Both mortgage and consumer loan are types of loans that involve the issuance of funds for a strictly defined period and at interest. The differences lie in the terms of provision, the availability of a down payment, the size of the monthly payment and some other features. Deciding which is better, a mortgage or a loan, needs to be done for each specific situation, since both loans have both their positive and negative sides for the borrower.

What is a mortgage and mortgage loan?

Trying to understand the huge variety of banking programs, many borrowers are wondering whether a mortgage is loan agreement for housing or not.

A mortgage is a type of pledge in which the debtor pledges the property he owns to the creditor, who, if the latter fails to fulfill his obligations, becomes the new owner and receives the right to sell it. As mortgage collateral the bank is ready to accept an apartment, house, dacha, land plot and some other objects.

The concept of mortgage should be distinguished from mortgage lending. Mortgage loan is a long-term loan secured by the bank against the property being purchased. real estate. At the same time, the borrower does not have the right to independently dispose of the purchased housing, that is, any sale of it (donation, sale, etc.) is carried out only with the approval of the bank, since it is the bank that is the owner until the final payment of the loan. Thus, the concepts of mortgage and mortgage lending, although very close, are not exactly the same thing.

Disadvantages and advantages of consumer loans and mortgages

When choosing the type of loan to purchase a home and doubting between a mortgage and a consumer loan, you should always consider the advantages and disadvantages of each of them when making a decision.

Pros of a mortgage

• Long repayment terms. The mortgage is issued for 5-30 years, as a result of which monthly payments are feasible for the borrower and do not reduce his standard of living;
• Reduced interest rates, since the mortgage is designed for people with average incomes and is one of the targeted lending programs for the population;
• The possibility of receiving a large amount, since a mortgage loan has a very specific purpose - the purchase of housing;
• A variety of mortgage programs, including those with government support;
• Possibility of receiving a tax deduction if it was not previously returned;
• The purchased housing is carefully checked for legal purity by the bank and insurance company;

Cons of a mortgage

• Significant overpayment on the loan, which will exceed the original cost of the apartment by two or more times;
• The need to make a down payment, which ranges from 10% to 30% of the value of the property;
• Until the debt is paid in full, the borrower has no right to dispose of the acquired property (sell, donate, register to third parties, lease) without the approval of the lender;
• Life and health insurance of the debtor, as well as collateral property, is issued at the expense of the borrower, but upon occurrence insured event the bank receives the payment;
• An impressive package of documents and a longer processing time for the application;
• The need to attract co-borrowers at the request of the bank.

Advantages of a loan

• Fast application processing time;
• The package of documents is significantly less than what is required for a mortgage. Some banks are ready to provide a loan based on a passport and income certificate;
• Insurance is not required. If the borrower wishes to arrange it, then in the event of force majeure, payments are received by the policyholder, and not by the bank;
• The ability to dispose of property immediately, since it is not pledged to the bank;
• No down payment;
• The final overpayment is much less than for a mortgage due to the short loan period.

Disadvantages of a loan

• Short repayment terms, which average up to five years;
• The interest rate is significantly higher than that for a mortgage;
• The loan amount is limited. Often it cannot exceed 500,000 rubles. A larger loan requires the involvement of a guarantor and/or collateral;
• Due to short periods of time it increases monthly payment.

How is a mortgage different from a simple real estate loan?

The differences between a mortgage and collateral in Sberbank will be the same as in any other credit institution.

When taking out a mortgage loan, the property being purchased becomes collateral. The borrower does not receive cash in hand, as they are immediately transferred to the seller’s account. The borrower cannot dispose of the property without the bank’s consent.

A real estate loan is issued against existing housing as collateral. The interest rate on such a loan will be slightly higher than on a mortgage. The amount issued will not exceed 70% of the value of the pledged property. The borrower receives the money.

comparison table

Conditions	Mortgage	Consumer loan/loan secured by real estate
Maturity period (years)	5-30	up to 5, less often 7
Bid (%)	from 10.25	from 13.5
An initial fee (%)	from 10	No
Application consideration period	from 1 to several days	from 1 hour
Additional expenses	Insurance of purchased property; life and health insurance annually; Valuation (when purchasing on the secondary market); Registration of the transaction and registration of property.	Life and health insurance
Purpose	Targeted loan can only be used to purchase housing	Non-targeted loan, money can be used for running a business, purchasing property, repairs and other consumer expenses
Special conditions	A co-borrower is often required	Loan amount is limited
Encumbrance	The purchased housing is pledged to the bank	Pledge of existing real estate and/or guarantor if the loan amount exceeds 500,000 rubles

Which loan is more profitable and faster to repay: consumer or mortgage?

