What types of mortgages are there? Types of mortgage lending

TOPIC 8 REAL ESTATE FINANCING

Features of lending for new construction

Attraction assessment borrowed funds to finance facilities

Subjects, sources and forms of real estate financing

Traditionally, participants in the real estate financing process are divided into the following categories:

– federal and local authorities and management;

– financial institutions;

– investors, etc.

Federal and local authorities and management ensure economic and legal relations between participants in the real estate financing process. The state ensures compliance with the rules and regulations related to the functioning of the real estate market; regulates zoning issues, urban development and registration of ownership rights to real estate; establishes benefits or imposes restrictions (legislative restrictions, taxation features) on investments in real estate. In addition, the state acts as the owner of many real estate properties.

Financial institutions provide capital to investors who do not have sufficient funds.

The investors are individuals and legal entities(residents and non-residents) who purchase real estate and maintain it in a functionally suitable condition.

Investors can be divided into two types:

1) active – finance and engage in the construction, development or management of the facility;

2) passive - they only finance the project without taking further participation in it.

Currently, the real estate market has developed development – special kind professional activity on management investment project in the real estate industry, one of the objectives of which is to reduce the risks associated with real estate development.

Sources of funding capital investments: state funds, local budget funds (municipal), own financial resources enterprises and individuals, raised funds, investor funds.

Mortgage concept and types mortgage loans

Mortgage- pledge of real estate as a way to secure obligations.

Availability of the system mortgage lending- an integral part of any developed system private law. The role of mortgages especially increases when the state of the economy is unsatisfactory. In this case, thoughtful and effective mortgage system, on the one hand, helps reduce inflation, drawing on temporarily free funds of citizens and enterprises, on the other hand, it helps solve social and economic problems.

According to Art. 5 of the Law “On Mortgage (Pledge of Real Estate)”, the following non-payments may be pledged under a mortgage agreement: movable property:

Land plots, with the exception of land plots specified in Art. 63 present Federal Law;

Enterprises, buildings, structures and other real estate, used in entrepreneurial activity;

Residential buildings, apartments and parts of residential buildings and apartments, consisting of one or more isolated rooms;

Dachas, garden houses, garages and other consumer buildings;

Aircraft, sea vessels, inland navigation vessels and space objects.

Housing, as a collateral, must meet the following requirements: - have a separate kitchen and bathroom from other apartments or houses (i.e., communal apartments are not accepted as collateral); - be connected to electric, steam or gas heating systems that provide heat to the entire living area; - be provided with hot and cold water supply in the bathroom and kitchen; - have plumbing equipment, doors, windows and roofs in good condition (for apartments on the top floors).

The building in which the collateral is located must meet the following requirements: - not be in disrepair; - not be registered by registration major renovation; - have cement, stone or brick foundation; - have metal or reinforced concrete floors; The number of storeys of the building should not be less than three floors.

The mortgage agreement must indicate the subject of the mortgage, the results of assessing its value, the essence and term of execution of the contract secured by the mortgage, as well as the right by virtue of which the property that is the subject of the mortgage belongs to the mortgagor. The subject of the mortgage is determined in the agreement, indicating its name, location and a description sufficient for identification purposes. The valuation of the subject of mortgage is determined in accordance with the Law “On Valuation Activities in Russian Federation» by agreement between the pledgor and the pledgee. The mortgage agreement must be notarized and subject to state registration, from the moment of which it comes into force.

Mortgage loan - This is a loan secured by a specific real estate. Mortgage lending is the provision of a loan secured by real estate. The creation of an effective mortgage lending system is possible based on the development of the primary and secondary markets mortgage capital.

Primary mortgage capital market consists of creditors who provide borrowed capital, and investor borrowers who purchase real estate for investment or commercial use.

Secondary market covers the process of buying and selling mortgages issued on the primary market. The main task of the secondary mortgage capital market is to provide primary creditors the opportunity to sell the primary mortgage and use the proceeds to provide another loan in the local market.

The advantage of mortgage lending is that if the borrower does not repay the loan, the lender has the right to dispose of the property at its own discretion. Due to the fact that the property is durable and its price is quite stable, the lender has low fears of non-repayment of loans and there are grounds for long-term diversion of financial resources. Attracting financial resources based on mortgages has received the greatest development in the real estate market, since the cost of real estate in most cases does not correspond to financial capabilities potential buyers, and the real estate itself, for the purchase of which a loan was received, can serve as security for the obligation to repay it.

The ratio of the loan amount to the value of the real estate used as collateral usually does not exceed 70%, i.e. Loan amount = 0.7 Value of the collateral

Loans are provided subject to the borrower's availability initial capital in the amount of at least 30-50% of market value purchased housing (corresponds to the recommended amount of the down payment when purchasing a home).

Underwriting - a procedure that includes the lender’s assessment of the likelihood of repaying the mortgage loan and determining the maximum possible loan amount taking into account the borrower’s income, the availability of own funds for down payment and assessment of the subject of the mortgage. To do this, the borrower’s financial capabilities are analyzed, his desire to repay the loan is assessed, mortgage loan ratios are calculated and risks are assessed, after which recommendations are provided to the credit department. The client’s level of education, professional experience, skill level, and employment in a steadily developing and potentially profitable market segment are taken into account.

