Also, in Sberbank you can take an inappropriate mortgage secured by real estate.
How to increase the chances
Even if the borrower fulfills all the requirements of the bank, there is no full guarantee of approval of the application for a mortgage.
Each bank has its own conditions for the provision of borrowed funds. In case of refusal in one bank, do not give up.
It is advisable to apply to several credit organizations, thereby increasing your chances of obtaining a loan and buying the desired apartment.
Do not make any preliminary calculations with the seller, without receiving a positive decision on the application for the selected housing.
There are several ways to increase the chances of approving an application from a bank:
|Providing all the necessary list of documents||Having learned from a bank employee what papers are required for lending a home purchase, it is recommended to collect a complete list of all papers. It will take some time, but this will increase the chances of a positive decision by the bank. In addition, by collecting the maximum possible list of documents, the bank can lower the interest rate|
|Repayment of existing loans||If the borrower has overdue loans, then the chances of obtaining approval for a mortgage are small. Therefore, to increase the likelihood of issuing a mortgage, you should correct your credit history by repaying all past due loans|
|Work in a reliable organization||Registration under an employment contract with a reliable employer, a large company, makes the bank's attitude to the borrower more loyal. Work in a small company or for a private entrepreneur reduces the chances|
|Property ownership||which has liquidity, and its cost significantly exceeds the size of the mortgage loan. This property may act as collateral, which will increase the chances of approval of the application.|
|Contractual guarantee||In the case of registration of surety len family or friends on the loan, which will be jointly and severally liable in case of violation of obligations under the mortgage agreement, the likelihood of approval of the application also increases|
|Down payment||The larger the down payment, the greater the chances of a loan|
In addition, you should make a good impression in the bank branch, the appearance of the potential borrower is also of great importance.
If the borrower cannot independently fulfill the above conditions, then the only option is to turn to the services of a credit broker. They provide assistance in selecting a bank, preparing documentation and preparing an application.
How to get a mortgage
There are two ways to get a mortgage loan:
|Regular mortgage||Repaid in full by own funds|
|Social Mortgage||Part of the loan is repaid from the state budget|
If the future borrower is entitled to a preferential mortgage, then he can count on partial repayment of the loan at the expense of public funds.
Types of social mortgages:
- According to the program, a young family.
- Housing for state employees.
- Military mortgage.
- For young professionals
No down payment
The conclusion of a mortgage loan agreement requires payment of a down payment of 10-30% of the value of the property.
In the absence of own funds for the initial capital contribution, one should not count on a positive decision by the bank.
It is allowed to use maternity capital funds or subsidies from the state as an initial contribution.
Young families can apply for a social program that allows you to purchase an apartment at preferential terms.
To participate in this program, you must meet the following requirements:
|Marriage must be officially registered||either single parent|
|Age requirements||Each spouse must be no older than 35 years|
|Stable and steady income||repayable mortgage|
|The need to improve living conditions||get the status of a poor family|
It is not possible to get a mortgage under the Young Family program at all banks.
First of all, a young family needs to collect a set of documents and apply for participation in the program and register with the local administration as being in need of better housing conditions.
You may have to queue for a long time.
Having children will accelerate the realization of the right to social mortgage.
After that, the family receives a housing certificate, which must be submitted to the bank that participates in this program and apply.
In the future, the procedure for obtaining a mortgage loan is the same as with a conventional mortgage.
The state subsidy, the amount of which is 20 - 40% of the value of the purchased property, can be used as an initial contribution or to pay interest.
With maternity capital
Matcapital funds are reimbursed to the family in which the second or subsequent child was born, if a certificate was not previously issued.
Maternity capital can be used only for the purpose of acquiring housing in a mortgage, for which a corresponding certificate is provided to the bank.
Often, a certificate of maternity capital is made as a down payment.
Is it possible to take a mortgage for pensioners, see the article: mortgage for pensioners.
However, some banks require, in addition to the certificate, depositing their own funds, otherwise the application will not be approved.
Maternity capital funds can also be used to repay an existing mortgage loan.
