These are buildings that are still under construction. , the object of which is real estate of the second type, is called primary mortgage.

What are the differences between a primary mortgage and a secondary mortgage?

Distinctive features are the following:

• Applying for a primary mortgage is a more complex procedure. When purchasing a secondary property, you only need to submit documents to register a new property right. The problem of the primary market lies in the fact that the borrower cannot transfer to the bank housing that has not yet been built as collateral, so he transfers the right of claim under a share agreement. After the building is put into operation, the borrower must again contact the bank to change the terms of cooperation - the apartment itself becomes collateral.

• The borrower is limited in choice. Any bank has a list of developers it trusts - the borrower will not be able to count on a mortgage if he wants to purchase primary real estate from a developer who is not on the list of reliable ones. When buying a secondary home, the borrower is not limited in choosing real estate if it meets the lender's requirements. The creditors' requirements are:

The house was not built before 1957.

The wear and tear of the house does not exceed 70%.

The house is not considered unsafe.

The property is “clean” from a legal point of view (that is, there are no third parties registered there).

• The percentage is higher. The borrower must understand that he will pay increased interest for the entire period while the primary housing is under construction. This is due to the risk that the lender bears by holding the claim instead of the actual property as collateral. The difference in interest rate will be 1-2%.

The borrower must be firmly confident in his decision to purchase a “primary” property, because if he changes his mind, he will have to apply for a mortgage again, and it is not at all a fact that this time the bank will approve it.

What makes a borrower apply for a primary mortgage?

Banks are promoting the secondary market in every possible way, because a mortgage on an existing home is a much less risky transaction. However, for a number of reasons, it is the primary mortgage that is more profitable for the buyer:

• A square meter of housing under construction costs less, so even taking into account the increased interest rate, the buyer will save a lot in the long run.

• New housing is legally clear - this saves the buyer from having to incur additional expenses, for example, on organizing an examination of property rights.

• The buyer also saves on the services of a realtor, without whom it is now very problematic to complete a transaction for the purchase and sale of secondary real estate.

• Modern developers, striving to be competitive, provide for the presence of children's playgrounds and parking spaces even at the construction stage. Not every resale property can offer such amenities.

Special conditions of primary mortgage

Due to the high risk, banks may impose specific requirements on primary mortgage borrowers:

• Guarantors are needed for the period while the facility is under construction. In the future there will be no need for them. However, finding a guarantor is not so easy, especially considering that a citizen who is himself a borrower of a large sum of money is not suitable for this role.

• The borrower must not have children. If a minor child is registered in the apartment, it will be impossible to take away her jar, therefore, it will not be suitable as collateral. However, the bank may be attracted by the borrower’s maternity capital.

• Construction stage. The bank will not issue a loan if the construction of the house is at the very beginning stage, that is, only the foundation has been built. The borrower should submit an application when the property is close to completion.

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Before taking out a mortgage for secondary housing in Moscow, it is worth comparing the conditions for providing such a product in force in various financial institutions:

requirements for the applicant;

amounts receivable;

terms of use of borrowed funds;

applicable interest rates.

Today, banks offer their clients various lending programs for the purpose of purchasing an apartment or cottage. Preferential conditions are available for families in which the second or third child was born after January 1, 2018.

You can submit an application both on the organization’s website and directly at its branch. No more than 5 days (in some cases - 24 hours) are allotted for reviewing information about a potential borrower.

Additional costs for the client include payment for the mandatory procedure for assessing the market value of real estate (this condition also applies when purchasing a property in a new building).

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Here you will find the best offers from Russian banks and microfinance organizations, and also learn how to get a loan without refusal or open a deposit at a high interest rate.

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The site provides a 24-hour forum for casual communication. Register and join the discussion on topics that interest you. Share your personal experience with other participants, ask for advice on how best to act in the current situation.

The special “monitor” option is designed to determine the amount of lost profits when storing savings at home. Choose the best way to invest your savings by comparing the returns for each of the possible investment options.