Main coefficients calculated for at this stage:

The relationship between periodic loan payments and the borrower's periodic income;

The ratio of housing expenses and total income of the borrower;

The ratio of the amount of the requested loan to the cost of the purchased property;

The ratio of the amount of the loan provided to the minimum sale price of real estate

If the borrower and the mortgagor do not comply with the terms of the loan agreement or mortgage agreement, the lender forecloses on the mortgaged property in court or out of court. The subject of the mortgage is being sold. The funds received from the sale are used to repay the debt to the creditor (principal amount, interest, fines, penalties, etc.), expenses for the foreclosure procedure and sale of the mortgaged property. The remaining funds are received by the borrower.

The main types of mortgage loans, which differ depending on the issuance, repayment and servicing schemes:

1 Permanent mortgage loan (annuity)- a self-amortizing loan with a fixed interest rate, which provides for equal periodic (usually monthly) payments.

The periodic payment includes payments to repay the debt and payment of interest on the loan. The payment amount is defined as the amount that must be paid monthly to fully repay the loan during the term of the loan agreement at a certain interest rate. This type of loan is typical for countries with low inflation and long periods lending. Maximum term lending will be shorter than the residual economic life object of financing.

С=S*(i+SFF), SFF=i/[(1+i) n -1]

C- monthly payment;

i – interest rate per month;

SFF – monthly reimbursement factor;

n – number of months (loan term);

S is the principal amount of the loan.

2 Mortgage loan with variable payments:

2.1 Loan with balloon payment- provides for the payment of most or all of the loan amount, i.e. “balloon” payment at the end of the loan term.

Types of lending methods with “balloon” payment:

Absence interest payments until the end of the loan term, at the end of the term the entire loan amount and accrued compound interest, for example, loans for land development;

Payment within credit period interest only, at the end of the term the debt is repaid in a “balloon” payment;

Partial depreciation with a final “balloon” payment.

Balloon payment lending schemes are used to finance new construction and land development projects

2.2 Spring (with a fixed payment of the principal amount) loan- involves periodic fixed payments to repay the principal amount of the debt and pay interest on the remaining balance of the debt.

A variation: several years of interest-only payments, followed by equal payments of debt and interest on the outstanding loan balance.

2.3 Loan with participation- is a financing scheme in which the lender is directly involved in the investment: the lender simultaneously receives both loan payments and a certain part of regular income and (or) part of the increase in the value of the property. If the property is financed through a participating loan, title passes to the investor, the lender only receives the right to a portion cash flow related to the quality of functioning of the property. In this case, the lender has a priority right to receive his part of the income from the property, and the borrower receives more preferential terms lending, in particular, applies a lower interest rate.

2.4 Loan with increasing payments used for borrowers expecting income growth. Features of this lending method:

Minimum down payment, then payments increase at a constant rate;

At a certain stage, equal payments begin under the self-amortizing loan scheme.

When lending with increasing payments, a sequence of payment amounts is set with increasing contributions at regular intervals, the size of the last payment is determined by the amount of the outstanding balance on the loan. Such financing schemes are convenient for entrepreneurs: in the initial period, financial resources are not diverted from the business, which can develop intensively.

2.5 Loan with reverse annuity involves a reduction in loan payments at the end of the term or their termination.

2.6 Loan with variable interest rate. Assumes that the interest rate changes in accordance with changes in the financial situation on the market, is adjusted according to those specified in loan agreement financial indices, for example, the government securities index.

A maximum and minimum level of interest rate payable by the borrower may be established; - interest rate adjustments can only be made at intervals pre-agreed in the loan agreement, taking into account prevailing interest rates during this period; - a maximum level for changes in interest rates relative to previous period; - the agreement for this type of loan may provide for early repayment after a predetermined period without paying a penalty for early repayment; - loan terms may apply until the property is sold, giving the lender the right to demand immediate payment of the balance of the loan upon sale of the property, i.e., the transfer of obligations under an existing loan to a new property owner may be prohibited, which allows the lender to increase the interest rate in accordance with the current market situation.

2.7 Canadian rollover- characterized by variable interest rates at predetermined intervals (3-5 years).

2.8 Loan with remortgageable collateral(final mortgage) - based on financing schemes that provide for the possibility of selling real estate that is collateral a loan that has not yet been repaid when the property is sold. In this case, the buyer assumes the loan obligations.

In the absence of sufficient quantity cash to pay for the transaction, the buyer can take new loan at the market rate.

It is possible to use two methods of financing the transaction:

Direct payment of the loan balance and taking out a new loan in an amount that allows you to fully pay for the property; - accepting obligations on an existing loan and taking out a new loan for the amount insufficient to pay for the transaction, and the second loan will be secured by the same real estate; the position of the second lender will be much riskier, which will entail setting a higher interest rate on the loan.

2.9 Loan with added interest rate It involves the attribution of interest to the principal debt, and the result is divided by the number of repayment periods to determine the amount of payment. This mortgage used for lending to personal property and provides for early repayment of debt.

Absolutely every person needs housing. But not everyone can afford to buy it right away without taking out loans. That's why you have to take out a mortgage. The solution, of course, is not the best, but very common. But every person who is not educated in the topic first wonders: what types of mortgages exist in principle? And, since the topic is relevant, it is worth talking about it in a little more detail.

The most common option

When discussing what types of mortgages exist in principle, it is worth first of all paying attention to lending on the secondary market. Because this is the most popular option. The principle is simple. A person must find an apartment that other people are selling and sign a mortgage agreement. After that, he purchases housing with the bank’s money, which he then gives to them.

There are some peculiarities here. First you need to find the most suitable bank according to the conditions. The best in this regard are those that are state-owned. Their mortgage loan system is worked out down to the smallest details.