Choosing when buying a home between a mortgage and simple loan, it’s worth thinking about how quickly and profitably you can pay off each of them. To do this, the websites of many banks provide a calculator for calculating the benefits of a consumer loan or mortgage. The calculator helps you find out the amount of your monthly payment and compare your expected expenses with your options.

To calculate, you must indicate the value of the property, the interest rate, and the loan term in years. If a mortgage is calculated, the amount of the down payment is also indicated. After clicking the “Calculate” button, the amount of annuity payments will appear. Also, after the calculation, you will be able to see the final overpayment for each type of loan and after that decide what is more acceptable - a mortgage or a cash loan.

Currently, banks rarely issue cash in person. And a cash loan, especially for a large amount, is increasingly replacing credit card. This is the same loan, only the bank’s money is stored on the card. When deciding for yourself whether a mortgage or a credit card will be more profitable, you need to seek advice and get a professional answer.

Which is better: a mortgage or a car loan?

Both a mortgage and a car loan are two targeted loans. But their goals for obtaining it will be completely different. A mortgage loan is issued only for the purchase of housing. A car loan is also issued for a specific purchase – a car. The average rate on car loans is slightly higher than on a mortgage, and is 12-17%, and the purchased car is pledged to the bank.

You won’t be able to get a loan for a car to buy real estate, and, conversely, you won’t be able to pay off a car loan with a mortgage.

Questions and answers

How to determine what is cheaper: a mortgage or a loan for 3 years?

Use credit calculator on the bank's website. Consult a loan specialist for advice. The choice depends on the requested amount, the purpose of the loan, the rate offered by the bank and the financial capabilities of the borrower.

A housing loan has become one of the ways to solve the housing problem. Lately I've been thinking that a mortgage is the only option for a home loan. I myself have a mortgage, and I pay regular annuity payments. However, I recently met a person who did not take out a mortgage when buying a home, but took out a consumer loan for the maximum amount from Raiffeisenbank.

In this bank at my employer salary project, and the loan was obtained at a reduced rate of 15 percent. In principle, this is not a big bet, considering that my rate is 12.75 now (it was 14.75 before receiving ownership rights).

However, the question is different - which is more profitable and simpler? Take out a mortgage or apply for and receive a cash loan that you can use to buy a home.
There are both calculation points - you need to calculate the overpayment on the loan, and additional costs when buying a home, which do not depend on whether you take out a mortgage or a cash loan.

Major additional costs when buying a home

Such costs include the cost of a realtor, registration of documents at the registration chamber - payment of state fees. These costs will be there in any case. The price will vary in different regions; if another person does this for you, this will be an additional cost. You will also need certification of the purchase and sale agreement, possibly drawing it up - costs for a notary and lawyer. Checking the legal purity of the purchase object also leads to additional costs.

Preparing for the transaction may take additional time due to the fault of the seller - it may be necessary to pay utility bills. When buying an apartment you always need an initial fee. It is important for a mortgage - very often the interest rate depends on it. Now the minimum contribution is 10 percent or higher.

The main differences between a mortgage and a consumer loan.

The main difference between a mortgage is the rate. It is less for a mortgage than for a consumer loan. But there are a number of additional costs associated with a mortgage that can make taking out a cash loan more financially beneficial.

The first is mortgage insurance. You must insure the property you are purchasing against loss due to an accident (gas explosion, flood). Moreover, the insurance is done in favor of the bank - if an accident occurs, the bank receives the money. You also insure your life and health in case you are unable to pay your mortgage due to illness. In addition, loss of property rights is insured. Without insurance, you may not be given a mortgage at all or given a higher rate by 2-5 percent, which is very unprofitable for you. The second important point is the obligation to mortgage the apartment to the bank.

The bank requires a mortgage on the apartment - this is a mandatory condition for a housing loan. When registering your property rights, you are given a certificate with an encumbrance. The apartment is actually owned by the bank until the mortgage is paid in full. In case of non-payment, the Bank will take the apartment, sell it and pay your debt from the released funds. The rest will be returned to you. With an annuity compounding plan, you pay high interest initially, resulting in a very small balance.