Mortgage– ϶ᴛᴏ pledge of real estate to secure obligations to a creditor - a bank or other credit institution. With mortgage lending, the borrower receives a loan to purchase real estate or for other purposes. His obligation to the lender will be to repay the loan; the mortgage of real estate ensures the fulfillment of this obligation. Real estate purchased with the help of a mortgage will be the property of the loan borrower from the moment of purchase. In our country, the term “mortgage” is usually used in connection with solving housing problems.

The most common option for using a mortgage in Russia is buying an apartment on credit. Traditionally, newly purchased housing is mortgaged, although an existing apartment can also be mortgaged. The purchased property is registered as the property of the borrower and remains pledged to the bank until the loan is fully repaid. Using a mortgage loan, you can buy housing on the secondary market or at the construction stage (primary market)

The costs of purchasing real estate under a mortgage, in addition to the cost of the real estate itself, also include:

1. bank commissions and fees;
2. expenses for assessing the collateral;
3. expenses for paperwork for transferring rights to real estate;
4. expenses for the preparation of technical documentation (to the BTI) and the state fee for state registration of mortgages (to the federal registration service);
5. expenses for life insurance of the borrower;
6. expenses for insurance of purchased real estate.

A mortgage is attractive primarily because it allows you to quickly move into a new apartment, become its owner, register members of your family and pay for it over the next few years, without fear of rising real estate prices. This is more convenient than saving money, exposing your savings to inflation and other risks, or renting an apartment, since the amount of monthly loan payments is comparable to the monthly rent for housing.

The number of banks issuing loans secured by real estate is constantly growing. The most typical recipients of mortgage loans will be citizens aged 25 to 35 years with a salary of 24 to 100 thousand rubles. per month. Typically these are people working in the service sector (banking, insurance, investment, information technology, marketing) or in large manufacturing organizations. It is important to know that most of them are office workers. As a rule, borrowers are married, but do not have children. At the same time, a significant number of Russian citizens cannot afford to buy new housing.

The Program for the socio-economic development of the Russian Federation for the medium term (2006–2008), approved by Decree of the Government of the Russian Federation of January 19, 2006 No. 38-r, emphasizes that in order to create conditions for ensuring the development of the Russian economy, improving the quality of life of the population It is extremely important to actively develop market institutions, incl. insurance mechanism.

An insufficiently developed insurance mechanism will be one of the primary problems of mortgage lending.
It is worth noting that the main social goal of creating a mortgage credit risk insurance system will be to create favorable conditions for expanding the mortgage loan market. Let's study the mechanism of building mortgage relationships from the very beginning.

The “actors” in the mortgage will be creditor(lender) and borrower(borrower) Their relationship is based on mutual interest: the borrower wants to receive money to purchase the chosen home, and the lender wants to receive interest for providing money. A bank or credit organization acts as a lender, and a citizen acts as a borrower.

To secure an obligation under a credit agreement (loan agreement), the lender and the borrower enter into real estate pledge agreement(mortgage agreement) Under the terms of the agreement, the borrower pledges property, such as a plot of land, a building, a structure, a residential building, an apartment, part of a residential building or apartment, a summer house, a garden house or a garage. The debtor continues to use the pledged property, that is, he spends money on maintaining the property, makes utility bills, and pays taxes; lives there and houses their relatives; carries out routine repairs and ensures cleanliness.

The mortgage agreement is concluded for a long term – 10–15 years is considered the norm. At the same time, over the years, the likelihood of unforeseen unfavorable events, which may lead to damage or destruction of the pledged property, becomes increasingly greater. This is where the thought of insurance arises: only an insurance company can protect the property interests of the debtor in the event of loss or damage to real estate and provide the creditor with a guarantee of the return of his money. The purpose of insurance is to reduce credit risk and redistribute it.

Russian insurance companies operating in the mortgage insurance market offer partner banks special programs for comprehensive mortgage insurance of borrowers and pledged property. It must be remembered that such programs will be an effective tool for reducing credit risk.

What do comprehensive insurance programs include?

First of all, property insurance: it covers the bank's risks associated with loss and damage to the mortgaged apartment.

Secondly, personal insurance, covering the bank's risks associated with the life, health and disability of the borrower.

And finally, title insurance: it covers the risk of the borrower losing ownership of the apartment. This is insurance against the risk that the borrower's property rights may be challenged or infringed in one way or another by third parties.