After a person chooses the most advantageous mortgage offer for himself and finds out the amount of money that can be given to him, he can begin searching for housing. And before the contract is drawn up, you will need to pay the bank a commission and insurance.

About the conditions

When talking about the types of mortgages, one cannot help but note what kind of secondary housing they can be issued for.

So, the apartment should not be located in a building that is subject to demolition or requires repair and reconstruction. It is desirable that it be in good condition. After all, a mortgage is issued for up to 30 years, and the bank is obliged to make sure that if a person cannot pay off the debt, then he can compensate for the losses by selling the home.

The apartment must also be residential. That is, to be in an ordinary house, and not belong to a hotel or communal complex. And it must also have a standard layout that matches the BTI plan. By the way, banks rarely give mortgages for the purchase of apartments located on the ground or first floors. And to the Khrushchev buildings.

The borrower must also meet certain conditions. He must be a solvent citizen of the Russian Federation with at least one year of work experience. And it is better to refrain from taking out a loan if your salary is low, since every month you will have to pay up to 45% of your salary.

With equity participation

In the list of types of mortgages, this particular one ranks second. There are reasons for this. A shared equity mortgage is essentially a loan to purchase a home in a home that is currently under construction. And, due to the fact that the building has not yet been put into operation, prices for such apartments are 20-30% lower than for ordinary ones.

The principle in in this case somewhat different from the previous one. First, a person must choose a developer. He will send him a list of banks that cooperate with him. And among them, a person chooses the one that offers the most favorable lending conditions. The second option is similar, but exactly the opposite. First, a person identifies a bank, and then chooses a developer - from the list that was handed to him there.

True, there are also disadvantages in this case. For example, a higher interest rate (by 1-2%), a delay in the commissioning of the facility. However, there are downsides everywhere.

For a young family

IN recent years This particular mortgage is gaining great popularity and helps many people out, especially if a young family needs housing. The bottom line is that local authorities provide a subsidy with which people pay the down payment. This way you can reduce the loan amount.

A childless family is allocated 30% of the cost of the apartment. People who have a child - 35%. To get a preferential mortgage, you need to get on the waiting list. When it is the turn of a particular family, they are given a certificate for purchasing an apartment. This is the way to make a down payment to the bank to obtain a loan.

You should know that a young family is considered to be those couples in which each person is no older than 35 years. They are given a mortgage for up to thirty years. But delays are possible (this is another plus preferential lending), and together with them it turns out to be about 35. However, even to get such a mortgage, you must meet several conditions. First, each spouse must be a citizen of the Russian Federation. And officially employed, with a source of income that can be confirmed by a certificate. The minimum age of each person is 18 years.

Loan to improve housing conditions

This topic should also be noted with attention when talking about the types of mortgages. Many people already have housing, but often the family needs either expanded living space or improved conditions. Such issues are usually resolved simply. People sell the apartment they have, and then use the proceeds to buy another home, paying extra with money issued by the bank as a mortgage.

The main advantage of this type of lending is that it can be issued without collateral or commissions. It is also widely practiced by local and federal programs by providing preferential treatment for teachers, e.g. large families, etc. Moreover, loan for improvement living conditions can be issued even without providing a certificate from a permanent place of work. And interest rates are lower.

Information for foreigners

Many people who are citizens of other states are interested in the question: is it possible for them to get a mortgage with a residence permit? The topic is interesting. Well, anyone can buy housing in the Russian Federation. But it is very difficult to do this not for the full amount, but by taking out a loan. Financial organizations try to avoid transactions with foreigners, since they do not have Russian citizenship, which means they can easily leave the country without repaying the debt. In this regard, banks are tightening their requirements towards borrowers as much as possible. However, there are also banks that consider foreigners to be the most conscientious payers. But in general, residential mortgages are a reality. But you can talk about the conditions in more detail.

Requirements

Well, if a foreigner decides to take out a mortgage with a residence permit, then he needs, firstly, to be officially employed in Russia. Also pay taxes and have at least six months of work experience in the Russian Federation. You will also have to prove the fact that the foreigner will work in Russia over the next 12 months. You can simply provide a contract with the employer and a certificate of income. Age also matters. The most optimal age is from 25 to 40 years.

But some banks put forward additional requirements. For example, minimum experience work in the Russian Federation may not last 6 months, but two or three years. And the down payment, which is usually 10%, will increase to 30%. Guarantors or joint borrowers (citizens of the Russian Federation) may be required. And the bank will register the loaned real estate as collateral. And, of course, there will be an increased interest rate. In general, it is quite difficult for foreigners to get a mortgage.

They differ in certain nuances, and this situation is no exception. A foreigner will have to collect a whole package of documents, in addition to the standard ones (certificates of income, length of service, contracts with the employer, etc.). You will need your civil passport and a notarized copy with a translation into Russian. Also - permission to work in Russia and to enter the state (visa). You will also need migration card and registration in the region where the loan is issued.

Pledge

Everyone knows well: in order to get a loan, you need to provide the bank with a certain value, which it can take for itself as compensation for outstanding debt(if the payer is unable to give the money). Mortgages are no exception. The type of collateral in this case is real estate. Which is what a person intends to purchase by taking out a loan.

Everything is simple here. A person applies for a loan from a bank (or other financial organization), with the condition that the apartment purchased with the allocated money will act as collateral. All participants in the transaction benefit. The borrower finally receives the money and buys the apartment. The bank makes a profit in the form of interest rate payments, and due to the fact that the collateral is the housing purchased by the client, it minimizes the risk of non-repayment.

