Mortgage for an existing apartment. Pros and cons of a mortgage secured by the property being purchased. Types of mortgage lending

Thanks to a mortgage, you can purchase anything, from a yacht and a house to land and other objects.

But most often in mortgage Of course, housing is purchased.

As for a mortgage secured by existing housing, this is a loan in which the collateral is an apartment or house that belonged to the person who wants to take out a mortgage even before he came to the bank and took out a loan.

Legislative aspect of the issue

The federal law regarding housing mortgages was adopted back in 1998, but since then its main points have been rewritten more than once. As for the present time, now as many as fourteen chapters have been written according to this law.

If you rely on Law 102, then you can identify several key phrases:

General conditions for obtaining a mortgage loan secured by existing real estate

If a borrower applies to a bank for a mortgage and already has his own home, then in most cases the issue of issuing a loan is resolved positively. The thing is that the bank in this case risks much less, and therefore, the interest rate for the borrower will be much lower.

In addition, the fact how much the borrower receives will not be so important. But on permanent place of work, perhaps, they will look more closely.

It is the mortgage secured by existing housing that is currently the most common, but you should not think that the bank will give you money for free - with this type mortgage lending we also have our own flaws. In particular:

1. Nobody canceled the overpayment, so in most cases, interest on the loan can cost you the same amount as the property itself would cost.
2. Expenses for and valuation of property.

By the way, there are considerable advantages, in addition to low interest rate, mortgages also have it. In particular, in most cases there is no need to worry about a down payment.

Conditions for obtaining a loan secured by purchased property

Depending on what kind of property you purchase, the terms of the loan will depend. However, the most liquid among banks is, of course, considered.

And even in the case of buying an apartment, one should not forget that the main goal of the bank providing money is not to take possession of the property, but to ensure that the property itself generates income. This also happens because even the most profitable real estate needs to be sold, spending certain funds.

That is why, in most cases, when issuing money to buy a home, banks require an initial payment as at least some kind of safety net and a resource that can later be spent on selling the home.

Most often, the down payment in banks is 20%, however, the existence of several government programs with certain conditions (including) allows you to reduce up to 10%, or even do without down payment.

Another way to “protect” yourself from losses is increase in interest rates. Accordingly, the less profitable the property being purchased, the higher the interest rate. By the way, one of the options for “unprofitable” real estate for a bank is empty land, with the exception of elite areas.

Mortgage loan secured by housing under construction

Naturally, when issuing any loan, and even more so a mortgage (due to the large amount and, as a rule, low interest rates), the bank takes some risk and may “run into” a borrower who is not too honest.

This is why lenders in most cases try to minimize risks and introduce the following requirements:

1. Availability official salary(wherein monthly payment the loan should be no more than 40% of the salary);
2. Availability of collateral;
3. Availability of guarantors.

If you pay attention to the above points, it becomes clear that for a bank to issue a loan secured by property under construction is very risky and unprofitable. That’s why lenders are very wary of all kinds of buildings. Therefore, it will not be easy for a borrower to obtain a loan of this type.

Requirements for collateral real estate

A mortgage secured by housing can be issued in several cases. In particular, if the collateral is a private residential building or an apartment in a multi-storey building.

In the event that it is used private residential building, then not only the dwelling itself, but also the land that surrounds it will be used as collateral.

As collateral, the bank will only accept housing that has high liquidity.

As collateral, the bank will only accept real estate that registered to the borrower in the Unified State Register.

Only independent real estate can be used as borrowed housing. This does not include individual rooms of an apartment or floors of a private house, unless they are registered as separate real estate.

As collateral, you cannot use real estate that is not subject to privatization, or housing that must be privatized in the future.

Features, difficulties and dangers of taking out a mortgage secured by existing housing

Despite the fact that mortgages have existed in our country for quite a long time, not all banks are “contacted” with its issuance. Why is this happening?

There are several answers:

1. When issuing a mortgage loan, a collateral agreement is required;
2. Before you draw up and execute the document described above, you should not only check the liquidity of the property, but also find out how solvent the person taking the loan is;
3. Often, the borrower offers real estate as collateral, which is not his only one, so the borrower loses the motivation to repay the loan taken from the bank;
4. Risks become unprecedented if money is taken to “promote” a business that is at an early stage.

