The topic of mortgages is constantly on the agenda. But not everyone understands what a mortgage is, and without this knowledge you can lose not only your housing in the future, but also be left without your existing property.

Mortgage: what is it and how to get it

To the question of what it is, the answer is this: a mortgage is a form of collateral when the debtor pledges real estate owned by him. This is a guarantee of debt repayment for the lender. This is the essence and precise definition of a mortgage. Knowing what an apartment mortgage is, you must understand that if your financial situation worsens or you completely lose your solvency, you may lose your property.

You can express in simple words what a mortgage is as follows: you sign a mortgage agreement, receive money, and monthly pay the lender the amount specified in the agreement. The real estate that you pledged falls under the mortgage. The following can be provided to the bank as collateral:

• residential building;
• plot of land;
• dacha;
• apartment;
• other objects.

If the contract is violated by the client, the bank becomes the owner of the property and can sell it so as not to incur a loss. This scheme is the basis of the mortgage market in Russia. The main document that guides financial institutions when drawing up mortgage agreements is the law adopted in 1998. It is called “On Mortgage”.

Main characteristics of a mortgage loan:

• issuance for a long period (5-50 years);
• appointment;
• relatively low interest rates;
• executed in strict accordance with mortgage legislation.

The collateral itself belongs to the borrower, but he does not have the right to dispose of it independently. The credit institution has the authority to use it at its discretion in the event of problems with debt repayment.

Types of mortgage programs

From what you need to know about mortgages, information about the types of mortgage programs is important:

• standard;
• social;
• "Young Family";
• for military personnel.

Types of standard mortgage

Banks, competing with each other, offer many programs under a variety of names, reflecting the method of obtaining a mortgage or purpose. Often, what is commonly understood as a mortgage is money provided as collateral, and it must be returned, otherwise the bank will deprive you of the collateral. The most popular types of mortgages (mortgage loans):

1. For the purchase of housing on the secondary market. This type is attractive due to its optimal interest rates, relatively short processing time, and conditions acceptable to most. It differs from other types in that it requires mandatory title insurance.
2. For real estate under construction. Housing can be purchased at the construction stage, but the developer must be approved by the bank. The interest rate here is the highest, but the housing itself is valued slightly lower.
3. To purchase a plot of land. The borrower pledges real estate of equal value to the bank, and can begin new construction on the acquired site. Until the mortgage is repaid, the financial institution has as collateral everything that the developer has built on the acquired site.
4. To build a house. You can get money on bail if a person has his own building plot. When considering an application, the belonging of the land to a specific category is taken into account. The collateral is a plot of land, housing under construction and other structures located on the land.
5. For real estate outside the city. The program provides for the purchase of a country house, townhouse or cottage. Typically, such housing is located in an environmentally friendly area, and proposals are developed by credit institutions together with developers.

Social mortgage

Low-income segments of the population who are on the waiting list for housing can count on this type of mortgage:

• young families with two or more children;
• families where a disabled person lives, registered before January 1, 2015;
• workers of culture, sports, social protection;
• veterans;
• employees of research centers with state status;
• employees of the military-industrial complex.

Social mortgage means that the state provides financial support to borrowers to fulfill their obligations to the bank.

Social loans are subsidized in several ways:

• public housing is sold at reduced prices;
• interest on the loan is subsidized;
• A subsidy is provided for part of the mortgage.

The decision to apply one form or another of social mortgages is made by regional authorities.

Mortgage for a young family

Let’s answer the question: what is a mortgage for a young family for housing in Russia? In fact, this is the same social mortgage, but is intended to provide young families with their own living space. The age limit for newlyweds to be classified in this category is up to 35 years. Here, the mortgage terms themselves are not preferential, and assistance is expressed in the provision of state subsidies and the opportunity to use maternity capital.

Newlyweds can even take advantage of a standard type of home mortgage lending. If the living space where the family is registered does not meet the minimum acceptable standards per person, then a state subsidy may be available. The amount issued varies from 30 to 35% of the standard cost of purchased square meters.

Military mortgage

Contract military personnel who are participants in a special savings mortgage lending program designed for military personnel can apply for this type of mortgage loan. What is a mortgage for the military? Within the framework of the NIS program, certain amounts are regularly received and indexed into the serviceman’s account. When the contract expires, a person can use the accumulated funds to purchase housing, paying off the down payment or part of the mortgage loan.

The mortgage is issued for a maximum of 25 years. By the end of this period, the soldier must be no more than 45 years old. The average percentage is about 12.5, the largest amount is 2,400,000 rubles.

Part of the debt can be repaid with maternity capital or through a preferential consumer loan received additionally.

Borrowing such large amounts of money is not an issue that can be resolved spontaneously. What is needed is a balanced approach, maximum responsibility and a clear understanding of what a mortgage is and how to take it out with minimal risks:

1. If you have chosen a credit institution, then collect information about it.
2. Please read all documents carefully.
3. Make photocopies or shoot documents with your mobile phone camera.
4. Come to review the contract, if not with a lawyer, then at least with a reasonable assistant.
5. Ask to immediately submit all documents that need to be signed. This way you can compare them and read them carefully.