And everything is done in a few steps. First, the client receives bank approval. Then he chooses housing, studying the primary and secondary markets. Then he evaluates and insures the property. And finally, he signs the contract, receives the money, pays for the transaction, and then moves in.

About the pitfalls

Now it’s worth talking about the encumbrance in the form of a mortgage. The word itself already contains the essence of the definition. The encumbrance of an apartment purchased with a mortgage is expressed in limiting the rights of the owner, as well as in imposing responsibilities on him.

To put it simply, a person can transfer his home for temporary use to others, rent it out, or try to sell it to pay off a debt. But all this is only with the permission of the mortgagee. The role of which in this case is the bank. All encumbrances are removed from a person when he pays off his debt. From that moment he becomes the full owner of the apartment.

But if, for example, he wants to sell it when the debt has not yet been paid, he will have to take care of the nuances. In addition to the purchase and sale agreement, you will need deed of transfer, written permission of the mortgagee and statement of the parties to the transaction.

Insurance

It has already been mentioned several times above that the purchased housing will have to be insured. This is true. What types of mortgage insurance are there? There are two of them - mandatory and optional.

So, you will have to pay for insurance in any case. But these are low expenses. By law, the borrower is only required to insure the collateral, that is, the apartment for which the loan is taken out. Usually this is about 1-1.5% of the total amount.

By taking out additional insurance, you can protect your home from damage and loss. And also - title against loss of ownership, which may occur due to fraud or double sales. In the end, even the life and health of the client will be protected. After all, a loan to purchase a home is taken out for an average of 10-15 years. This for a long time, and during a given period anything can happen to a person, because life is unpredictable.

How to benefit?

Well, mortgages bring profit only to banks and developers, but borrowers also want to avoid getting into trouble. And if you want to save money, then it is better to take out a loan for the maximum short term. The benefit can be calculated on simple example. Let’s say a person takes out 1 million rubles on credit at an interest rate of 13% per annum. If he took this amount for five years, then he will have to pay 23,000 rubles monthly, and as a result, the overpayment will be 366,000 rubles. Having taken out a mortgage for 15 years, he will pay 13 thousand rubles. It's less! Yes, but only at first glance. As a result, he will overpay 1,300,000 rubles. So the issue regarding timing needs to be resolved first.

But which of all the previously listed options is best? You can argue for a long time, listing the pros and cons. To each his own. But if we judge objectively, then the option of purchasing housing under construction is the best. Firstly, you can save significantly - from 1/5 to 1/3 of the total amount. And an overpayment of 1-3% at the rate will not play a special role here. Secondly, you don’t have to worry about delays in terms of commissioning. Now banks enter into agreements only with trusted developers, so the risks are minimal. But, again, everyone must decide for themselves.

The range of mortgage offers is simply huge. Now citizens can purchase almost any residential or non-residential property, there are purchase options commercial premises. Banks regularly develop new types of mortgages, include exclusive programs in their lines, and offer preferential loans.

The range of mortgage offers is simply huge. Now citizens can purchase almost any residential or non-residential property, there are purchasing options... Finance

When applying for a mortgage, real estate is almost always used as collateral. Most often, citizens leave the purchased property as it, but there is another option - to use existing real estate for this purpose.

Standard types of mortgage

For secondary real estate. Classic lending programs. The funds received are used to purchase an apartment or room on the secondary market. When choosing an object, you need to take into account the requirements of the bank; emergency houses are not suitable.

On new property. We are talking about ready-made apartments and apartments under construction, which are sold by a developer accredited by the bank. The borrower purchases a completely new facility at any stage of construction.

For the purchase of a private house, cottage, townhouse. The main requirements are location within the city or close to it and assignment of the land plot to individual housing construction status.

For the construction of a private house. The object itself does not exist yet, therefore, taking into account the specifics of mortgage lending, the borrower’s other own real estate that meets the bank’s requirements must act as collateral.

On country real estate. We are talking about dachas, land plots with and without buildings. The status of the land and its location are important to the bank.

On commercial property. This type of mortgage is aimed at business representatives. The borrower can purchase retail space, office, warehouse, production premises etc.

With the assistance of subsidies: with maternity capital, under the program for young families, for citizens with children, military mortgage, etc.

These are types of mortgage lending that are often found in banks in the country. But some organizations are developing additional products, for example, several special offers are available to Rosbank Dom clients at once.

Special mortgage lending programs

If you consider purchasing housing and other real estate through Rosbank Dom, you will have access to the following unique programs:

To purchase a share. This is possible if after the transaction the entire apartment belongs to the borrower. In addition, you can consider the option of purchasing a room in an apartment.

A loan to improve housing conditions secured by owned real estate.

With payment once every 14 days instead of the usual monthly payments. As a result, the debt will be paid off faster.

For the purchase of non-standard real estate. This type of mortgage allows you to purchase a garage, parking space, apartment, etc.

A down payment loan for those who do not have their own funds to invest in the purchase.

How to choose a mortgage program

First of all, study the specifics of mortgage lending. Please note that to complete a transaction you must have own funds for a down payment - this is a minimum of 10-15% of the price of the purchased property (5% if maternity capital is used).

When choosing a program, rely on what kind of real estate you plan to purchase. Each object has certain requirements, study them.