The most important information about these types of insurance is given in Table. 2.

Title Insurance– ϶ᴛᴏ insurance of the legal purity of documents confirming ownership of real estate. Such insurance allows borrowers or buyers of real estate to expect compensation for losses incurred in the event of a court termination of a loan agreement or a real estate purchase and sale agreement. In other words, insurance against events that occurred in the past, the consequences of which may be reflected in the future.

table 2
Mortgage insurance programs

First of all, the risk of termination of the last transaction with an apartment is insured. The reasons for this can be different: mainly mistakes made during the privatization of the apartment, during its sale or exchange. The insured under the title insurance agreement will be the borrower, and the beneficiary will be the creditor bank, i.e., the borrower bears the insurance costs, the contract with the insurer is signed by him, but the insurance upon the occurrence of an insured event will be paid in favor of the creditor bank.

Abroad, not a single purchase or sale transaction of an apartment or house is concluded without the simultaneous conclusion of a title insurance agreement. A function similar to title insurance is also provided by liability insurance for realtors and notaries.

Example

In the USA, insurance can be carried out to protect the property interests of both the owner of the property and the bank that provided the loan for its acquisition. Title insurance fully covers the financial costs associated with purchasing a home. In each US state, special government agencies have been created to control the insurance law in real estate transactions. In the state of Alaska, there is a special law on title insurance, adopted in 1974. It is worth noting that it regulates the terms of insurance, tariffs, the rights of insurers to request documents on risk assessment, and the extent of liability for the disclosure of confidential information on transactions. As a result, in the USA the insurance premium for this risk is low: from 0.3 to 1% of the amount of possible insurance compensation. In Russia – from 0.8 to 2.5%.

Banks usually have established relationships with certain insurance companies, so the client will be offered a list of well-established insurers or one verified one in order to conclude an agreement. According to Expert RA, at the end of 2006, the leading insurance companies in mortgage insurance are VSK Insurance House (Military Insurance Company), Ingosstrakh Insurance Company, Renaissance Insurance Insurance Company, ROSNO Insurance Company, SOGAZ Insurance Company ", "Moscow Insurance Company".

Typically, the bank monitors the borrower’s fulfillment of the obligation to pay insurance premiums (make contributions) under the insurance agreement for the entire time until the loan is repaid.

The role of insurance in the process of granting a loan is one of the main ones. Unified insurance standards have been developed in Russia over many years of practice. The laws do not have clear rules either on the forms of insurance coverage or on the choice of the system of relationships between insurers and banks; they contain exclusively the obligation to insure mortgage risks.

Mortgage insurance refers to the field of civil, credit, collateral and insurance law. The mortgage is regulated by the provisions of the Civil Code of the Russian Federation (Chapter 23, § 3 “Pledge”; Chapter 48 “Insurance”); Law on the organization of insurance business; Federal Law of July 16, 1998 No. 102-FZ “On mortgage (real estate pledge)”.

Reputable banks have quite serious requirements for all their counterparties, incl. and to insurance companies. At the same time, it is important for the bank that the interests of its clients are protected by the insurance policy, and that its risks are reliably insured. It would be wrong to assume that mortgage loan insurance is a service imposed by the legislator. This is normal practice all over the world. Insurance companies assume a significant part of the risks in the mortgage lending scheme, and the bank's risk is limited only by the complete bankruptcy of the borrower. The figure below illustrates the fact that the risks of banks and other credit institutions in relationships in the field of mortgage lending are no less, and even greater, than those of borrowers (Fig. 1)

Figure No. 1. Risks of mortgage activity

What can you insure against and what are the insurance conditions?

Thus, insurance will be an indispensable condition for obtaining a mortgage loan. Most banks require three types of insurance to obtain a loan:

1. insurance of the purchased apartment against the risks of damage and destruction;
2. insurance of title to the subject of the mortgage (i.e. for the apartment you are buying);
3. life and disability insurance of the borrower.

Insurance costs are borne by the borrower. Detailed characteristics of these types of insurance are given in Table. 3.

Table 3
Comparative characteristics of types of mortgage insurance

Insurance conditions. An insurance contract, like any other contract, has mandatory conditions. The essential terms of the mortgage insurance agreement will be the following.