You shouldn’t always trust the numbers printed in advertising brochures; it’s better to personally find out about the real conditions of the loan:

• compare interest rates, calculate how much the loan will cost using a mortgage calculator;
• find out if there is a possibility of early repayment and whether they will charge an additional commission for this;
• Find out what fees are charged for bank transactions;
• study all the nuances of the conditions under which insurance is carried out, whether the interest rate will increase if you refuse to insure yourself on voluntary terms;
• read the conditions under which a financial institution takes drastic measures against a borrower due to late payments.

5 main conditions for obtaining a mortgage loan

Getting a loan from a bank is not easy. Credit companies make many demands. Here are the main ones:

1. Age - starting from 21 years old on the day of receiving the loan and 65 years old at the time of full repayment.
2. Stable job - last job for at least six months.
3. Income level - its monthly amount should be 2.5 times greater than the regular monthly contribution. Not only the borrower’s earnings, but also his family’s are taken into account.
4. Confirmation of the availability of the amount required for the initial deposit. Usually this is from 10 to 30%.
5. Co-borrowers are needed when the borrower’s income does not satisfy the bank.

What you need to know when taking out a mortgage

If you intend to enter into an agreement to purchase a home on credit, you need to know about the advantages and disadvantages. There are 3 key factors for you - size, term, rate. The benefits are as follows:

1. The issue of housing or other purchase is resolved promptly.
2. Preferential mortgage agreements are economically beneficial.
3. A reliable investment, because if real estate is purchased, it tends to rise in price.

Disadvantages of a mortgage:

1. The owner has limited rights. Until the debt is repaid, he cannot do anything without the permission of the creditor.
2. A large overpayment, the initial cost of housing or other property increases almost 2 times at the time of repayment of the debt.
3. Payment of monthly installments over a long period of time.
4. Impossible, for some potential borrowers, requirements from financial institutions.
5. There is a constant threat of force majeure, in which real estate can be lost.

Having paid off the debt in full, do not forget to make sure that the bank returns the collateral to you officially in accordance with the agreement.

Is it easy to get approval

Banks do not approve a mortgage for the purchase of an apartment to everyone who applies. The housing purchased through a banking institution by the client and the person’s credit history are carefully checked.

Anyone who has had untimely repaid loans from any credit institution will not receive approval. The presence of outstanding fines or debts to the budget will also have a negative impact. It is difficult to get approval with low income. Knowing what a home mortgage is, you need to have an official source of income. Another mandatory requirement will be apartment insurance.

How to get approval on favorable terms: 3 nuances

The nuances of applying for a home mortgage in different banks are not the same. Conditions for providing a mortgage loan are also:

1. some banks provide loans on favorable terms for the purchase of housing from certain developers;
2. The mortgage interest rate will be significantly lower with a large down payment;
3. lending conditions will also be more favorable for bank clients (who receive their salaries on the card).

What documents will be needed?

When applying for a mortgage, it is important to know what it is, but it is no less important to understand what documents will be needed. The basic list of documents for obtaining a mortgage loan looks like this:

• Statement. It can be filled out either on site at a bank branch or in advance by downloading from the official website of the credit institution.
• Bank questionnaire - different banks will look different.
• A copy of the applicant’s passport (the original will need to be presented for verification).
• A copy of the TIN certificate.
• Photocopy of SNILS (certificate of pension insurance in the form of a green laminated card).
• For men of military age - a copy of the military ID.
• If the applicant is married, documents confirming this, as well as a marriage contract, if available.
• Birth certificates of children, if available.
• Documents about the applicant's education - diplomas, certificates, etc.
• Papers confirming the level of income at the place of work and from other sources - alimony, funds from the rental of real estate, financial assistance, etc.

Rarely does a bank limit itself to such a modest list. As a rule, something else needed for a mortgage is added to it, which means that additional papers will increase the chances of obtaining a loan.

Possible options:

• Passports of all immediate family members, death certificates for those who have already passed on to the other world.
• Copies of pension certificates and certificates of the amount of pension payments for disabled elderly relatives (parents, grandparents).
• Certificate from the passport office confirming registration at the place of residence.

Having any valuable property (other real estate, a car or other vehicle, etc.) will be a big advantage, increasing the likelihood of getting a mortgage approved for the required amount. So the already extensive list of papers should include documents confirming the right of ownership of such property - a certificate of ownership, a purchase and sale agreement, extracts from the relevant registers, etc. If you have accounts in other banks, you will need to provide statements of the movement of funds on them.

Some credit institutions may request receipts for payment of utility bills at the current place of residence to assess the client's solvency and reliability. For entrepreneurs, the list is supplemented with the statutory documents of their enterprises, accounting statements and other papers confirming that the business is profitable and developing quite steadily.

If maternity capital funds are used to make the first payment or pay part of the loan, then a certificate for it will be added to the list of documents. In addition, you will need to obtain a certificate from the Pension Fund branch indicating the balance of this capital.

Terms, interest and other nuances

When applying for a mortgage for an apartment, it is important to remember that there is an age limit for obtaining one. They will definitely not give a housing loan to someone who is under 21 years old. The age limit for those who will be approved for a mortgage varies. A mortgage loan for the purchase of a house or apartment is long-term and can be repaid over 30 years. The bank takes into account the client's provision of funds to repay obligations.

The higher the down payment, the more favorable the repayment terms will be. When drawing up an agreement, it is important to pay attention to the order of repayment of payments and the possibility of repaying the debt ahead of schedule. The opportunity to take advantage of deferred payment and the conditions for its provision are immediately discussed.