For a cash loan, insurance is an optional condition. But it is very difficult to get such a loan for a large amount. But the advantage of such a loan is the absence of collateral. The apartment immediately belongs to you.

The only risk - the risk of non-payment - if this case occurs, will, in the worst case, lead to communication with debt collectors. But the bank will not be able to take away the apartment. However, there is a risk of losing your title to black realtors and sellers. To do this, you need to carefully approach the choice of purchase. The advantage of a mortgage is that the bank checks the cleanliness of the apartment. In the case of a new building, this issue can be removed.
In addition, an apartment with a mortgage is more difficult to sell.

Mortgage buns.

There are some additional benefits to a mortgage.
The first is a rather long period. You can borrow money for 5-30 years, choosing one convenient for you annuity payment. In addition, a differentiated loan repayment scheme is possible, which in general is more profitable than an annuity.
Read also:
In the case of a cash loan, the term is up to 5 years, which makes the monthly payment higher and unaffordable for many.

However, this raises the question early repayment- it will be more profitable with a short loan term.

The second important benefit of a mortgage is the possibility of obtaining a tax deduction. It can be obtained once in a lifetime and only for the amount of 13 percent of the loan amount.
Maximum 13% of 3 million or 390 thousand plus 13 percent of the amount of interest paid. Plus 13 percent of the amount of expenses for finishing materials in case of purchasing an apartment in a new building
This is a fairly compelling argument. But you need to collect the necessary set of documents to receive a tax deduction. The deduction can be obtained directly from the tax office and from your employer if you have a white salary.

What to choose?

As you can see, each option for getting money for housing has a lot of its advantages and disadvantages.
For example, we want to take out a loan for 507,500 rubles. for a period of 5 years.
Here's an example real loan Orient Express bank

As you can see from the graph, every month the user, in addition to the next payment, pays insurance - 2030 rubles
Let's calculate how much insurance payments came out

2030 * 60 = 121800

We will take the final overpayment from the bank’s schedule - 233316.66
You can take out a mortgage loan at a rate of not 18 percent, but 13%. (For example, in Deltacredit)
Let's make a table to compare both loans. We will not take into account possible commissions in the table; we only take into account what we pay to the bank and the insurance company.

If you look, you can see the following diagram

Ultimately, it all depends on the purpose of the loan, the amount and timing of its repayment. If the borrower plans to buy a home with borrowed money, then a mortgage loan will be more profitable. The two main advantages of a consumer loan – no down payment and lower overpayment – ​​can also be obtained with a mortgage loan. Or you can combine both lending options - take out a consumer loan for the down payment, and get the rest of the amount as a mortgage. This often turns out to be more profitable than taking out a mortgage with a small down payment or no down payment at all.

The problem with the down payment can also be solved through special programs in which the state additionally participates in the transaction. And then the creditor bank either does not require an initial payment at all, or receives it from the state or other authorized structures.

Another issue with the down payment can be resolved by purchasing a home at a price below the market price. If you choose an option that the seller is willing to give with a 10-15% discount from average prices on the market, having received a loan from the bank for 80-85% of the market price, you will be able to buy an apartment without investing your own money. Quite profitable, but not the most common option: finding a suitable object with such a price is not very easy, and you will also have to take more care about the security of the transaction when registering. In addition to the bank's lawyers, it will be necessary to additionally involve lawyers who will look after the interests of the borrower so that the transaction is not subsequently recognized as invalid, concluded on unfavorable terms for the seller or under pressure.

The issue with a large overpayment can be resolved through early repayment or partial early repayment. If the borrower, in addition to the obligatory monthly payment, pays an additional 20-30 thousand to the bank to repay the loan, the final overpayment will be much less than for a consumer loan.

To purchase a home, in most cases it is more profitable to take out a mortgage than a loan - the rate is lower, the terms and loan amount are longer, and the required monthly payment is lower.

For the comparison to be correct, the same conditions must be considered. Let's say you took out a loan for 1 year. The overpayment on a loan with a rate of 10% will be 5.5% of the original amount. If the repayment period is 5 years, then the overpayment will increase to 27.5%, in 15 years you will have to pay back 93%, 200% can be reached closer to 30 years of the contract. The overpayment on a consumer loan, if you take it out at 18% per annum for 5 years, will be 52% - twice as much as with a mortgage.

