Just as a mortgage is a targeted loan, a mortgage deposit is a type of targeted deposit. After all, it is opened by a bank client with a clear goal - to save money for a down payment on a mortgage. Moreover, this goal is not mandatory. That is, the client opens such a deposit, places funds on it, but he is not obliged to use the savings solely to pay the initial contribution.

Although, of course, financial institutions promoting this product on the market place the main emphasis on the prospect of transferring accumulated funds to pay the down payment on a mortgage lending program. Therefore, this product is mainly of interest only to those who plan to purchase an apartment or house. Supplementing the concept of a deposit with the clarification "mortgage" is nothing more than a marketing ploy on the part of the bank.

Usually, the period of placement of funds on this deposit is from 2 months to 2 years (in some financial and credit institutions - up to 5). The interest rate depends on the period of placement, deposit currency and its value. If we compare this instrument with ordinary deposits, then there are no fundamental differences between them.

Product Features

Many banks tend to offer such a deposit, providing it with some "goodies" for potential mortgage borrowers. This may be, for example, certain benefits when obtaining a loan. At the same time, the borrower must understand that there is no need to talk about any kind of loyal attitude on the part of the lender: in most cases, the application is considered in a general manner. The main emphasis is on the conditions under which the loan funds will be provided. An example is the reduction (or even complete absence) of commissions for opening and maintaining a loan account, discounts on insurance, and the like. In some cases, there is an increased (compared to standard deposits) interest rate on the deposit.

Specific proposals

Of particular interest to potential mortgage borrowers is a mortgage deposit with Sberbank. In order to attract funds for placement within the framework of this program, the bank is ready to provide a discount on the interest on the loan. This circumstance is already quite attractive in itself. And if we add to it the absence of commissions from the bank, it becomes clear why such mortgage programs are becoming increasingly popular.

No less interesting is a mortgage deposit in VTB 24, which can be issued under one of 3 programs:

• mortgage index - issued for a period of 2 to 5 years at 4.5% per annum (in rubles);
• mortgage accumulative - it is possible to place funds at 5.6% per annum in rubles for a period of 2 to 3 years;
• a contribution to a mortgage - can be issued for a period of not more than 2 months at a rather modest percentage, which does not exceed 3.55% per annum (in rubles).

In addition to rubles, it is possible to open a deposit in US dollars and euros.

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Making a loan from a bank for the purchase of housing implies that the potential borrower must have certain financial savings of his own, which will be required for the down payment on the mortgage and to pay for related services. Thus, most mortgage programs involve a minimum down payment of 10% of the market value of the acquired residential property. Moreover, the interest rate on this type of loan directly depends on the actual amount of the down payment (the larger the down payment, the lower the interest rate will be offered to a potential borrower).

Many individuals, even in order to make the minimum contribution that a mortgage involves, draw up standard consumer loans in a bank. However, in this case, the overpayment of the actual cost of the purchased housing increases even more. Today there is a more profitable way for ordinary people to accumulate a certain amount of money for a down payment - this is a mortgage deposit.

Mortgage deposit - what is it?

Many banks offer their potential customers to take advantage of a special offer - to create a deposit for the accumulation of their own funds, which will then be used for a down payment on a mortgage. This deposit almost does not differ from standard deposits and deposits of individuals. The main difference is the direct purpose of this deposit (accumulation of money for the initial mortgage payment).

This type of deposit, like other deposits of individuals, has its own specific validity period, as well as a certain interest rate. In addition, the holder of such a deposit has the opportunity to periodically replenish this account. In most cases, banks do not set limits on mortgage deposits (the holder can deposit different amounts at different intervals). Interestingly, a mortgage deposit can be used not only to make a down payment on mortgage lending, but simply to increase your own financial resources.

Features and main advantages of this type of deposit

Despite the fact that most banks do not care how exactly their client will use the funds of a mortgage deposit, the amount of profit from this deposit depends on this. So, if the mortgage deposit is used for its intended purpose (mortgage), then the holder receives funds from the account along with the accrued interest.

Well, if the savings on a deposit account of this type are planned to be used for other purposes, then the holder will receive only the funds accumulated in the account, without a percentage. Yes, and having a bank account for a mortgage deposit has some undeniable advantages for the depositor:

1. The holder of this type of deposit at the time when the mortgage is issued can count on more favorable terms of the loan program. Thus, large banks of the country, such as Sberbank, VTB 24, etc. During the execution of a mortgage agreement, they make very high demands on customers. And the presence of a mortgage deposit is only a plus for a potential borrower.

2. If a mortgage deposit is opened in large financial institutions of the country (Sberbank, VTB 24), then the holder can receive credit funds in these banks without additional fees.

3. Mortgage to the owners of this type of deposit is issued on favorable terms for the client with a minimum interest rate.

4. Opening a mortgage deposit.

Every citizen of the Russian Federation who wishes can open a mortgage deposit. Interestingly, this type of deposit can only be opened in the national currency (Russian rubles). It is not possible to open a deposit of this type in all financial institutions of the country, and the opening conditions for all banks are different. Thus, Sberbank provides for the possibility of opening a mortgage deposit for a period of 4 to 6 years with a minimum monthly installment of 3,000 rubles. The interest rate on the deposit is low - only 1-2% per year. However, a mortgage opened against funds from this deposit is issued on very favorable terms - from 6% to 8% per year.