Partial obligations to the bank can be repaid using maternity capital funds. Special conditions for providing loans to military personnel.

Thanks to government support, interest rates on purchasing an apartment in new buildings are lower than on secondary market housing. This is also worth considering. In simple terms, such a mortgage will have more favorable and attractive conditions.

You should always remember that refusal of approval from one bank does not mean that obtaining a loan from another is impossible. You can apply for approval to several banks, ultimately choosing the best option for yourself. The desire to have your own corner can become a reality. The main thing is to approach the choice wisely, armed with all the necessary information, understanding what it is - a mortgage - and how to work with it competently.

Distinctive feature mortgage loan- this is a pledge: there is a pledge - there is mortgage, no deposit - no mortgages

Term mortgage loan:

The term “Mortgage loan” means a loan issued against collateral.
Main difference mortgage loan from non-mortgage - mortgage: that is, the presence of collateral. Moreover, mortgage loan can be issued both on the security of the property owned by the borrower, and on the security of the acquired property (when mortgage is issued simultaneously with the acquisition of property).

To better understand the difference between mortgage loan and not mortgage, I’ll give an example:
Secured by an existing apartment, the bank issues a loan, a “consumer loan,” which the borrower can use for anything.
This mortgage loan or not mortgage?
There is a deposit - that means there is mortgage, and the loan is a mortgage.

Another example:
The bank issued a loan for the purchase of real estate.
But he did not demand this property as collateral. No collateral - no mortgages. And the loan is not a mortgage.

I would like to emphasize once again that mortgage loan differs from non-mortgage in the presence of collateral.

Mortgage: a little history

The term " mortgage" - of Greek origin.
Even in Ancient Greece, it was possible to get loans secured by, for example, land. The borrower received money from the lender ( mortgage loan), and in order to avoid the temptation to obtain money secured by the same land plot from other creditors, he was obliged to install a special sign (post or stone) on the plot encumbered with the mortgage. This sign announced that this plot was in collateral, that under its collateral mortgage loan already received.

What is the difference between “mortgage” and “pledge”

As already stated, mortgage- this is a pledge. But not every pledge - mortgage. The point is that mortgage- This is a pledge that is of a public nature. At mortgage real estate, the authorities registering transactions make appropriate entries that the property is encumbered with a pledge. Any interested person may request an extract from the State Register of Rights to Real Estate and Transactions with It. In this extract, if the property is mortgaged, it will be indicated that there is an encumbrance: a pledge.

Last update: 12/30/2019

Good afternoon, dear readers of the financial magazine “site”! Today we will talk about mortgage and mortgage loan: what is it, how to calculate a mortgage online, what are the conditions for obtaining a mortgage in 2020, what mortgage lending programs are offered by leading banks.

The publication will be useful to everyone who has decided or is still thinking about such an opportunity. It would be a good idea to read the article for people who want to expand their knowledge in the field of finance. Therefore, we recommend absolutely everyone not to waste time, but to start reading!

So, from this article you will learn:

• What is a mortgage loan and what are the advantages and disadvantages of a mortgage;
• What special mortgage lending programs exist;
• What are the stages involved in obtaining a mortgage?
• Basic conditions for issuing a mortgage in Russia;
• What are the features of calculating mortgage loan payments?
• Which banks offer the best conditions;
• Who to contact for help in obtaining a mortgage.

In addition, at the end of the article, readers will find answers to the most popular questions about mortgage lending.

The publication turned out to be quite voluminous, so use the content.

We will tell you in this issue what a mortgage is, what are the conditions for obtaining a mortgage loan in leading Russian banks, how you can quickly calculate a mortgage online, as well as what mortgage programs exist.

What is a mortgage?

Mortgage- this is a special type of collateral that is designed to insure the lender against possible non-repayment of funds. In this case, the purchased property is used as collateral.

Traditionally, real estate is used in mortgages - apartment, residential building, share in the property.

When applying for a mortgage, the property right of ownership belongs to the buyer. Moreover, due to the fact that it is collateral, the lender has the right if the borrower fails to fulfill its obligations sue real estate for your benefit.

In addition, the owner does not have the right to dispose of the property at his own discretion. Without approval from the credit institution, he cannot sell or donate real estate encumbered with collateral.

1.1. The meaning of a mortgage

The main characteristic of a mortgage is pledge . Its presence is the most important condition for the existence of this economic concept.

Should be understood that the collateral can be not only the property being purchased, but also the property already owned by the borrower.

For example, banks are not always willing to agree to lending housing under construction, because ownership of it has not yet been registered. This means that it is impossible to impose a burden.

The process becomes much simpler if the potential borrower offers to register an existing apartment as collateral.

Upon completion of construction and commissioning of the property, you can sell the collateral with the permission of the bank in order to repay the loan. Another option is to maintain the encumbrance until the obligations are fully fulfilled. In this case, the borrower becomes the owner of two apartments.

Financiers understand mortgages as two economic categories: pledge of property , as well as issued under it cash loan .

In this case, we can highlight a number of signs that are characteristic of a mortgage:

1. registration is regulated by federal laws;
2. targeted nature, that is, when applying for a loan for an apartment, it will not be possible to spend money on buying anything else;
3. long loan term (up to 50 years);
4. lower interest rates compared to non-targeted loans.

Theoretically, it is possible to take out a mortgage for the purchase of other property ( For example, luxury goods), as well as payment for education and treatment. However, such programs are not popular in Russia.