Why do you need to submit an application to the bank with the state certificate attached, in accordance with the terms of the grant.
In another city
A non-resident mortgage is an uncommon banking offer that few borrowers know about.
In some cases, it becomes necessary to issue a mortgage in another city. For example, when a child enters study in another subject or when planning to move for any reason.
In this case, you can contact the bank in two ways:
|At the place of residence||which is located in the city where the borrower lives and indicate in the application that a mortgage loan is required in a particular city|
|At a bank branch in another city||in which the borrower is going to buy a home|
The main requirement for issuing a non-resident mortgage is to find the branch of the selected bank in the city where the purchase is planned.
If in this city there is no branch or branch of the required bank, then it is impossible to get a loan in it.
The selection of housing is a necessary step in obtaining a mortgage.
However, choosing an apartment if the application for a mortgage has not yet been approved is meaningless.
Each bank has special requirements regarding the object of the pledge, especially when applying for a mortgage of a private house. In particular, such an object must have a reinforced concrete foundation, and the walls are made of brick, stone or foam blocks.
With respect to the apartment, liquidity requirements are made so that the bank can quickly sell it in case the borrower violates his obligations under the contract.
Also, the condition of the bank is that the cost of housing exceeds the loan amount by 10% or more.
Banks may be subject to various conditions, for example, so that the year of construction of the apartment building, the degree of depreciation of the property, as well as technical specifications, etc.
Mortgages are obtained in stages:
|Bank selection||The choice of the bank for the loan is carried out by the borrower independently, depending on the conditions. It is recommended to study the offers of several institutions, get acquainted with existing programs and their conditions, perform a preliminary loan calculation|
|Submission of application form||Typically, the bank form contains a detailed questionnaire on the borrower|
|Object selection||Following the approval of the application, you should proceed with the selection of housing, in accordance with the criteria of the bank regarding collateral real estate.|
|Collection of documents||According to the list received at the bank|
|Advance payment to seller||Drawing up a preliminary contract of sale. The date of the transaction is determined for signing the contract with the bank and registration|
|Concluding a mortgage agreement||Регистрация перехода права собственности, регистрация обременения недвижимого имущества|
|Оформление страховки||insurance of a pledge object is a prerequisite, according to the Federal Law "On Real Estate Mortgage (Pledge)". Other types of insurance are at the request of the borrower|
Until the full repayment of the mortgage, the bank has the right to pledge the purchased housing.
The borrower can own and use the housing purchased on credit, but cannot make transactions with him without the consent of the bank, for example, sell or donate.
Collection of documents
The list of documents can be obtained after a positive decision on the application.
Together in the application you will need to submit:
Passport of a citizen of the Russian Federation, a document confirming the borrower's income and an additional document of choice (SNILS, driver's license).
If the application is approved, the borrower needs to prepare the following documents:
|Employment history||copy certified by the accounting department at the place of work|
|Document of choice||SNILS, driver's license, etc.|
|Help on form 2-personal income tax||and technical documents for the property|
When attracting guarantors, the same documents are required from them.
Documents for collateral real estate (most of which can be obtained from the seller):
|Report on the market value of the object||and its detailed description (ordered from an appraisal organization)|
|Extract from USRN||proof of ownership of housing (from Rosreestr)|
|Title document||contract of sale, exchange, gift, privatization act|
|Technical or cadastral passport||with an apartment plan (issued by BTI)|
|Preliminary contract with the seller||In the presence of|
Within a few days, the bank checks the submitted documents. It should be understood that the bank may refuse to issue a mortgage without explanation.
In case of bank failure due to non-compliance of the selected housing with the established requirements, the borrower will need to choose another housing that will satisfy all the bank's criteria.
Mortgage is a tool that allows you to purchase your apartment without a long process of accumulating funds.
Mortgage lending is beneficial due to the fact that throughout its term, which is, on average, 15 years, the cost of housing does not change, regardless of the economic situation.
Video: How to get a mortgage for an apartment:
Where is a mortgage loan provided at Sberbank?