1. Subject and object of the agreement. In this case, the subject is expressed, on the one hand, in the obligation of the insurance company to accept a certain object for insurance and, on the other hand, the obligation of the policyholder to pay an insurance premium for it. The object of the mortgage insurance agreement will be the property pledged as collateral (mortgage).

First of all, they are subject to insurance all types of collateral, including:

1. real estate, something like this:
   • land plots, buildings and structures, structures, apartments in an apartment building and other property objects, the movement of which without disproportionate damage to their purpose is impossible (except for aircraft and sea vessels subject to state registration, inland navigation vessels, space objects classified by law as immovable things);
   • equipment for production and non-production purposes, both in operation and new;
   • goods and raw materials in stock and in circulation;
   • vehicles in storage;
   • farm animals;
   • Construction in progress;
   • other types of property;
2. vehicles, in use:
   • means of ground transport - passenger transport, freight transport, trailers for them, buses, tractors, construction equipment and other means of ground transport;
   • means of air transport - airplanes, helicopters, special purpose aircraft, subject to state registration;
   • means of water transport – transport, fishing, industrial, economic and other means of water transport subject to state registration.

Secondly, in addition to insurance of collateral items, they can be insured risks for the following types of insurance:

• insurance of construction and installation risks (in relation to unfinished construction of a property accepted as collateral);
• insurance of property rights (property title);
• insurance of leasing payments (for lending to leasing companies);
• insurance of civil liability of vehicle owners (for loans for the purchase of vehicles);
• other types of insurance.

Typically, insurance programs developed jointly by insurance companies and banks that provide mortgage insurance include (a) endowment life insurance of the borrower, as well as risk types of insurance (such as insurance of citizens against accidents and illnesses) and (b) property insurance, being the subject of a mortgage agreement. Sometimes the bank obliges the borrower to additionally insure: a) the risk of the borrower losing his job; b) possible legal costs and unforeseen expenses of the bank, related to the execution of the bank’s right to foreclose on the subject of the mortgage in the event of failure to fulfill the essential terms of the mortgage agreement (including the borrower’s evasion of insuring the subject of the mortgage against the risks of loss and damage)

Insurance is applied with certain restrictions, for example, the risk of high inflation cannot be insured. Taking these types of risks into account in advance is one of the bank’s tasks.

2. List of insurance risks. Typically, insurance risks are fixed in the insurance contract as an integral part of the collateral relationship. The list of insurance risks is determined by the need to provide the mortgagee with guarantees of maintaining income from the use of the collateral throughout the entire loan agreement.

Property pledged as collateral (mortgage) (except for vehicles in operation) is insured against destruction (loss) and damage for the following risks:

1. fire, lightning strike, explosion of gas used for household needs (compulsory insurance);
2. natural disasters (earthquake, volcanic eruption or underground fire, landslide, mountain collapse, storm, whirlwind, hurricane, flood, hail or rain - these types of risks are insured if necessary, depending on the location of the collateral);
3. explosion of steam boilers, gas storage facilities, gas pipelines, machines, apparatus and other similar devices (mandatory insurance of these risks);
4. damage to the insured property by water in the event of an accident of water supply, sewerage, heating systems, fire extinguishing systems, as well as sudden and not caused by the need to turn on the latter (mandatory insurance of these risks);
5. falling of manned flying objects or their debris onto the insured property;
6. burglary and robbery;
7. broken window glass, mirrors and shop windows;
8. illegal actions of third parties (acts of vandalism and hooliganism)

3. Duration of the contract. Typically, the contract term is set for the period of validity of the loan agreement plus one month. The term of the initial contract can be one year, and then be renewed annually (prolonged) automatically, but for a comprehensive mortgage insurance contract, this period must be no less than the loan term.

4. Cost of insurance services. Sometimes it is the size of the insurance premium that determines the final decision of the potential borrower - to take a loan or refuse. The average cost of comprehensive mortgage insurance, which includes the three listed types of risks, currently ranges from 0.9 to 1.1% of the insured amount. If you only need title insurance, the rate may be almost twice as high.