However for the borrower There are many pitfalls, so when taking out a mortgage secured by property, you should pay attention to the following points:

1. The bank will only provide you with a mortgage if it deems the property liquid;
2. Since a mortgage is usually taken out for quite a long time long term and, accordingly, has a considerable overpayment, it is better to study the offer of not one, but several banks at once in order to find the most profitable option for yourself;
3. If you are purchasing living space as collateral for your existing home, then you most likely will not need a down payment, but banks always welcome it;
4. Most banks will also require property from you.

Offers from leading Russian banks

Currently, several banks offer mortgages secured by housing.

For example, if we talk about state bank, then he offers a mortgage at 12% interest per annum for up to 30 years. It is important that the down payment must be at least 20% (and thanks to the state program, at least 10% for some families) of the cost of the purchased housing. Special preferential terms valid for young families and families who receive money from Sberbank wages. As a “bonus”, life and property insurance is required. You can ignore this condition, but then the interest rate will be increased. The bank also provides non-targeted loans at an interest rate of 13.5 and for a period of up to seven years. In this case, a targeted loan can be taken up to 3,000,000 rubles (for Moscow and St. Petersburg this amount is higher), and a non-targeted loan – up to 1,000,000 rubles.

The bank also offers its own conditions, which allows you to take out a loan of up to 90,000,000 rubles. Moreover, it can be repaid over a period of 50 years at an interest rate of 11.85% or higher. The borrower can also take out a non-targeted loan for the same amount, but the interest rate will be higher (13.85%) and the term will be shorter (up to 20 years).

The bank offers a loan on special terms "Alfa Bank". In particular, if you wish, you can take out a mortgage from this bank not only in rubles (60,000,000), but also in dollars (2,000,000). At the same time, depending on what kind of housing you are buying, the down payment varies from ten to forty percent, and if we are talking about dollars, then up to thirty-five percent. As for the interest rate, it can range from 12.2% and higher, and if we talk about “dollar” mortgages, then there is a single rate - 9%.

Well, speaking of, this bank offers its clients to purchase an apartment or house up to 20,000,000 rubles for a period of up to 30 years at an interest rate of 11.5% and higher. In this case, the down payment must be at least 30%. If we are talking about a non-target mortgage, then the conditions are as follows: you can buy a home worth up to 8,000,000 rubles with an interest rate of 12% for up to 25 years and a down payment of 40%. In this case, the initial payment must be at least 10,000 rubles per month.

The features of issuing a mortgage secured by real estate are discussed in the following video:

There are currently many options for purchasing new property on credit. One of the types of such a loan is secured by existing real estate. This option is suitable for those who already own a personal apartment, room or house (the share in the property is also taken into account). Such support will help you get the maximum profitable terms lending and purchase another home with minimal losses for your budget. However, before you decide to draw up such a loan agreement, you should carefully familiarize yourself with the features of such cooperation with the bank.

How is a mortgage secured by existing real estate secured?

Mortgages are a worthwhile option for those who lack own funds for purchasing housing. The peculiarity of a mortgage secured by real estate is that the corresponding program can be offered by the bank in various versions. The main ones are, as a rule, the following:

• mortgage for improvement of living conditions;
• typical housing lending.

The first alternative assumes that a mortgage loan secured by an apartment is issued subject to the mandatory sale of the collateral property within a specified period. The proceeds are used to repay part of the loan taken out. This loan can be obtained

Welcome! Mortgage secured by existing housing: profitable or not? Today we will talk about an important topic. You will learn about what a mortgage secured by existing real estate is, how to take out a mortgage secured by existing housing and in what cases it is worth doing this, and when a standard mortgage secured by the property being purchased is more profitable.