1.2. History of development

Historians agree that the term mortgage happened a very long time ago - approximately 5 000 year BC.

Then in Ancient Greece a mortgage was called pillar, which was installed on the borrower’s land plot. It contained information related to the subject of the pledge. In addition, loans secured by real estate were also issued in Ancient Egypt.

In our country, mortgages in the modern sense appeared not so long ago. Purchasing apartments in became possible only at the end 90 years.

The impetus for this was the adoption in 1998 laws governing mortgages. It is he who to this day acts as the main legislative act that regulates the execution of mortgage agreements.

1.3. Advantages and disadvantages of a mortgage

For the majority of residents of our country, obtaining a mortgage is becoming the only opportunity to become the owner of an apartment today, and not in the distant future. This leads to constant demand for mortgage programs.

Experts highlight a number of benefits that borrowers receive when applying for a mortgage:

1. Purchasing your own home with maximum benefit available to those eligible to receive preferential mortgage. In Russia, young professionals, military personnel, and citizens raising more than one child can take advantage of special programs.
2. Solving housing problems as quickly as possible. Using a mortgage allows you to avoid long-term accumulation of funds for your own apartment. The need to give huge amounts of money to a stranger every month as rent payments also disappears.
3. For some, taking out a mortgage allows them to invest in real estate. Such property rarely falls in price, and in the long term the price of apartments does not stop growing. By purchasing real estate, the borrower gets the opportunity to sell it in the future at a higher cost. In this case, it will be possible not only to pay off your mortgage debt, but also to make a tangible profit.

Despite the significant advantages, mortgages also have a number of shortcomings:

1. Getting a mortgage can be quite difficult. Many credit institutions check borrowers so thoroughly that it becomes difficult to get a positive decision.
2. High amount of overpayments. Due to the long-term mortgage, it may be equal to the original loan amount.
3. The owner has limited rights to dispose of the collateral property.
4. The loan repayment period is usually quite long. Not everyone is ready to make impressive payments every month for 10-30 years.
5. There is a risk of losing your apartment. If for any reason the borrower does not fulfill his obligations under the mortgage, the bank has the right to take the collateral through the court or sell it at auction.

Statistics show that no more people can afford to buy a home with a mortgage. 5 % of Russian citizens. At the same time, most of them apply for loans on preferential terms.

2. Is there a difference between the concepts of mortgage and mortgage loan? 📊

Most citizens cannot afford to buy an apartment in cash. This is why statistics show that more 50 % All real estate transactions are carried out through mortgage loans. We wrote in more detail about and how to act correctly when buying a home on credit in a previous article.

Not everyone knows what the concept mortgages And mortgage loan unequal.

Mortgage loan- this is an important component of the mortgage system, which involves the bank issuing a loan secured in the form of real estate collateral.

It turns out that when issuing a loan, a banking organization, in order to guarantee the return of the funds issued, formalizes the purchased apartment as collateral. It is the real estate purchased with borrowed funds that acts in the situation described above. mortgage.

Under mortgage understand a certain form of collateral. In this case, the acquired property belongs to the debtor and is used by him, but an encumbrance is imposed on it.

It turns out that if the debtor refuses to make payments on the loan, the creditor has the right to sell the property in order to return the funds issued as a loan.

Overview of the main types of mortgage lending in Russia

3. Main types of mortgages and mortgage lending 📑

Today, mortgage lending is the only way to solve the housing problem for many. Therefore, the demand for this financial service is constantly increasing.

In such conditions, banks, in order to attract as many clients as possible, release everything to the market new programs. At the same time, a huge number of clients not only find it difficult to decide which program will be optimal for them, but also have no idea what their fundamental differences are.

Mortgage loans – the concept is multifaceted, therefore, depending on various characteristics, a large number of classifications are distinguished:

• by purpose of lending;
• depending on the loan currency;
• by type of real estate to be purchased;
• according to the method of calculating monthly payments.

This is not a complete list, and each classification has the right to exist.

Some experts prefer to highlight mortgage groups , based on its definition as mortgage of real estate.

Based on this principle, two groups can be distinguished:

1. mortgage secured by existing real estate;
2. Much more often, loans are taken out by those who have nothing, so a loan secured by the property being purchased is more popular.

If a mortgage is issued using the first method, the borrower receives the following benefits:

• lower rate;
• possibility of misuse of funds.

When applying for a mortgage secured by the purchased property On the contrary, the loan is of an exclusively targeted nature. That is, you cannot buy anything with the money received except an apartment; moreover, it must be approved by the bank. Read about how to take it in a separate article.

Today, a huge number of credit institutions coexist in the market. Naturally, this leads to huge competition.

Each bank strives to develop several mortgage lending programs, which will be unique and will be popular among borrowers.

Loan programs are called differently, but most often the names reflect method of obtaining or target. In the first case the names are more of an advertising nature. In the second– they reflect the real purpose of the mortgage.