Or this example: you can take out a consumer loan for 1 million rubles for 5 years at 18% per annum and pay 25,400 rubles per month. As a result, you will overpay the bank 523 thousand rubles. You can take out the same amount on a mortgage for 20 years at 10%, but if you pay the same amount per month, paying additional money for early repayment, you will fully pay off the bank in 4 years, and then the overpayment will be 306 thousand rubles less . In the calculations, you need to take into account not only the amount you give to the bank, but also the period during which you must pay this amount.

What is easier to take out: a mortgage or a consumer loan to buy an apartment?

The difference between a mortgage and a home loan: to apply for a mortgage loan, the bank will require a larger list of documents. The bank will check the application and documents of the potential borrower in approximately the same time in both cases, but mortgage lending The object itself must also pass the test. This will take additional time, so if you compare the processing speed, you can get a consumer loan much faster. The number of documents provided in the consumer loan option will also be less.

List of documents for obtaining a consumer loan:

• military ID;
• declaration or certificate in the form of the bank.

List of documents for obtaining a mortgage loan:

• application - can be filled out at the bank office or on the website;
• copy of passport and second document – ​​SNILS, driver’s license
• IDs, international passports, military personnel identification cards,
• military ID;
• income certificate in form 2-NDFL, for entrepreneurs - tax
• declaration or certificate in the bank form;
• a copy of the work book;
• documents for the purchased apartment, if the collateral is a loan
• the agreement will include: a copy of the seller’s passport, title
• document, technical passport, cadastral passport, cost report
• real estate, an extract from the Unified State Register of Real Estate on the absence of arrests and prohibitions on
• sale of an apartment and other registered encumbrances;
• documents on the real estate object provided as collateral, if it is an object that already belongs to you: an extract from the Unified State Register of Real Estate - preferably, it should not be older than 1 month, a report on the assessment of the market value of the property - valid for 2 months, a technical passport, an extract from personal account, confirming that there are no registered persons in the apartment, notarized consent of the spouse to transfer the object as collateral.

As a result, it turns out that getting a consumer loan is much easier and faster than a mortgage. Finding a suitable real estate option that will be approved by the bank, collecting and preparing documents for a mortgage will take from several days to several months. The assessment report, certificates and extracts, cadastral and technical passports are paid. It is possible that the seller will have some documents in stock, but most of them must be received immediately before registration, so expenses cannot be avoided.

In addition, according to mortgage loan the borrower has to bear additional insurance costs. The obligation of the loan recipient to insure the property pledged as collateral is prescribed by law. However, banks, as a rule, also offer life, health and disability insurance and the risk of loss of title to property (title insurance). These types of insurance are not specified in the law as mandatory, but the lending bank has the right to change the interest rate depending on whether the borrower has insured life, health and title or not.

As a result, in practice, despite the absence of a mandatory requirement in the law, the borrower has to include payment for insurance contracts in the amount of expenses. Considering the considerable size of the loan amount and the repayment period, concluding insurance contracts turns out to be more profitable than paying an increased interest rate.

Insurance of a property coincides in duration with the loan repayment - the insurance contract must be renewed every year until the borrower repays the debt with interest. Banks offer life and health insurance for the same period, and title is usually insured for the first three years.

Since the amount of unpaid debt decreases every year, the cost of insurance will also change downward every year. By the way, insurance for a consumer loan will cost much more.

What to choose: loan or mortgage?

When deciding what is easier to take out: a mortgage or a consumer loan to buy an apartment, you need to focus primarily on the loan amount and term. If the borrower has about 85-90% of the cost of the apartment or expects to receive such an amount in the near future - will enter into an inheritance, sell an existing home, receive payment for work performed, it makes sense to take out a regular loan. It is unlikely that the borrower will need several years to pay off the remaining 10-15%, which means the overpayment on interest will not be so large.

In this case, the borrower will not have to collect a large package of documents, pay for a market valuation report, or wait for approval of the selected apartment by the bank. Additional costs associated with obtaining a mortgage loan in such a situation may be comparable to the difference in the interest rate, or even exceed it. You will also be able to save time on approving the property and processing documents and loans.

However, if the borrower has the opportunity to pay no more than 60-70% of the cost of housing, and he intends to repay the loan in 3-4 years, then it would still be more advisable to take out a mortgage loan. In this case, the overpayment on interest can become significant.

When comparing which is better, a loan or a mortgage: what is the difference, you need to pay attention to the numbers - terms, amounts, interest rates. You should not rely on the bank’s mythical check of the “cleanliness” of the property when applying for a mortgage loan or refuse a mortgage, believing that, along with the collateral, the bank acquires ownership of the apartment purchased by the borrower.

