And then tighten your belt even tighter, because you will have to pay off the debt to the bank for 20 years. And it’s good if inflation works up its appetite and absorbs part of the debt. But it’s better to rely on your own strength:

• Consider all available options;
• Study the legislation for the possibility of obtaining subsidies and benefits;
• Choose a bank where the monthly payment will be feasible for you;
• You can’t do without personal savings. After all, banks are not ready to provide more than 90% of the cost of housing.

Loan for the purchase of housing from the main bank of Belarus 2019

The undoubted leader in the field of housing lending is Belarusbank. The country's main financial institution has at all times provided the most favorable rates and participated in all. And now it provides several financing options:

Type of loan	Who can receive	Maximum amount	Interest rate
On a universal basis	Every citizen of Belarus who has a source of income on the territory of the state and is able to confirm it	Up to 90% of the cost of housing, depending on the applicant’s earnings	Refinancing rate + 4.3%
On preferential terms	People who are on the waiting list to improve their living conditions and do not have their own property	Up to 90% taking into account family income	Refinancing rate +3%
Special conditions	Large families		Refinancing rate

Inflation and default are quite frequent guests in Belarus. Therefore, the main bank has long ceased to rely on a fixed interest rate, leading to a loss of income. Now the monthly payment amounts change every quarter in accordance with changes in the refinancing rate. Today this figure is 10.5% per annum, so the total cost of a loan to those in need of improved housing conditions is 13.5%.

Despite the slight difference in interest rates, in other respects Belarusbank provides identical conditions to any borrowers:

• Repayment terms are up to 20 years. In this case, you need to start repaying the loan 18 months after receiving it;
• At the birth of a child, credit holidays are provided during maternity leave;
• Part of the loan can be repaid at any time with payments for the birth of a second child or with a government subsidy;
• A guarantee or pledge is used as collateral for a loan.

Important! Guarantors, like the borrower himself, must have a positive credit history and sufficient income.

A significant advantage of lending from Belarusbank for many residents of the country is the ease of making payments and the ability to write them off from their salaries. If the client receives income on a bank card, then a certificate from the place of work becomes optional.

TOP 5 banks offering favorable loans for the purchase of housing

Belarusbank is the main, but far from the only bank in Belarus that issues large loans for the purchase of apartments. Therefore, you need to compare the conditions: it is possible that the offers of other financial institutions in the country will be more interesting for you. Moreover, interest rates vary within a small range, and preferential programs and subsidies operate in every bank included in the “five largest”.

	Loan terms	Interest rate
Belinvestbank			Buying or building an apartment from a partner developer
BPS-Sberbank			For purchase, construction and reconstruction. Possibility of issuing a credit line
Belagroprombank			Surety, pledge
Priorbank			Possible use of subsidies
			surety

A loan for the purchase of housing from a commercial bank sometimes turns out to be even more profitable than from Belarusbank. This is mainly achieved through partnerships with developers. And even being tied to a specific cooperative does not become an obstacle, because financial institutions cooperate with organizations that have proven themselves well in the market.

In addition, applications from commercial banks are often processed faster; many are ready to consider the total family income as the basis for issuing a large amount. The option of a credit line offered by BPS-Sberbank is also interesting - this is the best option for those who are building a country house or an apartment in a cooperative.

How to get a home loan

Russians often complain about the long process of obtaining a mortgage. In Belarus, there is actually no such method of financing, but the timing does not really benefit from this. After all, a potential borrower needs to collect a package of documents:

• Passport, photocopy of the work book, certified by a seal;
• Certificate of income;
• A purchase and sale agreement with a clearly defined deadline for transferring the amount to the seller;
• Written consent to check the information received by the bank and credit history;
• Applicant's questionnaire;
• Guarantors are also required to agree to check their credit history and income statements.

Belarusbank considers an application for a home loan within 30 days; commercial banks often act faster - you can receive a response from them within the next week. But transferring money to the seller’s account can also take several days.