What else to pay attention to:

basic loan parameters: rate, term, down payment;

Is it possible to apply the benefits you are entitled to;

does the chosen type of mortgage make it possible to influence the rate, for example, by making a larger contribution or connecting to an additional insurance program;

necessary documents, is it possible to do without 2NFDL, replace it with a certificate in the bank form.

The specifics of mortgage lending in Russia are such that banks can develop their own unique programs, offer special conditions young families and large families. In addition, today lenders are willing to work with regional benefits, etc. Before choosing a bank, study the market and types of mortgage lending, then the deal will be as profitable as possible.

In the life of every person, situations arise that he is not able to cope with on his own. One of these can be considered the process of buying your own home. For ordinary young specialist or office worker it seems almost impossible to save the required amount. In this case, a mortgage loan comes to the rescue. The type of mortgage loan depends on different conditions. Currently in Russia there are various types mortgage lending.

In Russian usage, the term “mortgage” is usually used to refer to an affordable solution to housing problems. However, by definition, this is a loan not only for the purchase of housing, but also for the purchase of any real estate in general. An important advantage of purchasing real estate using a mortgage is that it becomes the property of the borrower immediately from the moment of purchase.

Types of mortgages in Russia. Main features.

The bank now issues several types of mortgages: mortgages on the secondary market, mortgages for participation in shared construction, mortgage to a young family, loan to improve housing conditions.
Each loan has a number of features and is issued under certain conditions. Rates for different types of mortgage lending in Russia are also different.

Features of mortgages on the secondary market

Let's consider the first type of lending is a mortgage on the secondary market.
This is the most common type of mortgage lending in Russia. It's simple - you find an apartment that people want to sell, draw up a mortgage loan agreement and buy the apartment with the bank's money. A feature of this type of mortgage in Russia is the need to conclude an insurance agreement in case of loss of title or right to real estate.

There were cases when the apartment turned out to be not very clean and after its sale, the heirs or minor children were declared the owners of the apartment. As a result, you can be left homeless and with a huge debt of several millions. To prevent this from happening, you need to conclude a property title insurance contract. This is a mandatory attribute of a mortgage transaction. Other types of insurance are not mandatory, but

About equity mortgages

The second type of mortgage lending in Russia is a mortgage with equity participation. Here, unlike the first type, you are buying a new apartment and you do not need to insure the loss of title, since you are the first owner. The peculiarity of this type of mortgage is that you simply may not wait for the facility to be put into operation. The rate for this type of mortgage loan in the Russian Federation before obtaining ownership rights is usually 1-2 percent higher. After receiving the documents for the apartment, you need to provide them to the bank and the rate will be reduced.

About mortgages for a young family.

A mortgage for a young family is the third type of mortgage lending in the Russian Federation.
There are restrictions on the age of the borrower and this type Mortgages are issued by Sberbank. Typically, this loan is chosen by young people who need housing to start a family. If you live with your parents and have less than 10 square meters per person (in the case of Moscow), then you can apply to join the queue to receive a subsidy. 1-1.5 million rubles is the size of the subsidy for Moscow if you are recognized as needy. But as was said earlier, you need to get in line for those in need of housing.

Loan to improve housing conditions

And yet the most popular and fourth type The use of mortgage lending in Russia is a loan to improve housing conditions. To provide a mortgage loan, the bank will definitely take some real estate as collateral - according to statistics, in our country, newly acquired square meters are more often used for this.

Although, if you own any other real estate, the bank will be able to accept it as collateral. The entire procedure for obtaining a mortgage is a long and multi-stage process, and sometimes the most in a simple way completing it with a positive result for the borrower may involve contacting a credit broker or real estate agency.

And so you took out a mortgage. The documents have been completed, the apartment is yours. It's time to pay off your loan. It is at this point that the borrower most often encounters surprises. Payment terms vary greatly from bank to bank, and the possibility of loan restructuring is not always available.

If the contract was signed without careful reading, under the influence of what was promised in the bank’s advertisement “ low interest rates“There will almost certainly be problems when repaying the loan. That is why it is worthwhile to read the mortgage loan agreement with all possible diligence.

When you apply for a mortgage, be sure to look at whether your salary will be enough to pay for it and how much the bank can lend. This can be done on a special

For some Russian citizens, providing housing is goal No. 1, and it is difficult to achieve using their own savings. Therefore, you have to contact financial institutions that today offer a wide variety of mortgage programs. And this, of course, is for the better, because a person has a large choice. But on the other hand, the process of searching and selecting the right program becomes more complicated. Sometimes a person cannot decide the best option, because does not know what types of mortgages are available on the market.

What is a mortgage, what types does it exist?

A mortgage is a certain form of collateral when real estate pledged to obtain funds remains the property of the owner, but is transferred to the possession and use of the mortgagor in the event of failure by the debtor to fulfill its obligations. If the concept is considered from economic point In our opinion, a mortgage is market instrument lending intended for:

• attracting finance to support material production;
• taking anti-inflationary measures;
• ensuring turnover and redistribution of property;
• overcoming social instability that gives rise to an economic crisis;
• social and economic development economics, construction, etc.

For the borrower, a mortgage is a long-term loan (15-30 years) for the purpose of purchasing housing, commercial real estate, improvement of living conditions.

Interesting!

The history of mortgages began in Ancient Greece. And if now the borrower secures the return of money to the creditor by collateral of property, then previously the security of the debt was his freedom. And only inVIcentury BC property liability arose. A mortgage was a wooden post that was placed on a mortgaged plot of land.