According to the purpose of design, it is customary to distinguish:

1. Loan for purchasing an apartment on the secondary market one of the most common today. He is characterized optimal conditions, favorable interest rate. In addition, this type of mortgage is different fast processing. Many banks offer several types of mortgage loans for the purchase of housing on the secondary market, according to which certain benefits are offered to certain groups of borrowers.
2. Mortgage loan for real estate under construction makes it possible to purchase housing at the time of its construction. It should be understood that the developer must be accredited by the loan issuing organization. In this case, the bank faces not only the risk of non-repayment, but also the probability that the construction will not be completed. Therefore, according to such programs highest rate. Naturally, this leads to an increase in overpayment. However, there is also a plus for the borrower - an apartment can be purchased at a much lower cost.
3. Mortgage for building a house issued to those who have land. This loan allows you to build a private house.
4. Loan for the purchase of country real estate allows you to become an owner townhouse, country house, land plot or cottage. There are offers on the market developed by credit institutions with the support of developers. Such programs provide the opportunity to buy residential properties in environmentally friendly areas at reasonable prices.

It turns out that in order to make it easier for the borrower to choose among the variety of mortgage programs, he should decide what property he will use as collateral.

After this, in a bank branch, on its website or on online resources for searching for loans, you must select a program that matches goals. That is, you should take into account those programs that allow you to purchase the desired type of real estate.

Mortgage lending programs for young families, state employees, civil servants, young professionals

4. Special mortgage lending programs - review of the TOP 4 mortgage programs 📝

In Russia there are not only standard (basic) mortgage programs, for which anyone can apply, but also special aimed at helping certain categories of citizens purchase housing. A distinctive feature of such a mortgage is support from the state.

1) Mortgage with state support

The purpose of mortgage lending with government support is to help solve housing problems, which is intended for socially vulnerable citizens.

These include:

• families with many children;
• citizens raised in orphanages;
• low-paid public sector workers;
• disabled people;
• other categories of citizens who are unable to purchase housing without state assistance.

To take advantage of the opportunity to obtain a social mortgage, citizens must be placed in queue to improve living conditions.

There are several types of assistance provided by the state:

• a subsidy that can be used both to repay the existing mortgage and to make a down payment;
• lower interest rate on mortgage loan;
• sale of real estate on credit at a reduced cost.

A citizen does not have the right to independently choose which assistance he prefers. This decision is made by local authorities.

2) Military mortgage

For military personnel who take part in the savings-mortgage system program, there is an opportunity to use the program to purchase apartments "Military mortgage" . Such lending is carried out with support from the state.

They transfer it to a special account for the military man subsidies, which are intended for the purchase of residential real estate. At the same time, with 2016 year, the military had the opportunity to choose the region of purchase of housing, as well as the type of property.

3) Mortgage for a young family

Another type of social mortgage is a mortgage for a young family. This program was planned to end in 2015 year. However, the conditions were edited and the mortgage for the young family was extended. It is currently planned that the program will operate until 2020 year.

Families that meet the following requirements are eligible to take advantage of this type of mortgage:

• one of the spouses is younger 35 years;
• official recognition of a family as in need of improved housing conditions.

The program provides the opportunity to use subsidized funds as a mortgage loan payment. At the same time, the maximum amount of state assistance is 30 % of the cost of housing.

4) Mortgage for young professionals

This program is designed to help with the purchase of housing employees budgetary spheres, whose age does not exceed 35 years. One of the programs in this category is “Home for Teachers”.

Those planning to take advantage of the social mortgage program should know that in addition to federal programs are available and special programs in the regions developed by local authorities. It is in these organizations that you can learn about existing programs.

Condition 8. Mortgage interest rate

On average, the interest rate in Russian banks is 12 -14% per year.

More favorable conditions apply to regular customers of the bank, as well as to those applying for a mortgage social programs.

Clients should be attentive to those banks that offer a mortgage at a lower interest rate. Often in these cases there are inflated commissions.

Condition 9. Payment procedure

Theoretically there is 2 monthly payment options:

1. differentiated;
2. annuity payments.

In the first case the payment amount is gradually being reduced, in the second– payment is made in equal amounts.

In Russia, the most popular scheme is using annuity payments. This is what most banks offer.

Condition 10. Insurance premiums

Russian legislation provides for the obligation to insure mortgage loans. But banks often introduce conditions for additional insurance.

They introduce a condition to insure in loan programs client's life, his ability to work, and also collateral property. In this case, it is best to choose comprehensive insurance , since its cost will be lower.

Thus, there are a number of mortgage lending conditions that the borrower must become familiar with at the stage of choosing a bank.

Calculating your mortgage (mortgage loan amount) using an online calculator

8. How to calculate a mortgage online - an example of calculating the amount of a mortgage loan 💻💸

Already at the stage of deciding to buy a home with a mortgage, future borrowers wonder what the size of the monthly payments will be and how much the overpayment will ultimately be.

Most large banks provide everyone with the opportunity to independently make all the necessary calculations using mortgage calculator in mode online . However, certain difficulties often arise.

Recently, you can increasingly hear that an apartment was purchased with a mortgage. Today all banks in the Russian Federation offer to purchase your own property with a mortgage. Let's look at what a home mortgage is and how to get one. We will pay special attention to what documents will need to be prepared and what products are on the market.

The first step is to understand what a mortgage is. A mortgage is a type of collateral agreement in which a financial company issues funds to a client for the purpose of purchasing their own real estate. As for the collateral, it is the apartment for which the bank issues funds. Today, financial companies are actively issuing mortgage products for the purchase of an apartment, house or even a share in real estate. It is important to take into account that the acquired property remains the property of the borrower, that is, the buyer. As for the creditor, he is the beneficiary of the actual debt under the loan agreement.