The procedure for calculating the insurance amount is traditionally determined by the bank. The annual calculation of the insurance premium occurs by multiplying the balance of the loan amount (taking into account what has already been paid) by the percentage specified in the agreement. When renewing the insurance policy for each subsequent year, the amount of the insurance premium will be less, since it is calculated based on the unpaid balance of the loan on the date of conclusion of the insurance contract, i.e., the repayment of the principal amount made by the borrower is taken into account. The insurance amount, of course, will seem very large, but over the years the possibility (risk) of an insured event will increase, and the insurance amount will decrease.

Payment of the insurance premium for the first year of insurance will traditionally be a condition of granting a mortgage loan. The annual payment of insurance premiums by borrowers in subsequent years poses a serious risk for the bank, which is why banks often provide for sanctions for non-payment or untimely or incomplete payment of the next insurance payment. Usually ϶ᴛᴏ is “punished” by the accrual of penalties and fines, because if the insurance premium is not paid, the borrower and the collateral will be uninsured, and loan repayment is in jeopardy. That is why the bank organizes cooperation with the insurance company in such a way as to monitor the annual payment of insurance premiums by borrowers and to timely exchange the necessary information.

An annex to the insurance contract will usually be insurance premium payment schedule. Collectively, insurance premiums make up the total cost of insurance services.

5. The amount of insurance compensation paid to the bank upon the occurrence of an insured event. It is determined in conjunction with the requirements of the loan agreement and for each specific date of the lending period there must be no less than the balance of the borrower's obligations under the secured obligation, sometimes increased by the interest rate.

The amount of insurance compensation traditionally must be no less than the amount of the loan issued and interest subject to accrual for the entire term of the loan agreement. The maximum amount of compensation is determined based on the market value of the pledged property. This takes into account the physical and moral wear and tear of property (depreciation) as of the date of insurance.

Mortgage on the primary housing market

A few insurance companies accept financial risks for insurance when investing in construction, But even such companies approach this sector of the market very carefully. It is worth noting that they cover the risks of loss as a result of the developer’s failure to fulfill their obligations. An insured event is considered to have occurred if the developer did not transfer the premises specified in the contract to the policyholder and did not return the funds received under the same contract. With this policy, the following risks are covered:

1. risks of bankruptcy or liquidation of the developer company in court;
2. risks of the constructed property being unsuitable for habitation;
3. errors made during design, construction and installation work;
4. violations committed during the preparation of documents for the construction of a real estate property;
5. developer fraud, theft, embezzlement, incompetence, carelessness or negligence of the developer's employees.

The tariff depends on the completion date of construction, the location of the property under construction and on average is about 1–1.5% of the investment amount.

Insurers generally prefer to insure only the life and health of the borrower, refusing to provide insurance protection for financial risks. It is worth noting that they carefully check the accuracy of information about the developer and the development site, permits and design documentation for construction. Cases of denial of insurance are also common. Basically, those real estate objects that do not cause concern among creditor banks are subject to insurance.

Remember: a lot depends on the specific bank, insurance program, reputation of the developer, as well as directly on the investment object.

Example

A multidisciplinary private financial institution, one of the leaders of the Russian banking system, JSC Joint Stock Commercial Bank Rosbank, does not divide their partners from among insurance companies into those who insure only the primary or only the secondary housing market. Currently, Rosbank has six insurance partners within the mortgage lending program. The only difference in the requirements for a loan on the primary and secondary markets is that when purchasing an apartment on the secondary market, a comprehensive insurance premium is paid for three risks: the risk of loss of life and disability, the risk of loss of ownership of the apartment and the risk of loss and damage to the collateral. And when purchasing housing at the construction stage, only the risk of loss of life and disability is insured. After putting the house into operation and receiving ownership rights, Rosbank borrowers are insured against three risks.

There are several conditions that make the insurance system for the risk of loss of title beneficial for both the home buyer and the insurance company. Here are the conditions:

• awareness of the home buyer about the risks associated with the possible loss of ownership, and how to avoid it;
• the ability to choose an insurance company that provides insurance coverage for these risks;
• providing the insurance company with the opportunity to conduct a legal examination of the expected transaction (checking documents, etc.);
• recognition of a court decision that has entered into legal force declaring the transaction invalid as an insured event entailing payment of insurance;
• a one-time payment by the insurance company of insurance compensation to the buyer, which allows him to purchase another home without wasting time.