If we compare other pros and cons of mortgage and consumer loans, it is worth noting that when buying a home using a consumer loan, you can, if necessary, fully register the apartment for a minor. And if financial difficulties arise and you are declared bankrupt, an apartment that has not been pledged to the bank will not be able to be auctioned off to cover the debts - if this is your only home and the amount of debts is not excessively large.

The bank may refuse a mortgage for the selected property or not agree on the terms of the transaction. In this case, you can also apply for a consumer loan. It will be more expensive, but it will give you the opportunity to buy the desired option. For example, you can buy an apartment at auction 20 percent below the market price, but only in cash. You can use a consumer loan for the purchase, and then refinance it with a mortgage on the purchased apartment. And by the way, if you take into account the speed of loan repayment, it may turn out that the difference in overpayment will not play a big role.

There are also options when one family member can take out a loan, but you need to register housing for another. In this situation, you will also have to use a consumer loan.

Among the additional advantages mortgage loans: Scammers are less likely to scam you. The main deception schemes are associated with cash payments made before registration. With mortgage lending, payments for the apartment are made after registration, and it is much more difficult to deceive the buyer in such a situation.

The mortgage transaction is registered faster, and the bank additionally checks the seller - it may request certificates from a psycho- and drug dispensary before the transaction.

Another benefit of a mortgage loan is that you can get tax deduction from the state for the purchase of housing and payment of interest. Maximum amount, which you can get for the purchase - 260 thousand rubles, and for the interest paid - 390 thousand rubles. For a consumer loan, deductions will only be given for purchases; you will not be able to receive interest on interest.

And if you do not have the opportunity to be present at the registration of the mortgage, you can give a notarized power of attorney, and the representative will be able to sign all the documents for you: mortgage agreement, purchase and sale agreement, applications. To apply for a consumer loan, you will have to come in person - it will not be issued by power of attorney.

Both options have pros and cons, so it is incorrect to speak unequivocally about the superiority of one lending option over the other. You need to choose what is best based on your specific situation.

Mortgage as a type of loan

Many people do not know that there were times when people received an apartment for free; now this is almost impossible for a civilian who is not related to the security forces and some budgetary organizations.

Therefore, citizens are faced with the question of improving the living conditions of themselves, their children or grandchildren. Not everyone can afford to buy an apartment without resorting to money, so then they begin to think about how best to solve the issue at the lowest cost, and what is more profitable to buy.

A mortgage is a type of loan; the bank allocates funds for a certain period of time to purchase real estate with restrictions on the disposal of this property by the owner; it is issued without collateral. Banks try to ensure the return of borrowed money with interest; real estate collateral is the best guarantee, so the interest rate on a mortgage loan is lower than on other loans.

Features of a mortgage

The positive aspects of taking out a mortgage are as follows:

1. The loan rate is lower than other types of borrowing.
2. The duration of the contract reduces the monthly payment amount.
3. Mandatory insurance of the borrower and the property will allow the loan to be repaid using insurance in case of unforeseen circumstances.
4. The debtor gets the opportunity to reduce the tax base by the amount of payments.
5. You can use maternity capital to make a down payment or reduce the principal debt.
6. When applying for a mortgage, the insurance company and the bank will confirm the legal purity of the apartment and the impossibility of challenging the purchase by third parties.
7. The ability to act as co-borrowers for family members, which allows you to increase the loan amount.
8. Possibility of getting into a program with preferential conditions.

In addition to the advantages of drawing up an agreement, there are also disadvantages:

1. Concluding a mortgage agreement will require a lot of time to collect and verify the package of documents by the bank.
2. There will be expenses for insuring the client and the purchased property, and for real estate appraisal.
3. If the client needs a small amount, the bank may not be interested in issuing a loan.
4. You can dispose of the purchased apartment, donate it, sell it, exchange it at the end of the contract.
5. Not every apartment is suitable for a bank as collateral for a loan; real estate from accredited developers is required.
6. A down payment of 10 percent of the loan is required.
7. If an elderly person wants to take out a loan or the co-borrowers are elderly people, this may lead to a reduction in the term of the agreement and, accordingly, an increase in monthly payments.
8. After fulfilling the terms of the contract, the borrower will need to remove restrictions on the disposal of the apartment; this will take some time.