VTB 24 offers its potential customers two options for a cumulative mortgage deposit at once - “Mortgage Savings” and “Mortgage Index”. Both deposits can be opened for a period of 2 to 5 years. The interest rate is also very attractive - from 4.5% to 5.5% (depending on the term of the deposit and the amount of the deposit). The minimum deposit for opening a mortgage deposit in this bank is 50 thousand rubles. The main advantage of opening mortgage deposits in this financial institution is the opportunity to open an account in favor of a third party. And if the term of deposit funds in the bank exceeds the period of one year, then the client can count on a good discount on the interest rate during the execution of a mortgage loan.

Mortgage deposit is offered by banks as an additional program designed to simplify the process of accumulating the borrower's funds for the first installment.

This is due to the fact that most banks require their customers to deposit about 30% of the cost of housing purchased under a loan agreement.

Not everyone is able to make such a payment, therefore, as the most affordable way out, it is accepted to look for cash in a loan to transfer it to a bank.

Thus, the amount of debt grows, interest doubles, the closing date of loans moves away.

Advantages of mortgage deposits

Among the main advantages of creating a deposit account, it is worth highlighting the fact that a potential borrower can not only save money, but also receive interest for it.

As with standard deposit programs, the bank will charge certain interest rates in the form of a payment for the time the money is in the account.

If someone who wished under the deposit mortgage program suddenly decides to withdraw funds and put them in another direction, no interest will be calculated and the funds will be paid exactly in the amount that was accumulated.

Unlike registration of a mortgage, each citizen can open a mortgage deposit in a bank to make a deposit.

At the same time, income certificates are not needed, there is no need to send applications, wait for time.

Even the one for whom other persons will make funds can open a mortgage deposit. But when it comes time to take out a mortgage, many facts will become important.

Important: by accumulating money for, a citizen has the right to change his goals. The deposit has no target value, it can be cashed out for other purchases.

First installment for a mortgage deposit

Sometimes banks offer mortgages without a down payment. At the same time, the conditions are becoming more and more stringent.

This is definitely not beneficial for the borrower. In addition, lending to real estate without the need to make a down payment is not always possible at all - banking organizations, thus implementing this rule, minimize their risks, albeit partially.

Like, if the borrower paid a part, he, most likely, will also pay the rest.

So, the advantages of making a down payment for a mortgage deposit:

• the opportunity to choose a profitable mortgage lending program;
• the ability to open in almost any bank;
• favorable interest rates under the contract;
• loyal conditions and high speed of registration.

Main features of mortgage deposits

Among the main features of opening a deposit account for a mortgage are:

• at the conclusion of the contract, the accumulation period is determined;
• at the conclusion of the agreement, the interest rate is determined, which is valid in relation to a certain period of validity of the account in accordance with the chosen program of the bank;
• many financial institutions offer the program only in national currency;
• not all banks are ready to offer a mortgage deposit program (as a rule, the list of possible options includes those that are ready to offer a mortgage as such).

If they are drawn up, it is possible to send the accumulated money for the first installment under the contract.

This increases the chances of successfully taking out a mortgage that financial institutions are reluctant to offer to their clients.

Buying an apartment is easier than borrowing money for the construction of an object that is dubious from the point of view of the bank.

Especially when it comes to 50% of the cost of construction.

Important: there can be no maximum amount of mortgage deposits on a deposit. A bank client can invest money in the amount he needs, up to the full amount of repayment for real estate.

If adults wish to apply, they can begin to implement it long before buying a home. The main thing is that the money does not depreciate by this time.

Disadvantages of mortgage deposits

The main disadvantages of raising funds on a deposit account for the subsequent taking of a mortgage can be noted:

• money can simply be eaten by inflation. The more expensive housing becomes, the less significant the accumulated amount will be. At the same time, during the replenishment of the account, the amounts may seem large;
• usually banks offer long terms of depositing to receive interest under the agreement for the purpose of subsequent mortgage registration;
• there is a minimum limit for cashing out a deposit or sending it for a down payment (about 100,000 rubles);
• can only be obtained if real estate is taken for the amount that the borrower can repay at the current place of work, but additional income will not be taken into account.

Simply put, in some cases, having a good income, the borrower can replenish his deposit account, but when the time comes to take out a mortgage, if the income does not match, the loan may be refused altogether - there can be no guarantees here.

Intended for the accumulation of a down payment on a mortgage. Such deposits are replenished during the entire period of storage, interest, as a rule, is accrued monthly and is added to the deposit amount. Expenditure operations are not provided, there is also no automatic one. The accumulated funds (in part or in full) at the end of the deposit storage period are directed by the bank to pay the down payment on the mortgage. The client has the right to refuse to transfer these funds to pay the down payment. In this case, it will simply be closed. The conditions and features of closing a deposit in such a situation are prescribed by the bank in the contract. In case of early termination of the deposit, as a rule, the demand deposit rate or special rates set by the bank apply.

The presence of a mortgage deposit gives the depositor the opportunity to receive favorable credit conditions, but does not serve as a guarantee of a positive decision on issuing a loan. The decisive factor for the bank will still remain the solvency of the borrower.

A mortgage deposit is usually inferior in terms of profitability to other types of term bank deposits by several percentage points. Therefore, this is only interesting when the client plans to apply for a mortgage in the same bank.

Based on the fact that the size of the down payment on a mortgage is on average 20-30% of the value of the acquired property, mortgage deposits imply the accumulation of significant amounts. This is a risk for the depositor, since CER deposits are insured for up to 700 thousand rubles.

Such products are very rare on the market. Today only VTB24 offers mortgage deposits.

See what "mortgage deposit" is in other dictionaries:

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