You need to apply for a mortgage in the branch of Sberbank, which is located:
- at the place of registration of the borrower,
- at the location of the property, which is taken in a mortgage,
- at the place of accreditation of the employing company of the borrower or co-borrower.
Before applying for a mortgage at Sberbank, you need to answer your own questions:
- Is my job stable? What prospects for work can I have in the future?
- Will I be able to regularly pay the right amount to the bank?
- Can I have unforeseen expenses? How then can I repay the loan?
If you are in doubt about whether you can repay your mortgage debt on time, first calculate the amount of monthly payments using the online calculator on the official website of Sberbank - www.sberbank.ru.
Having chosen the necessary mortgage program, you need to click on the button “Calculate mortgage”.
What do you need to take a mortgage at Sberbank? Who can take a mortgage?
In order for the bank to approve the candidacy of a potential borrower, certain criteria must be met.
The conditions for taking a mortgage at Sberbank are as follows:
- The age of the borrower is not less than 21 years, and at the time of repayment of the mortgage - not more than 75 years.
- Work experience in last place - at least 6 months and at least 12 months total over the past 5 years.
- The borrower must be a citizen of the Russian Federation.
- Mandatory involvement of co-borrowers, which should be the spouse of the borrower, as well as other persons.
How old can I get a mortgage for an apartment in Sberbank?
It all depends on the chosen mortgage program, as well as the loan term.. If we are talking about a standard program, then the bank clarifies that at the time of repayment of the mortgage, the borrower should be no more than 75 years old.
For example, if a person is 65 years old, then he can take an apartment in a mortgage, but only for 10 years, that is, until he reaches the age of 75 years.
If the mortgage is provided under two documents (without proof of income and employment), then the borrower will need to pay the bank before reaching the age of 60. And on a military mortgage, the maximum age of the borrower is no more than 45 years.
Can I get a mortgage if I already have a mortgage at Sberbank?
It is possible to take a second mortgage without paying off the first one at Sberbank, but this is a problematic and lengthy process. Not every client provides a bank with such an opportunity.
However, if a person wants to get a second mortgage, then he must meet certain bank criteria:
- The borrower must prove its solvency. The salary or income of the client must be high so that he can repay both current and previous debt. The bank will consider the application for the provision of another mortgage to the client only if the minimum payment of the client for each mortgage will be no more than 15% of his official salary.
- The borrower should not have delays in payments of the first mortgage. He must have a positive credit history.
- Take a second mortgage without paying the first at least 70%, will not work. The more debt the borrower repays under the first contract, the more chances he will have to get a second mortgage.
- Mandatory pledge of real estate and its insurance. The Bank will not approve the application for a new mortgage if the property that the client sets as a security does not overlap the amount of the amount of the resulting debt for the previous mortgage.
Is it possible to take a mortgage at Sberbank with a bad credit history?
If a client previously took a loan or a mortgage, while he had problems with payment: there were delays, payments were received to the bank irregularly, then the bank can put it in the customer database with a bad credit history. And then the chances of getting a mortgage in banks are reduced to zero.
Sberbank may consider the candidacy of a potential borrower for a mortgage even with a bad credit history. The Bank will make concessions to the client only if the credit history of the borrower is not badly damaged, and also if:
- the client receives a salary on a Sberbank card. In this case, it will be easier for the bank to claim the necessary amount of the monthly payment from it. It will simply automatically deduct money for a specific date,
- the client will take a mortgage with a down payment of 50% of the cost of housing,
- the client wants to take a mortgage for a small amount. For example, if he wants to buy an apartment in the secondary market, the bank may approve the application. If the client plans to buy a country house or apartment, then the bank may refuse.
If you understand that with these conditions Sberbank will not give you a second mortgage, then you need to try to fix your credit history - close old loans.
How to apply for a mortgage in Sberbank for an apartment? What documents are needed?