What is a consumer loan

A consumer loan is provided by a bank to a borrower for money for a certain period of time, it is usually short-term, it can be used for any purpose, and depending on the amount, it does not require property as collateral.

Advantages of taking out a consumer loan:

The application is processed quickly, a small package of documents.

1. Compulsory insurance is not required.
2. Collateral is required for a significant loan amount.
3. The type of housing purchased does not need to be approved by the bank.

Even with a good income, if there are children, a mortgage looks preferable if circumstances change. A reduced interest rate and the possibility of signing a contract for up to 30 years make it possible to pay for the purchase of an apartment without much damage to the budget.

You need to make a decision on choosing the type of loan after seriously considering all the possibilities and consequences of this step. Which is better, a mortgage or a loan, in each specific circumstance the choice may be different, depending on the purpose for which the apartment is being purchased. If you have savings and need a small amount and quick processing, the ability to dispose of the apartment immediately after purchase, then it is better to consider obtaining a non-targeted loan.

If you have no savings, rent, and rent is comparable to loan payments, then you should take a closer look at the possibility of getting a mortgage; it’s better to constantly pay for your property than to pay the owner of someone else’s home.

The profitability of a particular type of lending depends on the specific circumstances and capabilities of the individual.

How to choose a mortgage or consumer loan when buying a home, watch the following video:

Jul 18, 2018 Help manual

You can ask any question below

Buying a home (apartment or house) will always be in demand among the population. Few people manage to afford even a one-room apartment without resorting to borrowed funds jar. In this article we will look at what is better to take: a mortgage or a consumer loan to purchase an apartment.

Let's start with the fact that a mortgage is a derivative of a loan. That is, it is the same loan, but secured by real estate. Since the bank has every reason to believe that the mortgage transaction is much less risky for it, the rates are much lower.

Despite the fact that a mortgage seems noticeably more profitable than a consumer loan, some still consider this option.

Mortgage: pros and cons

Pros of a mortgage

• Relatively low interest rates on loans. At the time of September 2019, it was at the level of 6-8% per annum.
• Repayments can be spread over a longer period, resulting in lower monthly payments.
• Possibility to borrow large sums (3 million rubles and even more).
• You can get a tax deduction for mortgage interest

Cons of a mortgage

• It is necessary to collect a large package of documents for registration. Almost all of them are related to the purchased real estate
• A long mortgage term means large total overpayments. This is a factor that few people take into account. A long repayment period does not mean any benefit in terms of overpayment. You still pay the bank 6-8% per annum on the remaining loan amount.
• It is necessary to insure your home. This also adds 1% annually to the remaining repayment amount.
• After paying off the mortgage, you must go to the registration chamber again to remove the encumbrance on the apartment.
• Long wait for approval to purchase real estate
• Banks often limit minimum amount for a mortgage (from 500 thousand rubles)
• A down payment is required (10-20% of the cost of housing, which is usually from 300 thousand rubles)
• The apartment cannot be sold until the mortgage is paid off
• After assessing the property, the bank may refuse to issue a mortgage.

Consumer loan: pros and cons

You can take out a consumer loan for anything, the bank does not ask why or for what. This is its main advantage

Advantages of a loan

• Fast loan approval
• You can take out a loan for any need
• No need to collect a bunch of documents. The bank is not aware at all that you are purchasing an apartment
• The apartment can be sold
• You can take a small amount

Disadvantages of a loan

• Interest on a consumer loan is 2 times higher than on a mortgage
• It is impossible to take out a large amount. This is due to the fact that the loan terms are usually short (up to 3-5 years), and the interest rate is high.
• Since the loan repayment period is short, a fairly large monthly payment is required
• Many banks force them to insure the life of the borrower. And this is another plus 1% of the loan.

What to choose: consumer loan or mortgage

To summarize, it is worth saying that mortgages most often turn out to be the best option, since most often the loan amount is a significant amount of money from the cost of housing.

A consumer loan benefits only if your down payment on housing is more than 80% and you are confident that you can afford a fairly large monthly payment. Even 20% of the loan from the cost of housing is about 1-2 million rubles. And with a loan term of 5 years, the monthly payment will be about 20-40 thousand rubles. Not every family can afford such expenses.

In addition, you can apply for a tax deduction for mortgage interest. And taking into account the fact that the amount usually accumulates is decent, returning 13% of it will be a pleasant bonus.

Watch also the video about mortgages:

Related posts:

• Refinancing a loan - is it profitable...