Experts have calculated that in order to buy an apartment in Moscow worth up to 3 million rubles, you need to save your entire salary (!) for 31 months. Residents of other regions of Russia will have to engage in accumulating 2 times as much. Depriving a family of a parent's earnings for so long is an almost impossible task. Today or tomorrow, the time will come when you decide – I want to take out a mortgage and gather information on where to start to celebrate a grand opening in the near future.
The content of the article
Planning is the first step
Tip – start with an analysis of material opportunities and their compliance with the financial burdens you will have to bear for many years to come. Most banks will approve mortgages if the monthly payment is up to 50% of household income. We advise you to take out insurance and apply for a home loan if the payment does not exceed 30% of your total income. If, after adding up the income of all family members, it turns out like this, you can plan further actions.
Step-by-step instructions for anyone who decides they want to take out a mortgage without the help of a realtor:
- Start with what type of housing to buy: an apartment, a house, a country house – in a new building or on the secondary market (owners' properties);
- If you're buying a used property, talk to the owner to see if they have any objections to selling the apartment through a mortgage agreement. It differs from the usual due to the need to evaluate the property and a better processing time (no more than one month);
- Choose a bank, contact the manager;
- Correctly write a mortgage application, send it over the Internet through the official website or to a manager when visiting a bank, wait for a decision. If the bank approves the loan, start looking for an apartment/house. This must be done within 2-3 months while the bank's decision remains relevant;
- Assign a real estate appraisal (at your expense), get the opinion of an appraiser;
- Draw up a sales contract, attach other documents and send it to the bank for consideration;
- Get a positive decision and draft a mortgage agreement;
- Make an initial deposit;
- Contact an insurance company to insure the property against the risks of damage and total loss;
- Go with the apartment owner to the MFC (royal chamber) to register the property for a new owner.
Remove the documents from the property on the date indicated by the specialist. Note that the statement contains the “mortgage” encumbrance. This means that the property is pledged to the bank until you pay the creditor in full.
Comprehensive stopping factors
Find out if you are eligible for the bank as a borrower, or if there are factors that will not allow you to start processing from the beginning. You don't have to go straight to the nearest branch. Before announcing your intention to the manager – I want to take out a mortgage, check the official websites of the TOP 10 banks in terms of reliability, with a positive outlook for the coming years. Look for companies that are present in your city, otherwise it will be inconvenient to travel every time to transfer the missing paper.
Open the “requirements for borrowers” section. Make sure you meet all of the criteria listed. That's it:
- Age – at the date of registration of the mortgage and the date of repayment of the debt;
- Registration at the place of residence: Most lenders work with residents of Russia. There are banks that provide services to foreigners. It is desirable that the registration has been in the region where the bank is present;
- Employment: more than one year of total work experience, more than 6 months in the last place;
- Education: not lower than special secondary;
- Credit history: no negative marks.
There may be other requirements for borrowers. Find a bank that has the proper settings.
New build or resale – which is better
What to bring – a new apartment or operated dwelling:
| new apartment | Secondary |
| You are the first owner
Large area, modern layout You can buy a house through a profitable affiliate program or get a subsidized mortgage at a low interest rate, for example at Sberbank You won't have to invest in repairs for a long time, change the plumbing |
You can find an affordable option in the right area
The apartment is ready to move in, no need to wait for commissioning …, but there is always the risk of coming across criminal real estate or not knowing about the presence of liens. |
Any bank has at least 10 mortgage programs. If I want to profitably take out a mortgage, I will familiarize myself with the conditions of sale of new housing, apartments from the owners - there will be a suitable option.
First meeting with the manager
You come to the bank, say – I want to take out a mortgage and you will find out where to start – looking for real estate or collecting documents. In a personal conversation with the manager, find out:
- You pass the main selection criteria;
- Which documents to provide;
- What will be the monthly payment for certain loan parameters;
- Whether additional commissions or not, insurance is provided.
When buying a resale, find out if the owner agrees to sell through a mortgage. If you come to an agreement, explain that the owner needs to provide access to the apartment for a specialist to assess.
Advice on how to get a mortgage – two important points: first, remember that if an apartment or house does not have one, but two or more owners, the purchase and sale transaction will be done at the registry office. We need to prepare money for state duty. Second, present the assessment results to the bank. The lender will decide whether he can give money to buy this object. Once approved, proceed to the next step.
We collect documents
When buying a house in a new house, the borrower provides personal documents:
- Passport;
- NIF or insurance pension certificate;
- Extract from the workbook;
- Income statement.
Prepare a similar package for the guarantor, co-borrower, if provided
When buying real estate on the secondary market, the same documents are taken to the bank, as well as papers for the purchased object:
- USRR extract;
- A document confirming the legal way to transfer ownership to the current owner (eg a certificate of inheritance, DKP);
- Extract from the house book – about registered citizens and owners;
- Power of attorney for the sale of an apartment, room, house, land, if a third party acts on behalf of the seller.
In addition, they may ask:
- Cadastral passport;
- Spouse's consent for the sale of real estate;
- Document from the guardianship and guardianship authorities – if there are minor children and they are one of the owners of the accommodation;
- Mortgage lender consent – for real estate in pledge.
Sometimes they require:
- Extended file extract;
- USRR Extended Extract;
- Conclusion on the evaluation;
- ND/PND certificates to exclude sale by incompetent owner;
- Certificate of non-existence of debts for housing and community services.
It remains to transfer the documents to the bank, wait for a decision. As a rule, it is taken for a maximum period of 5 days. Along with the docks, provide the trader's checking account or card details. Here the bank will transfer money in the amount established by the MP.
If everything is done correctly, according to the instructions and recommendations, then you will have no difficulties in paying off the debt. On the contrary, to make the operation even more profitable and less time consuming, borrowers, at the first opportunity, try to repay the entire balance ahead of schedule, if the terms of the agreement with the bank do not provide for penalties for this.
And that's all. Write in the comments if you are going to take out a mortgage. And subscribe to our email list so you never miss anything useful.
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