Mortgage - a mortgage to secure the obligations of the lender. In the mortgage borrower gets a loan to buy real estate or other purposes. His obligation to the lender is paying off the loan, and ensure the implementation of the obligation secured by real estate. At the same time buying and mortgage you can not just housing, but other real estate listings - land, car, boat, etc. Property purchased with the help of a mortgage, the borrower's loan is the property since the acquisition.The most common use case of mortgages in Russia - is to buy an apartment on credit. Laid at the same time, as a rule, to buy houses again, although you can build and already owning an apartment. Mortgage loans are issued by banks and credit conditions are different.Mortgages
- multi-stage process that includes gathering the documents, passing
the credit of the bank, finding suitable accommodation, assessment and
insurance, the mortgage contract.The
main advantage of a mortgage is that, instead of years to accumulate
the required amount for purchase of housing, there is an opportunity now
to live in a new apartment (or house) in which the borrower has a
mortgage loan immediately becomes its owner. The new housing, you can register to the borrower and his family. Security
operations insures risks of loss of ownership of the apartment, and her
injuries, as well as loss of borrower capacity to work. Long-term
loan made mortgage payments are not too large and, therefore, is not
too onerous, though a pleasant surprise may be the existence of regional
social mortgage.The most significant drawback of the mortgage is a so-called "overpayment" for the apartment, which can reach 100% or more. "Overpayment" to include mortgage interest on a mortgage loan and the annual amount of compulsory insurance. In
addition, in the process of obtaining a mortgage loan the borrower has
to bear some additional costs, such as payment for the evaluation of the
company and the notary fee to the bank for processing the loan
application, the fee for maintaining the loan account, etc. Overhead costs in total can reach 10% down payment to purchase housing. Another
"minus" mortgages - a large number of requirements of mortgage banks to
the borrowers: documentary proof of income, availability of
registration and Russian citizenship, certain length of service in one
place, positive credit history, ability to provide guarantors of the
loan, etc.Social mortgage - for whom it is intendedSocial
mortgage - is a project of the Russian government, which aims to
provide housing for socially unprotected citizens, as well as the
waiting that can not buy an apartment on the program "of commercial
mortgages."The main difference between the social mortgage on the commercial - preferential price per square meter. The advantage of the social mortgage is also in the fact that there are additional safeguards as the bank and the government. The
bank verifies the cleanliness of the apartment, the borrower and
insures the life of an apartment, and also agrees to maintain the agreed
rate of interest until the end of the loan.Applications
from citizens for registration in need of better housing conditions for
the social mortgage conducted in the administrations of districts where
they live.Participants can be public sector workers and employees of businesses, partly funded by the program ('Tatneft', 'Tatenergo'). As
a condition of receiving preferential loan is a need for better
housing, namely, according to the decree № 190 of the RT Cabinet, the
total level of supply of the total area per family member must be at
least 18 sq.m.Credit for the social mortgage is available up to 28.5 years. The interest rate is 7% per year. It is possible to obtain a loan without a down payment.Except
as required to the party of the social mortgage, which impose
authority, there are requirements of a mortgage bank, which cooperates
with the authorities on the social mortgage program and, in fact,
mortgage loans. Requirements
to the borrower from the mortgage bank may relate to citizenship and
residence, length of service, etc. The requirement of mandatory mortgage
insurance at its own expense as well remained in force for members of
the social mortgage.To
get more specific information on social mortgage in the city or region,
please contact the authorities responsible for housing policy of the
city (district). They
should give advice on the terms of the social mortgage, to preliminary
calculations on the required down payment amount and term of the loan,
amount of monthly payments on a mortgage and a minimum income of the
borrower (his family).Social mortgage for young people. One option for solving the housing problem for young people reviving the practice of student construction brigades. Soldiers of these units, having worked 150 shifts, are entitled by the mortgage to buy an apartment at cost. This program provides an opportunity to purchase a house at a price three times less than the fair market value. And besides, the mortgage loan to the project participants can give a preferential rate.Construction brigades are formed at higher education institutions in many regions of our country. There is also the all-Russia public movement "Russian student teams." Current information about the programs should receive orders there.State mortgage for a young family. Young
family, in addition to local programs of social mortgage, can take part
in the federal program and get it on the state subsidy for the purchase
of an apartment or house. The
subsidy depends on the standard cost of housing in particular meter
municipality and whether there are children in the family. For young families without children, the subsidy will be 35% of the cost of housing for families with children - 40%. Calculating
the cost of housing is made of the following standards for a family of
two persons - 42 sqm, for a family of three or more people - 18 square
meters. m per person.To receive subsidies age of both spouses should not exceed 35 years. A
young family should be recognized as in need of better housing
conditions, that is to stand in the queue for council housing, and have
sufficient means to pay for the cost of housing in excess amount of the
grant.The
decision to include young families to the list of applicants for a
grant (the one across the country list is formed in Rosstroy) take the
executive authorities of the Russian Federation and transfer the data to
Rosstroy.If a young family is included in the federal program, it issued a special certificate. Itself
subsidy is given to a cashless form - the corresponding amount is
credited to a bank account partner the federal program. Subsidy can be used as a down payment for a mortgage loan to buy an apartment or individual house construction.Social mortgage for the military. Russian
program "Military Mortgage" aimed at implementing the rights of
military housing funded through the mortgage system of housing. And
the possibility of mandatory participation in the program is determined
by their military rank and the date of concluding the first contract
for military service. The
essence of the program on military mortgage is that every year at the
expense of individual soldier who participates in the program,