Requirements for borrowers

It is no secret that Belarusian banks are skeptical of entrepreneurs and self-employed people, considering their income too variable and unstable to receive a significant loan amount. But with housing issues the situation is different - they are issued much more willingly, and the target audience includes:

• Working citizens aged 18 to 60 years;
• Pensioners, subject to the involvement of three working relatives as guarantors;
• Individual entrepreneurs who annually declare stable income.

The last category has special requirements. To take out a loan to purchase a home, they must provide the bank with a current account statement for the last 3 months or an annual declaration, as well as a certificate of state registration. It is also worth taking into account the fact that the reputation of such a borrower will in any case be checked using reports from the tax office.

What to do if you need a housing loan urgently

When buying a home on the secondary market, a difficult situation often arises - the seller is not ready to wait for the bank to transfer the amount to his account or simply does not want to deal with the time-consuming paperwork and opening of accounts. And it’s especially offensive if the amount required is not very large. In this case, you can use the services of commercial banks that are ready to issue a housing loan in cash:

The requirements of these banks are somewhat softer; you do not need to wait for a real estate pledge agreement to be drawn up - a guarantee is enough. But you need to understand that the sacred meaning lies in that very prefix “from”, because the announced figures rarely coincide with the loan agreement that you sign with the company.

And a few more important nuances

A home loan is practically a matter of life. After all, many families break up before the repayment period ends. Therefore, when choosing one of the proposed options, you need to think ahead:

• Loans for the purchase of secondary housing in Minsk and the regions are given much less willingly than for new apartments. Therefore, in some cases, a partner is more profitable than a cozy living space built in the 1990s;
• Taking into account economic instability, it is more profitable to take loans with a fixed interest rate. After the next wave of inflation, the payment amount will depreciate significantly and it will be much easier to pay. Floating rates regulate the size of the monthly contribution in accordance with the current situation;
• Floating rates are also inconvenient because the amount of payment can vary significantly from quarter to quarter.

You can get a loan to buy a home in Belarus from 8 banks at once, but none of them will provide you with the full amount. Therefore, in any case, you need to think about savings now - they will be very useful to you.

It would seem that just recently prices in the real estate market were feeling the bottom. Today, on the Minsk secondary market there are no apartments cheaper than $35,000, and new buildings with a square meter up to $1000 are sold out in a matter of days (if we are not talking about a foundation pit). The current demand is largely due to the increased availability of housing loans. What conditions do banks offer today? And how big are the risks? We tried to understand the issue by visiting six different banks under the guise of potential borrowers.

The story was made up on the fly. A family with two minor children found a desirable apartment on the secondary market. To make your dream come true, only 50,000 rubles are missing. We are trying to borrow this amount from banks, having a stable job and an average salary for Minsk (based on the latest Belstat report). Let the husband have 1,300 rubles, the wife - 900. The spouses have no other loans, do not act as guarantors anywhere and do not keep other debts private.

"Belarusbank": the first two years - 10.5%, then - 13.5%

Unfortunately, it was not possible to get advice at the mortgage center on Myasnikova Street. Having taken the ticket, we spent almost an hour in the electronic queue, and the treasured number on the board never lit up. At the end of the working day, at least 30 people gathered in the room - all of them were sent here from various branches of the bank to draw up contracts, and the center employees clearly could not cope with the surging workload. Realizing that there was no point in waiting, we left and received advice the next day at a regular bank branch with virtually no queue.

Belarusbank issues loans for up to 20 years. The first two years the interest rate will be equal to the refinancing rate of the National Bank (today it is 10.5%), starting from the second year - the refinancing rate plus 3 percentage points (13.5%).