First mortgage bank was private, it was created in Germany in 1862. And subsequent ones mainly belonged to the state. Mortgage lending began to develop rapidly inXXcentury. Mortgages were provided en masse to companies operating in the industrial sector and to agricultural enterprises.

Typically, a mortgage loan is provided in an amount not exceeding 70-80% of estimated value purchased/existing object. Also, housing lending is characterized by a mandatory requirement to pay a down payment, but this does not apply to all types of mortgages. The deposit, as a rule, is 10-30% of the loan amount.

Banks lend if the client spends no more than 40% of his monthly income on servicing the mortgage. Fundamental to obtaining a loan are documents that define the relationship between participants in the mortgage lending system - the mortgagor and the mortgagee. These are: a loan agreement and a pledge agreement.

Forms of mortgage in Russia and economically developed countries

Mortgages have their own forms and types. A mortgage is provided for the purchase and sale agreement. It is the most common. We are talking about the acquisition of real estate through credit funds, which has already been put into operation. In simple words, a mortgage loan is given for real estate in a residential condition with all necessary communications. The seller must be its sole owner and document this.

As part of a mortgage, a purchase and sale agreement usually provides money for the purchase of an apartment on the secondary market. Since there are 3 parties involved in the transaction: buyer, seller and creditor, a tripartite agreement is concluded. Documents are signed exclusively at a bank branch. The agreement is drawn up in 6 copies: 2 for the bank and one each for the borrower, seller, Rosreestr and notary.

The second form of housing lending is a mortgage for housing during construction. The conditions in this case are somewhat stricter, which is associated with the increased risk faced by creditors. The borrower not only has to agree to these conditions, but also the requirement to purchase the property from an accredited developer, and this significantly reduces the choice of housing.

But there is this requirement And positive side. The buyer can be sure that the seller will not deceive him, because accreditation of the developer by the bank is a kind of trustworthiness check. Accredited developers will include experienced legal entities. In this case, real estate is approved when construction work completed, as a rule, by 20-30%.

The third form of mortgage is to issue a loan for individual construction. She is, of course, accompanied compulsory insurance and provision. The property owned or credited serves as collateral until the debtor fully fulfills his obligations. In the second case, another type of security is provided for the period of registration of the pledge, for example, a surety.

In countries with developed market economy other forms of mortgage. They are based on payment schemes. We won’t bother you with their definitions, but will simply list them. There are mortgages:

• with “balloon” payment;
• spring;
• with participation;
• rollover;
• with variable rate %;
• self-cushioning;
• with partial depreciation;
• with junior mortgages.

What types of mortgages exist on the Russian market?

Of much greater interest are the types of mortgage loans or mortgage programs offered by banks. They are conditionally classified according to the following criteria:

• type of property being purchased;
• type of payments;
• direction;
• purpose of mortgage lending.

Depending on the type of property purchased, there are different types of mortgages: a loan for housing under construction, a finished property, apartments, a dacha/cottage, a townhouse, for the construction of a residential building, for a room/share. By type of payment, you can deal with the annuity repayment system. But there is also a differentiated mortgage.

A characteristic such as direction classifies housing loans as social, i.e. those in which the state indirectly or directly participates in partial financing, and commercial ones, when a mortgage is taken out by an individual entrepreneur, a legal entity for a business, etc. And the goal defines 2 types of mortgage lending: targeted or standard mortgage programs and non-targeted (loans secured by real estate).

In the second case, housing that is already owned by the potential borrower is registered as collateral for real estate. And money is given without declaring goals. Those. a person can spend them on buying a home, furnishing living space and other consumer purposes. Except listed types, non-standard mortgage programs (according to two documents, without a down payment, etc.) should be highlighted separately.

Mortgage loans by type of property purchased: new building

Loan for housing under construction is also called new building. Banks provide it for the purchase of an apartment that is just under construction. The seller is an accredited developer partner. The program is costly for the borrower due to high interest rates. But thanks to it, a person can save on the cost of the apartment itself, since it becomes more expensive after commissioning, and cheaper during the construction period.

The bank accepts the purchased apartment as collateral. The loan amount is calculated based on the value of the property and the client’s solvency. It is allowed to attract 1-3 co-borrowers (individuals), who are subject to the same requirements as the borrower. Their income is taken into account when calculating maximum size mortgages. The spouse acts as a co-borrower in mandatory. The interest rate is determined depending on: the client’s status, the type of loan and its term, the amount of the contribution.

Mortgage for a finished property

A loan for a finished property involves lending for the purchase of real estate (apartment, house) on the secondary market. This program, perhaps the most popular. She's different quick registration, optimal terms of provision. A person can search for real estate himself. But usually the lender offers assistance in choosing real estate partners.

In any case, the object must meet certain requirements.

Apartment mortgage

Apartment mortgages are a relatively new concept in the real estate market. It is a loan issued for the purchase of an apartment in multi-storey building, but a special living area, which differs significantly from the usual square meters. Apartments should not be confused with an apartment or penthouse. This is an object with an area of ​​usually 40 square meters. m. They consist of 2 or more rooms, necessarily equipped with a kitchen and a bathroom.

In addition, you can register in the apartment temporarily for 5 years. Then this period is allowed to be extended. Such properties are usually sold in commercial buildings. And it has long ceased to be elite housing. Thanks to this type of mortgage, apartments have become available to a wider range of people.