Within the framework of the law, he has the right to sell the apartment only when the borrower stops making payments on schedule. As for the client who purchases housing, he cannot dispose of it at his own discretion, namely sell, exchange or rent. Until the loan for the apartment is repaid in full, all actions related to the apartment must be coordinated with the financial company.

Who will it be given to and what is needed for this?

Today, almost anyone who meets the bank’s requirements can apply for a loan to purchase an apartment. It is important to take into account that lending conditions today do not differ significantly.

All banks have a number of requirements:

Age	As for age, most banks are ready to cooperate with citizens over the age of 21. It is almost impossible to get a loan from the age of 18. The age limit for obtaining a mortgage is: for women 50-55 years old for men 60-65 years old
Citizenship	In practice, large banks, such as Sberbank, are ready to cooperate exclusively with persons with Russian citizenship. Some commercial banks are ready to accommodate a foreign citizen and provide the necessary amount of money to purchase an apartment.
Income	Having a stable income is a prerequisite for obtaining a mortgage. The bank must be confident that the debt will be repaid according to schedule.
Employment	Each client must be officially employed. In this case, the work experience, in most cases, should not be less than 3 months.
Credit dossier	When applying for a loan, the bank carefully examines not only the client himself, but also his credit history. Only those clients who have a positive history will be able to receive money to purchase a house. Banks are not ready to cooperate with debt-ridden citizens who have made numerous delays and violated the terms of the loan agreement.
Pledge	The lender is ready to issue funds only for liquid property that can be quickly sold and repay the debt if the terms of the contract are violated. It will not be possible to receive funds to purchase dilapidated or dilapidated housing.
Insurance	According to the law, the purchased property must be insured against the risk of “structural elements”. If necessary, the bank may request title insurance.

Mortgage in Alfa-Bank

Credit limit:

from 60,000 to 50,000,000 rubles.

30 years old

from 8.49%

from 21 to 70 years

Consideration:

Mortgage at Otkritie Bank

Credit limit:

30 years old

from 8.35%

from 21 to 68 years old

Consideration:

Credit limit:

10 years

from 11.9%

from 20 to 85 years

Consideration:

Cash loan at Loko-Bank

Credit limit:

from 100,000 to 5,000,000 rubles.

7 years

from 10.4% %

from 21 to 68 years old

Consideration:

Documents for individuals

To apply for a mortgage, you should prepare a list of required documents. It should be noted right away that the full list is clarified directly at the office of the financial company from which you decided to receive funds.

Standard package of documents:

• borrower's passport
• the borrower's choice of second document: SNILS, INN or driver's license
• for men under 27 years of age - presence of a military ID
• certificate of marriage and birth of children (if available)
• photocopy of the work book certified by the employer
• income certificate, both in the form of a bank and 2NDFL
• a certificate confirming another source of income: lease agreement or deposit statement
• borrower's questionnaire filled out according to the lender's form
• application for receiving the required amount, according to the bank form

It is important to consider that in addition the bank may request other documents, such as:

• higher education diploma
• certificate from a medical institution regarding health status

As for the guarantor or co-borrower, he will need to prepare similar documents. Otherwise, the bank may legally refuse to issue a mortgage.

Documents for individual entrepreneurs

Individual entrepreneurs are citizens who work for themselves. To apply for a mortgage, they should prepare:

• borrower's passport
• additional identification documents
• extract from the state register of entrepreneurs
• declaration sent to the tax office for at least the last 12 months
• rental agreement, if available
• accounts and agreements with partners
• business license
• other documents confirming the financial stability of an individual entrepreneur

Often, individual entrepreneurs provide documents for personal property, which serves as a guarantee of loan repayment (additional collateral).

Choosing a mortgage loan is an important procedure that should be approached extremely responsibly. The main thing is to take your time and carefully study all the conditions and offers on the market. In order to make the right decision and get a loan on favorable terms, we suggest taking into account a few simple tips.

Comparing interest rates

The first place to start is to study interest rates at large banks. If you carefully study the proposals, it will become clear that the rate is in the range from 10 to 15% per annum. If you receive your salary on a bank card, then it is worth clarifying the conditions for obtaining a loan for corporate clients. Banks are often ready to reduce the rate for salary workers by several points.

Promotions are what all clients love. Very often, banks, in order to attract customers, offer to issue a loan at a minimum rate. However, it is worth considering that the lender requires:

• make a minimum contribution of 30-40% of the cost of the purchased apartment
• buy an insurance policy from their company

It is important to take into account that auction loans are issued for a short period of 5 to 10 years. When agreeing to a deal, you must understand that the mortgage rate will be minimal, but the monthly payment will be high. Additional attention should be paid not to the lender’s interest rates, but to the conditions for providing money to the developer himself. As a rule, developers cooperate with many financial companies and offer a preferential loan at a rate of 7 to 10% per annum when purchasing property in a particular house. Since there are many offers, everyone will be able to choose the one that best suits them in terms of interest rate and other terms of the loan agreement.

Mortgage in Alfa-Bank

Credit limit:

from 60,000 to 50,000,000 rubles.

30 years old

from 8.49%

from 21 to 70 years

Consideration:

Mortgage at Otkritie Bank

Credit limit:

from 500,000 to 30,000,000 rubles.

30 years old

from 8.35%

from 21 to 68 years old

Consideration:

Loan for a large amount from Sovcombank

Credit limit:

from 150,000 to 30,000,000 rubles.