Mortgages secured by real estate exist in two types:

1. A pawnshop mortgage is a mortgage secured by property, under which, in order to obtain a loan, the borrower is obliged to transfer real estate to the bank as collateral. You must own your own property in order to obtain a pawnshop mortgage, or you must have a co-borrower/guarantor/other person willing to mortgage the property for you. The pledge is secured by drawing up an additional agreement. It is somewhat different from the usual mortgage secured by the purchased property. The key difference is the subject of collateral.
2. A mortgage secured by the property being purchased is the classic, most common mortgage. According to it, the borrower receives money to buy a new home. This is what will be pledged to the bank. And under a pawnshop mortgage, real estate that the borrower already owns must be used as collateral.

If the property being purchased is pledged, the terms of such a mortgage may be more favorable. For example, in Sberbank, a mortgage secured by the purchased apartment is available at a rate of 11% per annum, and a mortgage secured by the existing apartment will already be from 14%. This is due to the fact that it is more clear to the bank where the borrower will send borrowed funds. To some extent, this is more predictable and therefore less risky lending.

It is now customary to distinguish between two types of mortgages secured by existing housing:

1. Standard pawnshop mortgage. It is popular among young families: you can also pledge your parents’ home as collateral.
2. For a mortgage without a down payment. The main advantage is short time processing a loan and the opportunity to quickly purchase the desired housing on the market, without waiting for the borrower’s apartment to be sold. This program will be of interest to those who are planning to move to a new home (it’s not for nothing that Levoberezhny Bank it’s called “Moving”), but doesn’t have the funds for a down payment on a classic mortgage and the time to sell your own property quickly and without losing money. Purchasing an apartment under this scheme is possible without a down payment. The mechanism of such a mortgage is simple: you receive a mortgage decision from any bank with the condition that you will have a down payment, and then take out a mortgage secured by an apartment for this property. So, you get a mortgage without a down payment. You receive part of the money from one program, and part from another.

Advantages and disadvantages

Is it possible to take out a mortgage secured by real estate? Will it be profitable to take it? Let's analyze the Pros and Cons of a mortgage secured by existing real estate.

A pawnshop mortgage has a number of advantages over a classic one.

Pros:

• Firstly, you are not required to report where you use the funds. You can use the loan at your own discretion.
• Secondly, you can take out such a mortgage without a down payment. is also possible in the classic version, but here you need to know the nuances (read our last post).
• Thirdly, you can purchase housing that cannot be purchased with a regular mortgage or is very difficult (redevelopment, communal apartment, dorm room, dacha, unfinished building, etc.)

Minuses:

• Increased requirements for real estate pledged. As a rule, banks prefer not to issue mortgage loans to apartment owners whose condition leaves much to be desired.
• Requirements to compulsory insurance. When issuing a mortgage secured by existing real estate, life and health insurance of the borrower, collateral housing, and even property rights is mandatory.
• It will be more difficult for some categories of citizens to obtain such a mortgage (individual entrepreneurs, business owners, top managers and founders). The bank may consider that the loan is issued for a business.
• The rate is higher than for a classic mortgage. The difference can reach 3% .

Typically, a secured mortgage land plot, apartments or any other real estate is popular among:

• People who own an apartment or land, but do not have funds for a down payment;
• Representatives of small businesses who take out non-targeted loans for business development;
• People seeking to purchase housing abroad;
• And those people who are going to build a private house.

Maximum size

The maximum size of a pawnshop mortgage is calculated differently in each bank . If you are going to take out a loan secured by an apartment, you must first estimate the possible amount that the bank will give you. It all depends mainly on the cost of housing. Each bank has its own coefficient, which reduces the real market value of real estate and it is this coefficient that determines the size of the secured loan.

For example, let's take Gazprombank. Here the requirement is 70% of the assessment. Thus, an apartment with a market value of 3 million rubles can provide you with a mortgage loan in the maximum amount of 2,100,000 rubles (30% discount from the appraised value).

How to get

How to get a mortgage secured by home? Each bank has its own requirements for collateral real estate, which must be taken into account when applying for a pawnshop mortgage. Therefore, it would be a good idea to submit such an application to several banks at once.

