Banks offer different mortgage programs. Consumers who need new housing can choose a suitable program and buy real estate on the secondary market. Keep in mind that banks have strict requirements not only for borrowers, but also for real estate.
There are many banks, and you must choose the one that offers the most favorable and suitable conditions. You must provide a package of documents, after studying which the bank will be convinced of your solvency. The borrower's ability to repay the debt is the most important aspect when deciding whether to issue a mortgage loan.
Having chosen a bank, write an application for a mortgage. As soon as your application is approved, feel free to start collecting the necessary documents and look for a new apartment. Having chosen suitable housing, notify the bank, which will evaluate it and insure the housing. This is followed by a procedure whereby money is transferred according to the established scheme.
Usually it looks like this: you pay the down payment, after which the bank buys the apartment. You move into a new home and begin paying the bank a certain monthly amount and the interest due. It is best to purchase real estate in brick houses with reinforced concrete floors. Before concluding a contract, you need to impartially assess your financial capabilities and understand whether you can pay a mortgage loan.
What documents are required
To apply for a mortgage, the following documents are required: Russian passport (copy of all pages), information on income in form 2-NDFL (copy and original), application form, work book (two certified copies). Contractors must provide a certificate of service and a contract (two certified copies of each document), a pension certificate, and permission to process personal data. Men of military age must provide a military ID (with a copy of all pages).
It is better to check the list of documents with a bank employee or on the organization’s website. This will help save time. If you are a private entrepreneur, then the package of documents will require the submission of several more types of papers.
In addition to the listed documents, for an apartment that is being purchased with a loan. You will need to collect: copies of the sellers’ passports, documents for ownership of the living space, certificates of persons registered in the apartment; a copy of the apartment, the original housing assessment certificate (issued by the appraiser), as well as the appraiser’s certificate. A document confirming the absence of encumbrances from the Federal Registration Service is also required. In addition, sometimes the bank may require guarantors as an additional guarantee of your solvency.
1. What is a mortgage for an apartment on the secondary market
2. Sequence of actions
3. Which is better: a mortgage for an apartment, a new building or rent
Real estate prices are constantly rising and mortgage lending is becoming increasingly popular among the Russian population. Typically, a mortgage is used to purchase an apartment. You can buy an apartment with a mortgage loan on both the primary and secondary real estate markets. In this article we will pay special attention mortgage for an apartment on the secondary housing market.
Let's figure out what the “secondary market” is. The name speaks for itself - it means that legally you will not be the first owner of the apartment. Before you, the owner of real estate with necessarily already registered ownership could be both legal entities and individuals. It is from them that you buy the object. Therefore, it is customary to call yours (and any subsequent transactions) transactions on the secondary market.
The main advantage of buying an apartment on the secondary market is that after taking out a mortgage loan and registering documents, the apartment belongs to the buyer on the basis of state registration of ownership. The information that you are the owner of the property is entered into the Unified State Register of Rights.
If you decide to get mortgage for an apartment on the secondary market in Moscow, then to simplify the procedure, you need to follow a certain sequence of actions. Firstly, remember that the basic conditions for providing a mortgage loan are almost the same for all banks:
- It is necessary to have funds for a down payment of at least 20% of the cost of the apartment.
- You must be officially employed.
- Your age must meet the stated requirements of the bank, most often from 18 to 65 years.
If you meet the stated conditions, then you can start applying for a mortgage loan for an apartment on the secondary market in Moscow.
Step 1. The very first step you need to take to apply for a mortgage is to choose bank in which to obtain a mortgage loan. You need to study the current mortgage lending programs and choose the most suitable one.
Step 2. Request a list of required documents to be provided from a bank specialist and begin collecting them. Then transfer this kit to bank, to analyze the documentation provided and make a decision on whether the lender is ready to issue you a mortgage loan for the apartment or not. If the decision is positive, then you can safely proceed to step 3, but if for some reason, bank If you are not ready to issue you a mortgage loan for your apartment, then you should try contacting other banks or using the help of professional mortgage brokers.
