How to take a mortgage?
Buying a home is not so easy, because of its high cost. To buy an apartment you have to save money for a long time. However, a housing loan (mortgage) allows you to housewarming in the shortest possible time, and then for quite a long time to gradually pay for housing. That is why many people are interested in the question of how to take a mortgage.
Mortgage loan is issued for a large and very large amount for a long term. Therefore, before finding out how to take a mortgage, you should carefully assess your financial capabilities.
How to take a mortgage for an apartment: where to start
You chose the apartment you want to buy in a mortgage and specified its value. After that, you can tell with sufficient accuracy what amount of mortgage loan you will need for this purchase.
In order to take a mortgage on an apartment, first of all, you should find out whether your income corresponds to the required level for a bank to make a positive decision. Make it simple enough.Go to the site of any major bank in the Russian Federation and find on it a mortgage calculator. It is usually located in the section “Mortgage lending”.
The amount of payments on a mortgage loan should not exceed 30% of the amount of income of the borrower and his co-borrowers. In some banks allowed the amount of payments on the loan in the amount of 45% of the income of the borrower. Thus, knowing your income, you can easily calculate the maximum amount of a mortgage loan.
After that, review the housing loan programs provided by various banks, and select the one that suits you best. The list of documents that must be submitted to the bank for a mortgage loan can be viewed on the website of the bank of your choice.
How to take a mortgage in Sberbank of the Russian Federation
You can take a mortgage in Sberbank of the Russian Federation for the purchase of residential real estate, its repair, as well as the construction of your own home. Sberbank offers three housing lending programs: a mortgage plus loan, a mortgage loan and a real estate loan.
Any Russian citizen over the age of 18 who has a level of material income sufficient to pay off a loan can take a mortgage in Sberbank.Another prerequisite is that the mortgage loan must be paid by the borrower before he turns 75 years old.
You can take a mortgage for an apartment in a foreign or national currency. Mortgage loan is issued for up to thirty years.
How to take a mortgage: a list of documents
To obtain a mortgage loan, you must submit the following documents to the bank:
- Application form;
- The borrower's passport, as well as the mortgagor, guarantor and co-borrowers passports;
- Documents confirming the level of material income over the past six months from the borrower, co-borrower and guarantor.
If the pensioner draws up the mortgage, he submits a certificate of his pension amount to the bank. When you make a mortgage loan for a citizen engaged in private business and who is not a legal entity, you must submit to the bank the following documents confirming the financial condition of the borrower:
- Book of expenses and income;
- Tax return;
- License to engage in a separate activity;
- Certificate of registration obtained in EGRIP.
In cases where a mortgage loan is taken on the security of any property, it is necessary to provide documents to the bank.
How to take a mortgage to young people
Many young people want to live independently and separately from their parents. Therefore, they often think about how to take a mortgage on an apartment. Young people can get a mortgage loan from the age of 18. However, there are some restrictions on mortgage lending of young people, set by banks. So, the young men must guarantee the bank that if they are called up for military service in the army, they will still be able to repay the mortgage loan. Girls must convince the bank that after their marriage and childbirth, they will continue to have a sufficient level of income, allowing them to repay the loan on time.
How to take a mortgage for a young family
Currently, almost all large banks offer special mortgage lending programs for young families. For example, it is best to take a mortgage to a young family in Sberbank of the Russian Federation under a special program, which is called “Young Family”. This mortgage program is distinguished from other programs by the following features:
- Parents can act as co-borrowers of young spouses, which raises the maximum amount of a mortgage loan;
- In determining the level of material income of the borrower and co-borrower, not only the main income (salary at the main place of employment, pension, etc.), but also additional types of income are taken into account;
- The first installment of this program is only 10% of the acquired property.
Therefore, if a young family is thinking about how to take a mortgage, they should take advantage of such specially designed credit programs.