To get the 50,000 rubles we need, the average income over the last three months should be approximately 1,126 rubles. In this case, the maximum payment will be around 788 rubles (226 - principal, 562 - interest). Then the amount will slowly decrease. It turns out that if every month we regularly pay 226 rubles of the principal debt and the remaining interest, then in 20 years we will overpay the bank about 74,000 rubles. The calculation is, of course, very arbitrary. During this time, the refinancing rate to which the loan is tied will change more than once. And it’s not in our interests to feed the bank all this time. There are no penalties for early repayment, so it is more profitable to pay as much as possible and thereby ease the debt burden.

- It’s better for you to take not 50,000, but a little less, since loans in the amount of over 50,000 rubles require not only a guarantee, but also collateral for the purchased residential premises, and these are additional costs for appraising the apartment and drawing up an agreement,- explains the specialist. - As for guarantors, for this amount you need at least two people with a total income of around 1,300 rubles. Additional payments will be 21 rubles for each guarantee agreement.

To apply for a bank loan, a preliminary agreement for the purchase and sale of an apartment is sufficient. But on the day of concluding the loan agreement, you must provide a notarized purchase and sale agreement.

For delay in the principal debt, a double interest rate is charged (in our case - 27%), for failure to comply with the terms of repayment of interest - a penalty in the amount of double the interest rate accrued for each day of delay.

We are wondering what will happen if delays become regular.

- The contract does not provide for deferments. You will have guarantors. If you can’t pay for it yourself, contact them. Otherwise, our security service will take over,- the bank representative answers.

Belinvestbank: 15.28%

The interest rate of Belinvestbank is now 15.28% (calculated by multiplying the current overnight rate by 1.3). The dynamics of changes in the overnight rate can be tracked on the National Bank website. Over the past year, it has changed eight times downwards - from 20 to 11.75%. A loan for the purchase of an apartment is given for 20 or 10 years.

When you arrive at one of the branches, please calculate the payment schedule for 20 years.

- Your income is enough for you to receive 50,000 rubles. If you take your spouse as a guarantor, one more guarantor with a salary of 900 rubles will be enough (taking into account the fact that he has neither loans nor dependents),- explains the consultant.

The maximum payment will be 857 rubles per month, where 209.2 is the principal debt and 647.8 is interest. Next will be a gradual decrease to 216 rubles by January 2038. If you strictly adhere to the printed schedule (which, of course, is not necessary, and even impossible due to changes in the refinancing rate), the overpayment after 20 years will be 76,394 rubles.

- But if you take out a loan for 10 years, then your salary will not be enough for 50,000. Even if you include your spouse’s income in the total, you can get a maximum of 41,000 rubles,- states the specialist. - The guarantor's income must be at least 1,150 rubles. Your guarantors can be women under 53 years of age and men under 58 years of age at the time of submitting documents. If you do not find guarantors or our risk managers decide that you still do not have enough collateral, you will be offered to draw up an apartment pledge agreement. The payment amounts will not change.

According to the ten-year schedule, the maximum payment will be equal to 874.87 rubles, where 344.53 is the principal debt and 530.34 is interest. By January 2028, the overpayment will be 31,318 rubles.

In case of a delay in repayment of the principal debt, the interest rate on the overdue part of the loan increases by 1.5 times (in this case - to 22.92%), and the borrower who violated the deadline for paying interest will face a penalty of 0.1% for each day late payment.

Priorbank: first year - 10.5%, then - 14%

At Priorbank, you can take out a loan of up to €108 thousand in equivalent against the security of an apartment, and up to €21 thousand in equivalent with the guarantee of third parties. The rate in both cases is as follows: first year - net SR (10.5%), starting from the second year - SR + 3.5 percentage points (14%). Duration - 5, 10 or 15 years.

- Based on your total salary, you can claim 89,000 rubles. If you take 50,000, then the monthly payment will be 644.74 rubles,- after clarifying information about income and family composition, the specialist prints out a payment schedule. - Payments will be equal every month. An annuity works here: interest payments will decrease from month to month, and the principal debt will increase, but the total remains 644.74 each time. If you follow this scheme, after 15 years your overpayment of interest will be 65,614 rubles. Of course, every month you can deposit more than 644 rubles in order to pay the bank faster.