The risks of mortgages in the primary housing market are presented in more detail in Table. 4.

Table 4
Mortgage risks in the primary housing market

7.4. What is needed to conclude a mortgage insurance agreement?

After receiving a positive decision from the bank to issue a loan, the procedure for your actions is as follows.

1. Choosing an insurance company. You will have to choose either from the list offered by the bank, or guided by your own mind. The criteria for choosing an insurance company are not much different from the general rules set out in previous chapters.

First of all, the selected insurer must have reliable reinsurance partners, preferably Western companies (with a rating of at least A+)

Secondly, the mechanism for concluding an agreement should not be too long and complicated. It is advisable when the signing of an insurance contract and payment of the first insurance premium are made directly during the property acquisition transaction.

Thirdly, the degree of efficiency in making a decision on acceptance for mortgage insurance is important. Often, one day is enough for companies to verify an application.

Finally, given the seriousness of the transaction, the insurer must have many years of experience in the mortgage market and have established business relationships with leading market operators.

The choice can only be made by familiarizing yourself in detail with the insurance rules of specific companies and the general information that allows you to judge their place in the insurance market. If this information suits you, also inquire about the insurance programs offered.

2. Filling out an application. It is extremely important for you to obtain an application form from your chosen insurance company, fill it out and send it to the insurer.

3. Providing the insurer with copies of documents necessary for conducting a pre-insurance examination.

Below is a standard list of documents, which is usually the same for all insurers. Of course, it needs to be clarified, and it is better to do so immediately upon receipt of the application form.

Thus, to conduct a pre-insurance examination regarding insurance in case of loss of property rights, the following documents are required.

1. Title documents for previous transactions with real estate(for sellers and previous owners):

1. contracts confirming the transfer of rights to real estate, or certificates of inheritance. Usually ϶ᴛᴏ privatization, purchase and sale agreements; contracts of exchange or donation, as well as acts of acceptance and transfer thereto, unless the contract provides for a condition that such acts are not drawn up. Acceptance and transfer acts will be an integral (mandatory) part of the contract and confirm that the right to real estate has been transferred not only on paper, but also “in kind”. Certificates of the right to inheritance confirm in this case the change of owner in connection with his death and the transfer of the right to his heirs;
2. certificates of state registration of property rights. It must be remembered that such certificates began to be issued in 1998, when in ϲᴏᴏᴛʙᴇᴛϲᴛʙii with the Decree of the Government of the Russian Federation of October 13, 1997 No. 1301 “On state accounting of the housing stock in the Russian Federation” justice institutions for registration of property rights and transactions with it. The names of the institutions have changed more than once, but people have adopted the name “registration chamber” (or simply “registration chamber”) for these state bodies. Today, the Federal Registration Service (FRS), subordinate to the Ministry of Justice of Russia, deals with issues of registration and issuance of a certificate of state registration of ownership of real estate . In the republics, regions and other subjects of the Russian Federation, the Federal Reserve System acts through departments and their branches, for example in the Penza region - ϶ᴛᴏ Directorate of the Federal Registration Service of the Penza Region;
3. a complete extract from the house register. Previously, house books were mandatory for private households; for dormitories and apartment buildings, municipal authorities usually created a specialized service that was responsible for registering citizens at their place of residence. Nowadays, administrations are creating public services that have a passport office or an employee in the position of passport officer, who are responsible for maintaining such records. Information about registered persons (including those who were registered and deregistered at the current time) are entered into a file cabinet and, upon application, are issued according to the approved F-1 form;
4. consent of the seller’s spouse (if the sellers are/were married) To register a transfer of rights, a mandatory notarial form of such consent is now required. Some time ago, consent could be certified by the registration authority itself (registration chamber), but now only a notary can certify the spouse’s consent, and anyone, not necessarily at the place of residence;
5. permission from guardianship authorities(if among the sellers or registered persons there are minors, incompetent or partially capable) Since the guardianship and trusteeship authorities are bodies created by local administrations, they usually provide such consent in the form of orders;
6. financial and personal account. Information about the financial and personal account is provided by the utility service. It must be remembered that such information helps to verify, firstly, the status of the owner (including owner) of the property, and secondly, the absence of the owner’s debt in payment for utilities. In many regions, the ERCC service - Unified Cash Settlement Centers - has long been operating, which work under contracts with suppliers of utility services - water, electricity, heat and gas. This is where you can get information about the presence or absence of debt on real estate. Sometimes information about a financial and personal account is provided at the passport office;
7. general civil passport of the seller. The Russian passport will be the main identification document for citizens of the Russian Federation. Foreigners have a passport of a citizen of a foreign state. Except for the above, they are required to have a migration card, entry permit, residence permit and other documents;
8. act of assessing the value of the property pledged as collateral, drawn up by an independent expert organization(if such an assessment was carried out) Real estate assessment as a type of activity is subject to mandatory licensing, so usually a copy of the license of the expert organization that conducted the assessment is attached to the assessment report. As a rule, the assessment is carried out at the request of the potential buyer or if the bank or insurance organization insists on it. Except for the above, representatives of the bank or insurer for its accounting can conduct an independent assessment of the real estate pledged as collateral.