Banking organizations they want to see a person with Russian citizenship as an applicant for a loan, and some, even more so, with registration in the territory of the locality where the collateral is located. A mortgage on an apartment may be accompanied by additional interest rates(within 1-2%), life insurance. Its other characteristics are:

• possibility of purchasing on primary/secondary markets;
• various types of security, including pledge of existing housing;
• the legal status of the living space is a commercial object, hence everything that follows with temporary registration, increased housing and communal services tariffs, additional services Management company etc.;
• Not all banks implement the programs, because This type of mortgage is at the development stage. Apartments on credit can be offered by: DeltaCredit Bank, Absolut Bank, Zenit Bank, DOM.RF, Vozrozhdenie, VTB, etc.;
• a mortgage on apartments is a suitable option for further renting them out in order to receive income and reimburse loan costs;
• attractive location of the property (usually the central areas of megacities) with all the necessary infrastructure in close proximity;
• Maternity capital cannot be used to make a contribution or repay part of the mortgage;
• Housing under construction is purchased only from accredited developers.

The apartments also have their own requirements. The picture below is an example of DeltaCredit Bank's requirements.

Mortgage for a dacha/cottage

If desired, a Russian citizen can obtain a mortgage for country real estate, a plot of land, a cottage, and other buildings for commercial purposes. It poses a risk to creditors because country houses not as liquid as city apartments. Wear occurs earlier. The cost of an object is more difficult to calculate. For these reasons, a loan for a dacha/cottage is a type of mortgage that is more expensive.

The rate on it may exceed the loan for a new building and secondary market by 2-3 p.p. The down payment is also higher (10-15%). Only those houses that are registered in the cadastral register are considered. Banking organizations are interested in: technical characteristics of housing, materials used in its construction, level of wear and tear. Important factors - purpose land plot, distance from the roadway, presence nearby industrial enterprises, farms, high-voltage power lines.

In order for financial institutions to approve real estate, it and the land must meet a number of conditions.

This type of mortgage is available from: Sberbank, UniCredit Bank, Interprombank, Promsvyazbank, Rosselkhozbank, MinBank, DeltaCredit Bank, Gazprombank, etc.

Mortgage for the construction of a residential building

A mortgage loan for the individual construction of a private house is intended to finance a borrower who has a plot of land and wants to build housing on it. If in the case of conventional mortgage programs you first select an object and then go to the bank, then in the case of a mortgage for individual construction, the amount of borrowed money is first determined, and then construction costs are planned.

The following are suitable collateral: existing real estate, land, movable property, a house to be built. A small number of banks are engaged in this type of mortgage lending. Optimal conditions were noted for RSHB and Sberbank. Such a loan is undesirable for lenders, since there is a high risk of unfinished construction, which is compensated higher rates and a deposit.

To “reduce the cost” of a mortgage, it is necessary to attract co-borrowers and ensure your obligations as much as possible. Banks cooperate with those people who have received all permits to build a house and approved the project. Upon completion of construction, you must also provide a documented report to the mortgagor. One more distinctive feature– possibility of financing in tranches. The land must be suitable for constructing a residential building. The requirements for it are listed below.

Mortgage per room/share

Mortgage loan for a room in communal apartment or lobe also occur, although it is less common. When applying for this type of mortgage, a person will have to deal with bureaucratic red tape, namely making sure that the neighbors in the apartment waive the right of first refusal. The refusal is provided to the bank in documents, and it must be signed by a notary.

Banks are more willing to issue a mortgage for a room when the borrower already owns one/several rooms in the apartment and approaches the lender to buy out the rest of the space. Loan for share in residential premises more often taken as a result of divorce. And they are more loyal to the citizen who has applied if quite a lot of time has passed since the divorce, which reduces the likelihood of a sham transaction.

The room must comply with housing standards and provide the future owner with comfortable living (have communications, a bathroom, heating). Its area can be at least 12 square meters. m. Rooms without utility debts are approved, which are located in buildings with non-wooden floors, wear and tear of at least 50%, built after the 70s. XX century.

You can get this type of mortgage loan from: TransCapital, Sberbank, DeltaCredit Bank, Gazprombank, SKB Bank, VTB. The interest on it is slightly higher than on an apartment.

Types of housing loans by type of payment

Abroad, banks offer a variety of mortgage debt repayment schemes. But the Russian ones have only 2: annuity and differentiated. These types of mortgage payments are similar in that they include principal +%. But in other respects they are radically different. An annuity has the advantage of keeping payments constant. Most of them are interest.

With this repayment option, the amount of debt does not decrease much, although money is deposited regularly. Consequently, the annuity type of payments carries an impressive overpayment and is beneficial when early repayment. Payment of a differentiated mortgage occurs systematically, and the loan body is repaid in equal installments. The amount of payments decreases monthly due to the fact that they are accrued on the balance of the debt, which also decreases.

Therefore, it is so important to constantly check with the bank how much you need to pay on your mortgage next time. The differentiated system assumes that the first monthly payments will be high, for this reason it is not suitable for everyone. But if you calculate the overpayment, a differentiated mortgage is better.

Sometimes the borrower does not have a choice of types of payments (an annuity is offered), but some organizations still give him the opportunity to decide on the type of repayment. These, for example, are: Rosselkhozbank, Nordea Bank, Gazprombank, Bank St. Petersburg.

Types of mortgage programs by focus

Based on their focus, the types of mortgages are: social and commercial. Social is a loan provided with special benefits. It is partially financed by the state if you belong to a certain category of people, for example, a young family with children, or a military personnel. And in some regions there are regional social programs.