If we take out a loan secured not for 15, but for 10 years, then the monthly payment will be almost 752 rubles (here there is also an annuity), and the overpayment at the end will be 40,238 rubles.

Now let's consider the option with guarantors.

- Two people under the age of 63 are enough (at the end of the loan agreement). In your case, the total income of the guarantors should be 2000 rubles. The maximum payment in the first year will be 715 rubles, starting from the second year - 822 rubles, then payments will decrease. The overpayment after 15 years will be about 51,095 rubles. If the contract is for 10 years, the maximum payment in the first year will be 854 rubles, from the second year - 941 rubles. Overpayment - 33,621 rubles.

It turns out that it is much cheaper to find guarantors than to register an apartment as collateral. In addition, you have to pay about 200 rubles for drawing up a pledge agreement, and also spend money on assessing the market value of the apartment.

- To submit an application, we need your passports, copies of work records and salary certificates for the last six months,- the consultant clarifies the requirements. - If the application is approved, bring us the apartment purchase and sale agreement. If the apartment is pledged, you will also need a report on its market value. Additionally, in this case, it is necessary to insure the life of the borrower (315 rubles every year) and conclude an insurance policy with one of the insurance companies - the bank's partners for the amount of the loan debt.

Penalties, of course, are provided. Interest on overdue debt on the principal debt will be calculated at a rate increased by 1.5 times (15.75% in the first year and 21% in subsequent years), and on the amount of untimely repaid interest a penalty will be calculated - 0.4% for each day of delay.

"Bank BelVEB": 16%

Here the “Ulasnaya Mayomast” loan is suitable for us at 16% per annum (CP + 5.5 percentage points) - this is issued for a period of up to 20 years. If up to 60% of the cost of an apartment is loaned, then for an amount less than 30,000 rubles, at least one guarantor is sufficient, for an amount over 30,000 - at least two guarantors or an apartment pledge, and if over 60% of the cost of an apartment is loaned, it is necessary to look for guarantors and formalize pledge.

- Your salary is just a little short. You can count on 49,200 rubles,- the consultant summarizes. - If you need exactly 50,000, we include your spouse’s salary in your total income.

Calculations show that over the entire 20 years we will overpay 80,467 rubles in interest (unless, of course, we pay off the debt ahead of schedule). The maximum payment will be 874.53 rubles (208.33 - principal, 666.2 - interest).

The 10-year schedule paints a more optimistic picture: 40,465 rubles of overpayment. But payments will be kept in constant tone. We start with 1082 rubles (416.67 - principal, 665.74 - interest).

There must be at least two guarantors. Their age is not less than 21 years and not more than 55 years on the date of submission of documents. The net income of each of them must be at least 55% of the maximum loan payment. For concluding an agreement with each guarantor, the bank will take 20 rubles.

- You can choose to secure the loan in the form of collateral, then you don’t have to look for guarantors,- the specialist advises. - The payment amounts will not change. You just need an apartment appraisal. Registration of a deposit costs approximately 220 rubles.

If there is a delay in payments on the principal debt, the bank will increase the rate by 10 percentage points (in our case - up to 26%) until the debt is fully repaid, and will also fine the borrower 1 basic amount for each case of delay. For late repayment of interest, a penalty of 0.1% of the unpaid amount for each day of delay is due.

Belagroprombank: 15.5%

Belagroprombank today offers loans for the purchase of housing at a rate of 15.5% per annum (CP + 5 percentage points) for a period of up to 20 years.

- With a salary of 1,300 rubles, the bank can give a loan of 45,000 rubles. If you include your spouse’s salary in your total income, up to 71,000. In your case, you need at least two guarantors. Their total income should be somewhere around 1800 rubles,- a bank employee advises. - Or you can take out a loan secured by an apartment, and then you won’t need guarantors. Registration will cost a total of 500 rubles, including appraisal of the apartment and registration with a notary. And if there are only guarantors, then you will pay only 60 rubles: 20 for drawing up an agreement with each of them and 20 for including the spouse’s income in the total.