To apply for a mortgage, the borrower needs to provide the bank with a specific set of documents. The standard set includes the following papers:
- Application (online or handwritten)
- the civil passport of the borrower, as well as all co-borrowers,
- documents for collateralized real estate (sale contract or other, confirming the fact of ownership of real estate),
- documents confirming the income of the borrower - certificate 2 –NDFL or in the form of the Bank,
- documents confirming the employment of the borrower - a work book or an employment contract, a certificate from the place of work about the position of the employee and his experience.
In addition to these documents, the bank may request additional securities depending on the mortgage program:
- “Mortgage with state support for families with children” - certificate of birth of the child (all children), marriage.
- "Mortgage plus maternity capital" - certificate mat. capital, a certificate from the Pension Fund on the balance of money in the account.
- “Military mortgage” - a certificate of the right of a participant in the accumulative-mortgage system of housing for military personnel to receive a targeted housing loan.
Is it possible to take a delay on a mortgage at Sberbank?
A client can reckon on a deferral of a taken mortgage only if he has provided documentary evidence of why he cannot repay the mortgage at the moment.
In order to obtain a delay, the borrower needs to write a statement to the bank, where the reason for the delay should be indicated, for example, the birth of a second child.
A bank may approve a deferral only in the following cases:
- if the borrower is on maternity leave,
- he was drafted into the army,
- he lost his job
- wages are being delayed
- the borrower has lost the breadwinner,
- a child was born in his family.
If the bank makes a positive decision on the postponement, then it changes the terms of the mortgage agreement - reduces the amount of the monthly payment, increases the length of the loan term.
Moreover, a delay is granted for a period of up to 1-3 years, depending on the reasons for the client’s insolvency. However, the delay does not exempt the client from paying interest on the contract.
What should be the salary to take a mortgage at Sberbank?
Nobody will call you a specific figure. It all depends on the type of property that the borrower plans to take on a mortgage.
If he wants to buy an apartment worth 50 million rubles with a salary of 30 thousand rubles, then the application will not be approved. You need to understand that the cost of mortgage obligations should not exceed 40-50% of his official salary.
Please note that we are talking only about the income that is indicated in the certificate 2-personal income tax or in the certificate in the form of the Bank. If a person cannot confirm his income (for example, he is not officially employed), then Sberbank will refuse to issue a mortgage to him.
If there is not enough salary to take a mortgage, you can check with a bank employee whether he will take into account the borrower's additional income: for example, interest from a deposit, availability of securities, money from renting an apartment, from combining work, etc.
How much do you need to work out to get a mortgage at Sberbank?
For many mortgage programs, the borrower work experience for obtaining a mortgage should be:
- at least 6 months in the last place of work,
- not less than 1 year in the last 5 years.
However, there is an exception to this rule. So, if a client of Sberbank receives a salary on the card of this bank, then only the first rule applies to him - he can take a mortgage if he works for at least six months at his last workplace.
Reasons for the refusal to issue a mortgage at Sberbank
Find out the reason for the refusal to issue a mortgage will not work. This is confidential information, so bank employees do not disclose it. Therefore, the potential borrower should carefully study all the rules, observe the necessary conditions for his application to be approved.
Most often, Sberbank refuses to issue a mortgage for the purchase of housing for the following reasons:
- bad credit history
- inaccurate information in documents submitted to the bank (for example, certificate 2 –NDFL does not correspond to reality),
- other outstanding loans
- insufficient income of the borrower,
- non-compliance with basic requirements - for example, a person does not fit the age framework.
Sberbank offers its customers a large number of mortgage programs that are suitable for buying a new building, an apartment on the secondary market, a house and even a garage. For each client, the bank has developed individual programs. Before taking a mortgage at Sberbank, you need to read the terms of its provision.
If the borrower is happy with everything, then he sends an application, collects documents, looks for housing, agrees with the seller, provides real estate documents to the bank, draws up a sales contract, registers property rights to real estate, draws up insurance, and only then signs a mortgage agreement.
If a client has a positive credit history, stable work with good earnings, and there is collateral, then he has a higher chance of obtaining approval of a mortgage application.
If the client cannot confirm his income, he has a negative credit history, there are no co-borrowers, then the bank will refuse to issue a mortgage to him.