2. If necessary, the insurance company may additionally request:

1. certificates from psychoneurological and drug treatment clinics;
2. permission for redevelopment (if redevelopment was carried out);
3. a realtor’s conclusion on the legal purity of the purchased property, if such a conclusion was issued, etc.

Requests for documents are usually made to clarify information, in case of suspicion, or to eliminate inaccuracies.

3. Sometimes you may be required to undergo a medical examination, in which case you will be required to provide proof medical certificate. But you can find an insurer who will either direct you to undergo such an examination for free, or will not require it at all.

The next stage is the work of the insurance company’s experts: they conduct a pre-insurance examination and determine an individual tariff.

4. Conducting a pre-insurance examination and determining an individual insurance tariff by insurance company experts. Based on the documents received on the property you have and the policyholder’s (borrower’s) questionnaire, the insurance company makes a decision on whether to accept or refuse insurance and communicates this information to the borrower and the bank. Based on the positive decision of the insurance company, the bank makes the final decision on lending to the borrower.

5. Drawing up an insurance contract. The insurance contract can be signed at the office of the insurance company or at the bank when receiving a loan. The following information is provided directly for drawing up an insurance contract:

1. date and number of the loan agreement;
2. debt repayment schedule;
3. loan repayment period.

The bank can provide such information, incl. by sending a photocopy of the loan agreement to the insurer.

6. Payment of insurance premium. Payment can be made at the bank's office or at the insurer's office at the place where the contract was signed. Insurance premiums are typically paid annually during the term of the mortgage insurance policy.

7. Providing the insurer with documents confirming the registration of the transaction. After completing the mortgage transaction (its registration with the registration chamber), copies of the newly received documents are sent to the insurer for information. You will find a list of documents in the terms and conditions of the insurance contract. As a rule, the following documents are required:

1. loan agreement;
2. purchase and sale and mortgage agreement;
3. certificate of ownership of the borrower.

Sometimes, for the convenience of the client, the insurance company independently requests the necessary documents from the realtor accompanying your purchase and sale transaction, or from the bank.

8. Final actions. A mortgage insurance agreement must be concluded before granting a mortgage home loan, and the insurance premium can be paid by the borrower simultaneously with receiving the loan by bank transfer from an account opened with the creditor bank. In any case, after drawing up the insurance documents, the bank and the borrower begin to draw up credit and intra-bank documents, and then the purchase and sale and/or mortgage of the apartment.

Based on all of the above, we come to the conclusion that the provision of a mortgage home loan contains three main procedures:

1. registration of insurance documents;
2. registration of credit and banking documents;
3. registration of purchase and sale and/or mortgage of an apartment.

Participation in the Housing for Russian Family program without credit support is very difficult for many families with average incomes. This is especially true during crisis manifestations in the economy.