We have prepared for you a universal algorithm of actions that need to be taken in order to take out a loan secured by existing real estate or secured by a share in an apartment:

1. Get acquainted with the offers of banks.
2. Make a real estate appraisal.
3. Prepare the jar Required documents for a mortgaged apartment and for work activities. It is better to check the specific list of documents directly with the financial institution.
4. Submit applications to several banks at once.
5. Wait for mortgage approval.
6. Select a bank.
7. Sign loan agreement, pledge agreement and mortgage.
8. Register documents with Justice.
9. Get money.

Is your apartment suitable for collateral?

As a rule, the following standard requirements are put forward for real estate offered to the bank as collateral:

• Availability of all basic communications such as plumbing, heating and electricity.
• There should be no existing obligations on the property either on the part of the borrower or on the part of any other owners.
• The layout of the premises must satisfy all the requirements of technical documentation.

An existing apartment will not be accepted as collateral if:

• Housing in old houses that are not insured by insurance companies.
• Houses requiring cap. renovation, demolition or in disrepair.
• The material of the walls and ceilings is wood.
• Low-rise buildings.

If the housing is not suitable according to at least one of the listed criteria, then the bank has every right to refuse to issue a mortgage to the borrower secured by housing.

The best offers from banks

Sberbank

Issues a mortgage secured by existing real estate under the following conditions:

1. The loan is issued for a period of up to 20 years
2. Mortgage amount - from 500 thousand rubles to 10 million rubles (the coefficient for reducing the market value of collateral real estate at Sberbank is from 40% to 60%)
3. Sberbank issues a secured loan land plots, cottage, garage, private house, etc.
4. The interest rate ranges from 14%, depending on the terms of the mortgage. Moreover, such interest rates apply exclusively to Sberbank’s salary clients. For all others, the interest rate increases by 1%. And if such a client refuses insurance, it increases by another 1%.

Pros:

You are dealing with a proven and reliable bank;

You can take out a pawnshop mortgage by pledging almost any real estate;

If you are a payroll client of a bank, you can count on serious benefits when calculating your interest rate.

Minuses:

— Sberbank has a rather unfavorable discount. The bank will offer you a loan in the amount of only 40% of the home's valuation.

— Relatively high percentage.

— Individual entrepreneurs, business owners, and managers of small organizations are not eligible for loans under this program.

Rosselkhozbank

1. The loan is issued for a period of up to 30 years
2. The bank offers only targeted loans
3. The mortgage amount is at least 500 thousand rubles. The coefficient for reducing the market value of the collateral is 70%.
4. The interest rate starts from 11.5% (for salary earners and reliable clients for a period of up to 5 years and a pledge of less than 50% of the value of the property).

Pros:

Long loan repayment terms.

Favorable bank ratio. Rosselkhozbank will be ready to provide you with a loan of 70% of the market value of housing.

Relatively good percentage.

Minuses:

— Targeted loan. That is, for every expenditure credit funds you will be required to report to the bank, namely to submit documents for the purchase of new real estate.

VTB 24

1. The bank offers only non-targeted loans.
2. The bank's coefficient for reducing the market value of real estate is up to 50%
3. Fixed interest rate – 13.6% annually.
4. Duration up to 20 years.
5. Amount up to 15,000 thousand rubles.

Pros:

You can take out a non-targeted loan and spend the funds as you see fit.

On average, a good coefficient is 50%.

Large bank coverage area.

Minuses:

— The interest rate from VTB-24 is higher than that of a number of other financial institutions.

Gazprombank

1. The loan is issued for a period of up to 15 years.
2. Discount from the market value of housing - up to 30%, but not less than 15% of the cost.
3. The bank issues non-targeted consumer loans.
4. The minimum interest rate is 11.75% per annum.
5. The maximum amount is 30,000 thousand rubles.
6. Mandatory title insurance.

Pros:

You can apply for a non-targeted consumer loan.

Relatively low annual interest rate.

Minuses:

— Shorter loan period than other banks.

- Large additional costs.

If you have problems with documents related to your apartment and need legal support, we recommend that you contact our specialist for help (Fill out the special form in the corner). The service is free this year. Everyone who takes a consultation has a chance to significantly speed up the resolution of their issue.

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