10 years

from 11.9%

from 20 to 85 years

Consideration:

Cash loan at Loko-Bank

Credit limit:

from 100,000 to 5,000,000 rubles.

7 years

from 10.4% %

from 21 to 68 years old

It is important to note that it is the reduction of the term that will be beneficial to the client who has decided to repay the mortgage agreement faster.

Commission amount

In addition to the interest rate, you should carefully study the size of all commissions during registration. Some banks include fees for:

• account management and maintenance
• various statements and alerts
• making a monthly payment

Due to such commissions, the interest rate may increase by 2-5%. That is why, when registering, you should write a refusal of various additional services or not use the bank’s product at all.

Insurance conditions

Within the framework of the law, each lender is required to insure the purchased property for only one risk - constructive loss. In this case, the client himself decides which insurance company to apply for protection.

In practice, banks:

• include additional risks, such as insurance of property, interior decoration (which is often not available at the time of lending) and civil liability to third parties
• obligated to purchase an insurance contract from them, otherwise the rate will be increased by 1-2%

It is important to understand that all conditions are illegal and the client has the right not only to refuse, but also to write a complaint to the Central Bank.

Conditions for termination of the contract

You should carefully study the terms of the agreement in advance and understand in which case the bank and the client can terminate the mortgage agreement. As a rule, the client can terminate the agreement only if the bank violates the terms of the agreement, namely, increases the rate after signing, although this right is not provided for by the conditions, or begins to charge additional fees.

The bank has the right to terminate the agreement if:

• the client provided false information at the conclusion
• the borrower does not make payments for a long time

In the latter case, the financial company files for termination if payment has not been received for more than 90 days. The client will be asked to repay the debt as soon as possible. If this does not happen, the apartment will be sold and the debt will be repaid.

How to choose a bank: the most profitable programs

Since the contract is drawn up for a long period, the choice of a lender and the program should be approached extremely responsibly. As for the bank, you should pay attention to:

• How long is the financial company represented on the market?
• presence of offices and branches throughout the Russian Federation and abroad
• availability of a license
• financial indicators and awards (information available on the official portal)

What is a mortgage and what are its main advantages? How to calculate mortgage payments by interest rate (online)? Which banks offer the best mortgage programs in Moscow?

Hello, dear readers of the HeatherBeaver business magazine! Denis Kuderin is with you.

The topic of the new publication is Mortgage. The article will provide a detailed overview of this concept and discuss all the advantages, types and conditions of mortgage lending.

The material will be useful to anyone who is planning to purchase a home with a mortgage (no matter in the near or distant future), as well as to those who want to improve their level of financial literacy.

And now – first things first!

1. What is a mortgage - definition and essence

A mortgage is a type of collateral that serves as insurance for the lender lending money. The collateral is the property purchased by the borrower - as a rule, this is real estate (apartment, house, cottage, share in an apartment).

The property itself remains the property of the buyer, but in the event of a breach of debt obligations, the creditor has the right to sue it in his favor.

The owner does not have the right to dispose of housing (sell, donate, exchange) without the lender’s permission for such operations.

Professional assistance in choosing a mortgage is provided by Mortgage Agencies and Centers, which are located in every major city.

2. Types of mortgage

There are several options for classifying a mortgage. There are two fundamentally different types - a pledge for the property being purchased and a pledge for the housing that is already owned.

Another criterion for differentiation concerns the type of housing purchased.

In particular, with a mortgage you can purchase:

• apartments in new buildings or a building under construction;
• apartments on the secondary market;
• houses, dachas and summer cottages, cottages;
• real estate shares.

Some banks issue mortgages for housing construction on their own or with the help of contractors.

Competition among credit institutions leads to an extreme variety of credit programs. Each financial company offers "exclusive" products, but the differences between mortgage offerings are rarely fundamental.

A little more about some truly unique mortgage options.

Military mortgage

The purpose of such a mortgage is to provide adequate housing for military personnel of the Russian Federation. The project has no analogues in world practice. Officers, midshipmen and privates of the Russian army serving under contract can become participants.

Military personnel join the Savings Mortgage System and after three years of membership in it they can apply for funds for a mortgage loan. Then they contact the bank and draw up a loan agreement.

The down payment is paid by the Russian Ministry of Defense, and the same structure makes regular payments on the loan. Thus, military personnel do not invest any funds in real estate at all.

True, there is a limit on the cost of purchased living space - this year the price of an apartment should not exceed 2.4 million rubles.

Read detailed material on the topic “” and “” on our website.

Mortgage with state support

Another unique project is a mortgage with government support. The program has been operating since 2015 and allows everyone to take advantage of preferential conditions, regardless of their social status.

The goal of the program is to provide support to construction organizations and revive the economic situation in the country during a period of protracted crisis. The state partially pays the mortgage loan, allowing borrowers to sign contracts with a lower interest rate.

Choosing a mortgage program is an event that should be approached with maximum responsibility. To take out a loan on truly favorable terms, you should carry out some preliminary preparation.

Banking offers are a product of marketing, so you should not believe all promises and figures unconditionally. You should find out in advance the real lending conditions, and not just those announced by financial companies.

More details on this topic in the articles “”, “” and “”.