Due to the worsening macroeconomic situation at the end of 2014, the availability of mortgage lending for the population decreased. Many market participants have suspended accepting applications for mortgage loans and postponed the signing of loan agreements. Some participants suspended loans or set rates of 20% per annum or more, while the average rate on residential mortgage loans in 2014 was 12.5% ​​per annum.

In pursuance of paragraph 40 of the Plan of Priority Measures to Ensure Sustainable Development of the Economy and Social Stability in 2015, approved by Government Order No. 98-r dated January 27, 2015), Resolution of the Government of the Russian Federation of March 13, 2015 No. 220 “On the Rules for Providing Subsidies to Russian credit organizations and the Agency for Housing Mortgage Lending to compensate for lost income on issued housing (mortgage) loans,” aimed at supporting citizens purchasing residential premises on the primary housing market, the primary mortgage lending market, as well as the construction industry.

In accordance with the Rules, citizens will be able to obtain a mortgage loan for primary housing at a preferential rate, and the lost income of banks will be reimbursed by the state. This rule will apply to mortgage loans for the purchase of housing on the primary market, issued from March 1, 2015 to March 1, 2017 Special preferential mortgage lending conditions provide for the issuance of a loan for the purchase of economy-class housing within the framework of the “Housing for Russian Family” program at a preferential interest rate of 12% per annum.

In this case, loan agreements must meet a number of requirements:

• The loan application date must be no earlier than March 1, 2015.
• The maximum loan size is 8 million rubles. inclusive (if housing is purchased in Moscow, the Moscow region and St. Petersburg) and 3 million rubles. inclusive (for other regions).
• The down payment is at least 20% of the cost of the residential premises.
• The lending rate cannot exceed 12% per annum, provided that the borrower enters into personal insurance and residential insurance contracts after registration of ownership.
• The term of the loan agreement is up to 362 months inclusive.
• Repayment of the loan (loan) is made in equal monthly (annuity) payments throughout the entire term of the mortgage loan (except for the first and last months) without the possibility of increasing the balance of the loan debt.

State subsidies will be received by credit institutions with a volume of mortgage loans of at least 300 million rubles. monthly. Companies providing smaller amounts of borrowing will participate in these activities through the Agency for Housing Mortgage Lending (AHML), which will receive subsidies and refinance loans.

Subsidies are provided to compensate for lost income of credit institutions and the Agency on credits (loans) issued from March 1, 2015 to March 1, 2016, and such credits (loans) acquired by the Agency before May 1, 2016, up to the level of the key rate of the Central Bank of the Russian Federation, increased by 3.5 percentage points, and for credits (loans) issued from March 1, 2016 to January 1, 2017, and such credits (loans) acquired by the Agency from March 1, 2016 to March 1, 2017 - to the level of the specified rate, increased by 2.5 percentage points, due to the provision of discounts when issuing (purchasing) loans to individuals at a rate of 12 percent per annum.

In the event of a reduction in the key rate of the Central Bank of the Russian Federation to the level of 8.5 percent or lower for credits (loans) issued from March 1, 2015 to March 1, 2016, and such credits (loans) acquired by the Agency before May 1, 2016 g., and for credits (loans) issued by credit institutions and the Agency from March 1, 2016 to January 1, 2017, and such credits (loans) acquired by the Agency from March 1, 2016 to March 1, 2017, - to the level of 9.5 percent and below, the provision of subsidies is terminated and can be resumed based on a decision of the Government of the Russian Federation.

• The state program of preferential mortgages began to operate on March 1, 2015 and is designed for a year. By Decree of the Government of the Russian Federation of November 27, 2015 N 1276, its validity was extended until May 1, 2016. Later, by Government Decree No. 150 dated February 29, 2016, the period for preferential mortgage lending in the primary housing market was established from March 1, 2016. until March 1, 2017

In order to support the “Housing for the Russian Family” program, AHML JSC has developed special social mortgage programs for categories of citizens entitled to purchase economy class housing within the framework of the “Housing for the Russian Family” program, which allow taking into account all possible subsidies provided for at all levels, which significantly increases the accessibility of obtaining a loan and purchasing housing.

As a priority, these social programs are focused on issuing loans for citizens purchasing housing under the Housing for Russian Family program on preferential mortgage terms.