Step 3. After receiving notification of the bank's positive decision, you can begin searching for an apartment. You can look for apartments either independently or with the help of real estate agencies.
Step 4. After choosing an apartment, you must provide bank all documentation for consideration by the facility’s lawyers. The seller will help you with this; he must give you all the documents for the apartment according to the list. Lawyers will check the apartment, and the insurance company will issue a conclusion on whether the property will be accepted for insurance.
Step 5. At the next stage, you must have the property assessed by an accredited appraisal company. You can obtain a list of them from a bank employee. The appraisal company will give an opinion on the price of your apartment.
Step 6. After all these steps, you come to a deal. Here the signing of a loan agreement, a collateral agreement with the bank, a purchase and sale agreement with the seller and the transfer of money for the apartment (through a safe deposit box or using letter of credit).
Step 7. The documents are sent to Companies House to register ownership.
Step 8. After 5 working days, the documents are returned. You become the rightful owner of the apartment, and the seller receives funds in full from the cell or through letter of credit.
Mortgage for a secondary property, new building or rental?
Let's see why mortgage for an apartment on the secondary market in Moscow more interesting than a mortgage for a new building or just renting.
Firstly, a mortgage for an apartment on the secondary market means that within 5 days from the date of the transaction you will become the owner of real estate in Moscow. A mortgage for a new building means obtaining ownership rights only 2-5 years after completion of construction. By renting an apartment, you will not become its owner at all.
Secondly, having bought an apartment on credit on the secondary market, you can immediately register in it. You can also register your children and relatives, receive benefits, register with your clinic and much more. If you choose a new building or rent, you will not be able to do this. In the case of a new building, several years, in the case of a rental, never.
Thirdly, a mortgage for an apartment on the secondary market is much safer. Because ownership of the apartment is registered, then bank and the insurance company can carefully check and insure it. In the case of a mortgage on a new building, no one can guarantee that the house will be completed. And although most new buildings are insured thanks to 214-FZ, in case of unfinished construction you will have to go to the courts and get your money. When renting, you are absolutely nobody in the apartment; you can be told to move out at any moment.
And, of course, knowing all these advantages of a mortgage for an apartment on the secondary market in Moscow, banks are trying to offer many more lending programs specifically for this segment. This gives you the opportunity to choose a good mortgage rate, term and interest rate.
Letter of Credit– a financial instrument of settlements with the inclusion of any additional conditions in the calculations. In mortgages, a letter of credit is used for settlements with sellers or buyers - legal entities. Also, a similar form is used in settlements between banks, when one bank repays the mortgage of another bank and issues its own. The repayment of one mortgage and the registration of another is subject to the condition of re-registration of the encumbrance to another creditor. In principle, it is quite a rare occurrence, but recently it has become more and more common, as there is a fashion for non-cash payments, which in itself is not bad.
Bank– “a credit organization that has the exclusive right to carry out the following banking operations in aggregate: attracting funds from individuals and legal entities as deposits, placing these funds on its own behalf and at its own expense on the terms of repayment, payment, urgency, opening and maintaining bank accounts of individuals and legal entities" (excerpt from Federal Law No. 395-1 "On Banks and Banking Activities"). For a mortgage holder, it is important who will provide him with a loan and under what conditions ((we often met operators on the market who, not being banks, issued mortgage loans). Therefore, it is not so important where to get a loan, what is important is the conditions on which it is issued (for example, what are the requirements for real estate) and what are the down payment and the final overpayment? At the same time, you should be wary of various types of consumer cooperatives and mutual aid funds (practice shows that even the most enslaving mortgage is several times better (cheaper) than these forms of lending, so it is strongly recommended not to do so. We recommend contacting any cooperative companies).