This is the first thing a borrower looks at when choosing a loan program. Interest rates in Russian banks are currently quite high - 12-15%. It is believed that Russia has the highest overpayments on loans, but this is partly explained by the level of inflation in the country.

In order for the rate to be a “civilized” 7-9%, it is necessary to achieve stability in the economy for at least 10-15 years. Only then will credit institutions be able to reduce annual interest rates.

Example

You have decided to take out a mortgage for an apartment worth 3 million rubles. for a period of 20 years with an interest rate of 13%. By entering the data into the mortgage calculator, we get 35,147 rubles in monthly payments and an overpayment on the loan of about 5.4 million.

Tip 2. Explore the possibility of early repayment

Statistics show that most loan recipients strive to pay off their debt ahead of schedule. Often, a loan taken out for 20 years is repaid in 7-10 years or even earlier.

Not all credit companies are delighted with early payment of debt. The sooner the client repays the loan amount, the less profit the bank receives.

For this reason, financial institutions try to avoid unscheduled contributions. They may generally prohibit making payments beyond the required amount for a certain period (this is called a moratorium on early repayment).

Another option is to complicate the procedure for processing early repayment and charge an additional commission for this.

When choosing a program, you should study all these points in as much detail as possible.

Tip 3. Pay attention to the amount of commissions

Customers are always aware of what the interest rate is on their mortgage, but not everyone knows what fees are charged for regularly servicing bank transactions. Meanwhile, these amounts often add up to tens, or even hundreds of thousands of rubles every year.

Example

The bank offers a profitable (at first glance) loan for 13% per annum with quick execution of the agreement - what is called “with two documents”. The borrower agrees to all terms and conditions of the mortgage, including the commission rate of 0.4% monthly.

“What is 0.4% is nonsense” - approximately this thought flashes through the mind of the loan recipient when he signs the agreement. However, per year the figure of 0.4 turns into 4.8%. This is the number that should be added to 13% per annum. Thus, the interest rate will be 17.8%, and this is completely different money.

There are also one-time transaction fees. It is also useful to know their sizes in advance.

By law, mortgage property insurance is mandatory. However, banks, in addition to the clause provided for by law, include other types of insurance in the contract - the life of the borrower, his ability to work and health.

All types of insurance are paid and are issued at the expense of the loan recipient. Often regular payments amount to up to 1% per annum of the loan amount, and this is a considerable amount over the years of the mortgage.

Clients have the right to refuse voluntary insurance, but in this case banks may increase the interest rate. All these nuances require prior approval.

It is worth finding out in advance under what conditions the bank has the right to terminate the contract and demand the return of the collateral.

Typically, banks take this step after late payments more than 3 times a year, but it happens that even a one-time delay is already a reason for serious repression from the credit institution.

4. What you need to get a mortgage - basic conditions and requirements of banks

The time when banks handed out mortgage loans left and right to almost everyone who wanted them is irrevocably gone. Now, in order to get a mortgage, citizens need to satisfy numerous requirements and conditions of credit companies.

The main ones:

• age (the borrower must be over 21 years old at the time of receiving a mortgage and under 65 at the time of expected repayment of the debt);
• availability of a stable job - the client must have worked in his last place for more than 6 months;
• the level of monthly income of the borrower or family must be 2.5 times the amount of regular payments;
• availability of funds for the down payment (on average it is 10-30%);
• the presence of co-borrowers (if the income is less than what the bank requires).

Some lending institutions require medical certificates confirming mental health and proof of residence in the city receiving the loan for a certain period.

Watch an informative video about mortgages from an expert.

5. What happens if you don’t pay your mortgage?

It is in the interests of each borrower to make payments on time and in the proper amount. But... man proposes, but God disposes. Or, to put it another way, circumstances are often not in the borrower’s favor.

Money that should go into a bank account suddenly becomes urgently needed elsewhere. Or they simply don’t exist - the person’s salary was delayed or he was fired altogether. It was not possible to borrow money from relatives or friends to pay the monthly installment, the result is a delay.

If such actions are one-time and not regular, the creditor simply applies sanctions - charges fines and penalties.

If violations of the terms of the agreement by the borrower are repeated, the bank has the right to go to court and seize the collateral. It does not matter whether the person (family) has another apartment.

True, credit companies take such a step only in extreme situations, when all other options for influencing the debtor have already been exhausted. This option is not very profitable for the financial institutions themselves, since the sale of living space does not cover all costs.

Borrowers who know that they will not be able to repay the next payment should notify the bank in advance and discuss the terms of loan restructuring with managers. This will help to achieve a reduction in payments when extending the term or to obtain the right to a credit holiday.

6. Mortgage in Moscow - TOP 5 banks with the most profitable mortgage programs

Dozens of financial companies offer to obtain a mortgage loan in the capital. Choosing an organization with truly decent conditions among them is not an easy task.

The table shows the 5 most attractive mortgage programs in Moscow and the region for 2016:

№	Bank	Program name	Peculiarities	Interest rate
1	Sberbank	Mortgage with state support	The program is valid until January 1, 2017	12%
2	VTB 24	New buildings with state support	New apartments in prestigious areas of the capital	11,9%
3	Moscow Credit Bank	Mortgage on the secondary market	Apartments in all districts of Moscow	12,9%
4	RosEvroBank	Mortgage Apartment	Loan processing in 7 days	11,45%
5	Tinkoff Bank	New building with government support	Possibility to apply for a loan online	10,9%