In order for a person who needs to change their living conditions to resort to a social mortgage, they need to contact the city administration or the Housing and Communal Services Department. On at the moment The social mortgage includes the following programs: military, Matkapital, State program for young families.

Military mortgage

Military mortgage aimed at assisting military personnel in obtaining living space. Participants of the NIS (savings and mortgage system) have the right to use this opportunity housing provision military personnel). To participate in the program, a man serving in the service must register with the federal executive authority/FGO. Next, a savings account is opened for him, where from federal budget regularly transfer funds.

After 3 years of participation in the NIS, a serviceman may request a report on the provision home loan. Money with savings account can be used to pay the fee. Repayment is carried out at the expense of state finances recorded in the account of the program participant. If a service member leaves, funding stops. More details about NIS can be found on the website rosvoenipoteka.ru.

Under the terms of a military mortgage, the loan amount is limited. For example, for Sberbank it is 2,502,000 rubles. The loan term has also been reduced to 20 years. Banks offer military personnel rates slightly lower than other borrowers. You can buy: an apartment on the secondary market, a residential building with a plot of land, a townhouse, an apartment under contract equity participation in construction. Military mortgage give: Promsvyazbank, VTB, Gazprombank, Rosselkhozbank, Zenit Bank, RNKB Bank, Svyaz-Bank, AHML, Otkritie, etc.

Matkapital

Mortgages in Russia have become available to many parents with the advent of the program Matkapital, which provides for making a down payment or part of the loan, repaying an already taken mortgage at the expense of maternity capital. It applies to those spouses who have a second baby before 2021, and to the following loan offers:

• ready housing;
• new building;
• individual house construction.

Please note that not only the mother, but also the father in some cases can apply for allocation financial assistance for mortgage lending. The appropriate certificate must be provided to the bank. Implementation of this type social mortgage is carried out in several steps.

Matkapital is accepted by the following lenders: URALSIB, VTB, Raiffeisenbank, Gazprombank, Sberbank, BZhF, Otkritie, RSHB, Alfa-Bank and a number of others.

Mortgage for a young family

The state has also developed another program for families in which in the period from 01.01.2018 to 31.12.2022 the second/third child is born. Its conditions allow you to purchase housing at preferential rate(from 6%) in the amount of 3-8 million rubles. Typically, this type of mortgage provides the couple with an object on the primary/secondary market.

The contribution may be 5-10% higher than the average. The borrower must be a citizen of the Russian Federation, no older than 35 years old, married and with children, receiving a sufficient salary to service the loan. A mortgage for a young family in 2019 is encouraged for those who, by decision of the executive authorities, are recognized as in need of housing and are on the waiting list.

The subsidy covers 40% of the loan costs. Lending under this program is provided by: Sberbank, DeltaCredit Bank, Raiffeisenbank, Otkritie, Severgazbank, Vozrozhdenie, Promsvyazbank, VTB, Absolut Bank, SKB Bank, etc.

Commercial mortgage

Mortgage commercial type – this is lending for the purpose of purchasing non-residential real estate for subsequent profit. Money is provided for the purchase of: storage facilities, industrial buildings, offices, shopping and entertainment premises, etc. In this case, both the purchased object and the existing one of the borrower are pledged. The Mortgage Law regulates commercial mortgage lending.

According to it, a loan is possible in the event of the purchase of not only the structure itself, but also the land plot located on it. More often, borrowers are legal entities and individual entrepreneurs. If they take out a mortgage on an enterprise-property complex, the purchased real estate, land, and its other assets, including equipment and finished products, become collateral.

Under this type of mortgage, most banks offer their clients 10-20 million rubles. But there are financial institutions that finance for more large sums. The same SMP Bank can borrow up to 50 million rubles. The rate on commercial mortgages is higher (from 12-13% per annum), the deposit is also higher (20-30%). Subsidies and maternity capital cannot be used under it.

But some programs give additional features. Rosselkhozbank can, for example, additionally finance the borrower to carry out repairs of the facility, provide a deferred payment for the payment of the principal debt. Sometimes there are offers for different forms issuance of borrowed funds:

• one-time loan;
• line of credit.

Types of mortgage depending on the purposes of mortgage lending

If you divide the mortgage by purpose, then 2 types are formed - targeted and non-targeted. The first includes all of the above housing loans. Those. they are issued specifically for the purchase of a particular object. And in the second case we are talking about a non-targeted loan secured by real estate. This is an alternative to a mortgage, but without a down payment. It is also characterized for a short period of time and an amount of up to 10 million rubles. for 15-20 years, comparatively high rate– from 13-15% per annum.

The collateral item is housing owned by a person. Because The loan is non-targeted; there is no need to confirm the purpose of using the money. This means that you can use funds for repairs, purchase of equipment, furniture, etc. Non-target type of mortgage is available credit products almost every bank specializing in mortgage lending.

Non-standard mortgage programs

It is worth highlighting in a separate group non-standard mortgage programs. These include a mortgage: according to 2 documents, without a down payment, a loan for a parking space/garage. Most often, borrowing money for a solution housing issue accompanied by the submission of a large package of documents. But separate programs, such as “Easy Mortgage” and “Mortgage on 2 Documents” simplify the lending process.

This type of housing loan is suitable for those who work informally and therefore cannot provide 2-personal income tax, because banks will only ask for a passport and a second piece of identification (licence/SNILS/foreign passport, etc.). And it seems possible to get money for: new construction, refinancing, secondary market. True, to minimize risks, lenders increase the cost of the mortgage and the amount of the deposit.