The maximum payment under the 20-year schedule is 864 rubles. The overpayment after 20 years is around 75,400 rubles.

Fines from Belagroprombank for overdue principal debt - double interest rate (31%) plus a penalty - 0.15% of the amount of overdue debt on the principal debt for each day of delay. A penalty of the same amount will be charged for failure to comply with interest repayment deadlines.

"BPS-Sberbank": first year - 14.5%, then - 13%

BPS-Sberbank also offers loans for up to 20 years. For the first 12 months the rate will be 14.5% (SR + 4 percentage points), starting from the 13th - 13% (SR + 2.5 percentage points).

Judging by the 20-year schedule, the maximum payment in our case will be 812 rubles. The amount of overpayments in the end is about 70,000 (if you do not pay off the debt ahead of schedule). You have to find at least two guarantors with an income of 1,600 rubles between them (we are talking, remember, about a loan of 50,000 rubles). At the end of the contract, the age of the guarantors must not exceed 65 years. You can do without guarantors by placing an apartment as collateral.

If there is a delay in repaying the principal debt, the bank will double the interest rate on the overdue portion of the loan (up to 26%). For failure to comply with interest repayment deadlines, a penalty of 0.3% of the overdue amount is provided for each day of delay.

Can the bank change the interest rate?

Interest rates on loans are tied to the refinancing rate or overnight rate. At the same time, banks can independently initiate changes in the interest rate. Every contract we have studied has a clause indicating this. Banks can justify such a measure, for example, by changes in market conditions or the cost of resources for the bank.

The borrower will be asked to sign an additional agreement to the agreement on changing the rate. In case of refusal to sign, the bank will require early repayment of the loan and interest for the period of use.

In what other cases may the bank require early repayment of the loan?

It is necessary to carefully read the agreement not only before signing it, but also after - so as not to forget about the obligations assumed. Each agreement defines a number of violations in which the bank has the right to demand early repayment of principal and interest. Such violations, for example, include failure to comply with the intended use of the loan, failure to provide documents required under the agreement and provision of false documents, repeated late payments, changing the country of residence of the borrower, and so on.

Do you lack funds to buy an apartment? Affordable mortgage not available? In this case, you need to select and apply for a favorable loan for housing in Minsk. Currently, all citizens of Belarus over 18 years of age who have a regular income can receive one. Banks are ready to provide special conditions for issuing such a loan to large families, low-income families, and those in dire need of improved housing conditions.

What are the conditions for a loan to purchase a home?

Beneficial housing loans from Belarusian banks can be issued under the following conditions:

• interest rates - from 13% per annum;
• loan period - up to 25 years;
• approval of loans for new and secondary housing;
• issuance for construction, as well as for the purchase of housing;
• the possibility of early repayment of a loan for a house or apartment without penalties or additional payments.

On special terms, a preferential loan can be issued to those in particular need, as well as to large and young families. These categories of clients can count on a lower rate of 8.25% and quick processing of loan documents.

How to apply for a home loan?

Today you can buy an apartment on credit in any region of the country. To get the most profitable loans of this type, you must:

1. Explore banking programs through which you can take out a home loan. You should select several suitable options, and then calculate the actual costs for them using the calculator on the bank’s website.
2. Next you need to apply for a loan. This can be done in advance online on the bank’s website. But it is better to immediately contact the credit institution with documents, including a passport and income certificate (low-income citizens and large families will also need to submit documents confirming their status). If you are planning to buy a home, you will also need to choose a loan facility that the bank can approve.
3. If the new building or secondary housing you have chosen is approved and the bank agrees to issue a loan, you will need to sign a loan agreement. The bank will buy the property and transfer it to you for use.

A loan for the purchase of a home can be issued within 5 working days. For clients with a good credit history, it can be approved within 24 hours.