In 2018, about 312 thousand loans were issued for the purchase of housing under the DDU. The amount of loans is about 650 billion rubles. Impressive? Yes, in recent years the number of apartments Any family wants to live separately from their parents, no matter how good the relationship with relatives is. And at this moment, many families are thinking about a mortgage loan. Sberbank is the largest banking institution in the country, and therefore can afford loyal lending conditions to citizens. A striking example of this in Sberbank is a mortgage for two Mortgage life insurance can reduce the interest rate on the loan, often making taking out the policy quite profitable. The credit market is enriched with various “tasty” benefits When a family needs housing, the only real option is a mortgage. The most attractive way is a mortgage secured by real estate without a down payment. Is it possible Retirement age is an excellent time to resolve such important issues as buying a home, cottage or land. Mortgage for pensioners in Sberbank according to the conditions in 2017 In Russia, people are increasingly using a mortgage to purchase their own home. Many banks now provide mortgage loans on various terms. One of the banks that Do you want to effectively use maternity capital and eventually become the owner of a new home? Then it’s time to find out how to pay off your mortgage with maternity capital from Sberbank. The sharp deterioration of the economic situation in the country has caused many people to become unable to pay their housing loans. To minimize the negative consequences of P How to buy a residential apartment with a mortgage with maternity capital? This is a question young families ask themselves. Targeted funds can be invested in the purchase of housing or used to pay off the remaining debtSberbank is a recognized leader in the mortgage lending industry. Today it offers loans for any type of habitable property, including mortgages on second homes. Next, we will consider what it is, the features and conditions of the programs, as well as the requirements for borrowers in 2017.
Mortgages on used real estate today are no less popular than purchasing a new apartment. Banks create a number of programs on very favorable terms, and the choice of real estate is very wide. The secondary market is attractive in various ways, the key factors include:
- The ability to immediately make repairs, if required, without waiting for the building to shrink.
- The house, as a rule, was built several years ago, which means that the condition of the main water supply and gas supply systems can be assessed.
- Apartments on the secondary market are often cheaper than modern new buildings.
Today, buyers are also trying to purchase secondary housing for the reason that new houses are often built in places where there are no roads, bus stops or infrastructure in general. not developed. But, of course, these are individual characteristics of the location.
When buying a non-new apartment, there is no need to wait renting a house, or you can receive the keys on the day the transaction is concluded and immediately move in; this condition is especially important for those who live in rented living space.
The main requirements for housing are the following:
- The apartment should not be located in a building that will be demolished in the near future or is in a state of disrepair that does not meet fire safety requirements.
- You cannot purchase real estate located in a non-permanent wooden house.
- The apartment must have all communications necessary for human life.
There are no other requirements for mortgage living space. Must go to the address appraiser, therefore, when contacting the bank, it is necessary to prepare in advance a complete package of documents, including an assessment sheet.
Requirements for the borrower
A mortgage for secondary housing is a type of loan, and, therefore, it must meet the conditions of urgency, repayment and payment. To ensure debt repayment, the bank imposes strict requirements on the borrower:
- availability of an official source of income with work experience of at least 6 months;
- the age of the potential client is from 21 to 65 years;
- citizenship of the Russian Federation;
- permanent registration in Russia at the location of the bank's office.
Often the list of mandatory conditions includes requirements for full legal capacity clients, the absence of outstanding criminal records and current arrears on other loans.
If there are loans, the monthly payment and mortgage amount will be calculated based on the client’s ability to pay all loans in their entirety.
The calculation also takes into account the number of dependents and the presence additional expenses, for example, maintaining an expensive car or a country cottage.
Stages of registration, package of documents
Obtaining a mortgage is a relatively complex process because the amounts borrowed are much larger than regular consumer loans. To increase your chances of approval, you must follow the registration procedure:
- Initially, you should decide on a loan program. Today Sberbank offers military mortgages, a promotion for young families, as well as a simple mortgage loan for secondary housing. Of course, rates for programs with state guarantees are lower, but in this case you will also have to collect more documents.
- At the second stage, it is necessary to prepare a package of documents: income certificates in Form 2-NDFL are valid for 10 days. Moreover, if wages are issued to a Sberbank card, then there is no need for such papers: specialists will see the movement of funds in the account.