transferred some money. The
specific amount of money is set at the Russian Government and is
regularly reviewed, taking into account inflation and the economic
situation in the country. Accumulated amount of money a soldier can use as a down payment when buying a home with a mortgage loan.Mortgages home or apartment - all necessary documents and termsTo
arrange a mortgage a house or apartment must be submitted to the
selected bank will apply for a mortgage and all the necessary documents
for the mortgage, most of which have a standard form.Typically, a mortgage document list includes the following items:- An application for a mortgage loan and the bank's profile. Some
banks offer on their Web sites to issue a preliminary application for
credit, which should speed up the procedure for obtaining a mortgage
loan.- Copy of passport or substitute document.- Copy of insurance certificate of the state pension insurance.-
A copy of the certificate of tax registration of physical persons by
place of residence in the territory of the Russian Federation (the
assignment of a taxpayer identification number (TIN)).- A copy of military identification card for males of military age.- Copies of certificates of education (certificates, diplomas, etc.).- Copy of marriage certificate / divorce and the marriage contract (if any).- Copy of the birth of children.- Copy of work record, certified by the employer.- Documents confirming the income.May additionally require the following documents:- Certificate of Registration (Form 9) in place of permanent residence.-
Copies of passports of all persons living with the borrower, and not
living with a borrower's immediate family (spouse, parents, children).- A copy of pension card and information about the amount of pension for unemployed families.- A copy of the death of parents, children and spouses.- Documents confirming ownership of expensive property (caravan, car, land, etc.). In the case of property in the apartment (house) and the same description of premises (Form 7). In the case of ownership of securities provided extracts from the registers of securities holders.-
Documents confirming the existence of an account (card, deposit,
current, demand, etc.), with extracts for a period of six months.-
Documents confirming the borrower's credit history: copies of documents
confirming the timely payment of rent, utilities, telephone services,
etc. over the last six months or a year credit agreements (if any) and documents proving that the obligations under the treaties.- Statement from substance abuse clinic.- Statement from the neuropsychiatric clinic.As provided copies at the time of submission of documents necessary to submit the originals.If the borrower's mortgage is a co-borrower or guarantor, then they will also need to submit these documents to the bank.If
the borrower is a business owner, it is possible he will have to
additionally provide the bank copies of the documents, balance sheets
and profit and loss account over the last two years, statements of bank
accounts, copies of key contracts for the company, staffing and other
documents confirming the company's financial stability and positive momentum of its activities.If
the borrower is an entrepreneur without a legal entity, it must provide
a bank certificate of registration as an entrepreneur, patents and
licenses on the activities carried out (if available), proof of payment
of contributions to state social extrabudgetary funds, statements of
bank accounts in the past a
year or two, copies of leases and major contracts for work
unincorporated business, documents on payment of a single tax on imputed
income and book income and expenses (if using a simplified system of
taxation).If
the borrower - a foreign citizen performing career in Russia, it must
additionally provide the bank a copy of a residence permit or a copy of a
temporary residence permit, as well as a copy of a work permit.Acceptance by the bank for a loan can take from several days to several weeks. Some mortgage banks are offering a service "Express - mortgages", where a decision on a loan taken for a few hours. If approved, the bank credit committee, you can proceed to choosing a house or apartment.For
some time the bank (several months) the borrower to find a suitable
apartment (or house), which would meet the requirements for housing
mortgages advanced by the creditor bank. The
chosen apartment (house) should collect the documents required for the
transaction of sale, as well as assessment of housing. Approximate list of these documents is as follows:- Legal documents for the selected housing;- Passport house with his plan;- A certificate of registration (form 9) and dwelling characteristics (form 7);- Certificate of no debts to pay for housing and utility payments;-
Extract from the Unified State Register of rights (the subject of
housing rights, legal documents, the absence of encumbrances on the
apartment);-
Resolution of the guardianship authorities to dispose of the apartment
(with a minor ownership flats, apartments or encumbrance of the rights
of minors).Assessment of housing - a mandatory step a mortgage a house or apartment. It
is connected with the restriction of the loan amount, which can provide
a bank - it is not more than 80-100% of the estimated cost of housing. It is the appraised value, rather than the market (one that can ask the seller).Home insurance - as a necessary stage of a mortgage. The
loan terms for mortgage a house or apartment very long, so the bank
requires security in the form of compulsory insurance against risks of
disability of the borrower, the loss of ownership of the housing or
damage.After
checking the bank selected by the borrower an apartment or house, as
well as their assessment and insurance, comes the stage of the contract
of mortgage lending. Most
mortgage banks mortgage contract form can not be changed, and the
borrower must be a look at it beforehand, so that later did not have to
refuse credit if certain terms and conditions are unacceptable. It
is also possible option, where instead of a single mortgage contract
between the seller and the buyer of the apartment (borrower loan) is a
contract of sale drawn up in such a way that it arises out of a mortgage
by operation of law. Along with the contract of mortgage you may need a mortgage. It
is registered certificate evidencing the creditor's right to receive
the execution of a monetary obligation secured by a mortgage, without
providing further evidence of the existence of this obligation.As a rule, to arrange a mortgage a house or apartment must be part of the notary.Ends mortgages (apartments) the state registration documents to the judicial authorities.Thus,
in order to get the social mortgage, you must register with the
district administration in the community, to collect a complete set of
necessary documents, take all the red tape and be sure to have a need to
improve housing conditions (ie, the aggregate level of security to the
total area one family member must be at least 18 square meters). But
as mortgage lending is made for a rather long period, it is necessary
to weigh the health forces and capabilities, and, if necessary, search
for alternatives.