- After collecting the documents, you need to submit an application for a loan. The questionnaire must be correctly formatted, contain the necessary information and meet the conditions of reliability, since any inaccuracy can lead to automatic refusal.
- Review lasts from 2 to 5 days. A positive decision is valid for 1 month, and the answer can be found by calling the toll-free line (900) or contacting the bank office.
- If the bank approves the required amount, you should immediately begin searching for a property. After an apartment that meets your requirements has been found, the owner must provide the client with a complete package of documents for the property - these papers are provided to the bank.
- The bank draws up an offer agreement for a loan; after signing it, you must contact Rosreestr to document a change in ownership of the home. The procedure will take 2 to 3 days.
- After receiving the complete package, you need to contact the bank again, where specialists will check the correctness of the documents and conclude a mortgage agreement.
The loan is considered issued only after all stages and the contract was signed. At each stage, the borrower should carefully review the documents and provide only reliable information.
The bank can refuse a mortgage at any time if it discovers discrepancy with reality any data or the financial situation of the borrower will change.
Lending terms
Sberbank offers several lending programs for secondary housing. Let's look at their features:
If the borrower is a salary client of Sberbank, he will have preferential terms lending.
The currency of all presented programs is Russian ruble. There is a mandatory requirement to provide collateral for the residential or loaned premises.
How to lower your interest rate
For any of the programs discussed above, it is possible to reduce the interest rate. First of all, clients who can hope for a low percentage have already collaborated with Sberbank regarding deposits, loans, or receive wages and social benefits to a Sberbank account.
The average mortgage interest rate at Sberbank is 9.9%, but it can be reduced by taking the following actions:
- Get insurance. An insurance company can be a partner of Sberbank, or it can be a third party. In this case, the loan rate is reduced by 1%.
- If the transaction is carried out using electronic registration, the rate is reduced by 0.1%.
- When receiving wages on a Sberbank card - minus 0.5%.
Thus, you can hope to receive a loan at a low interest rate. At the same time, when concluding an insurance contract, it is worth remembering that its execution is financially justified only if the loan amount is large enough and reducing the interest rate by 1% will really make sense.
Mortgage without down payment
The down payment on Sberbank mortgage programs ranges from 15%, but not more than 85%. At the same time, there are types of mortgages without a down payment:
There are situations when the deal has already been finalized, but there is not enough money for the purchase. In this case, there is a need to obtain additional loan. A way out of this situation may be to re-issue a loan for a larger amount, for which you need to contact the credit institution with a corresponding request.
The application form must indicate whether the amount of the down payment is personal or borrowed funds. The bank has the right to cancel the application due to the provision of inaccurate information.
It is also worth noting that in the future it will be more difficult to obtain a consumer loan, since a mortgage is quite a significant burden on the borrower’s budget. However, for many clients Sberbank provides credit cards after taking out a housing loan.
Lending for real estate in the secondary market is very developed, and therefore banks offer several different programs and provide preferential conditions. This area is also actively supported by the state, which regularly participates in co-financing loans to individuals.
A large number of transactions for the purchase of residential real estate in Moscow occur on the secondary market. They are especially relevant for those who purchase housing for living or renting out, since ready-made premises can be moved into immediately. And since many buyers do not have enough money to pay sellers in full, banks offer mortgages for secondary housing in Moscow no less actively than for new buildings.
What features should you pay attention to when applying for a mortgage?
Like other mortgage products, a loan for the purchase of secondary real estate in Moscow in 2019 is subject to various conditions - both mandatory and optional. These include:
- insurance of the purchased object, as well as the life and health of the borrower;
- the age limit of the borrower on the date of application and on the planned date of debt repayment;
- salary service (such clients are given a discount to the base interest rate);
- The purchased housing should not be under encumbrances.
A specific feature of obtaining a mortgage for secondary housing is the requirement for the technical condition of the property. Banks' requirements for purchased housing vary, but the general principle is sufficient liquidity of the property, that is, the ability to quickly sell it. Therefore, it will not be possible to obtain a mortgage for dilapidated and other problematic housing.
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