Housing loan. Differences between mortgages and loans

In view of the milestones of the economic crises and their consequences, citizens who have not yet acquired their own housing were divided into 3 categories: the first decided to simply rent an apartment and not burden themselves with the constant need to accumulate or pay off loans; the second - boldly took out a mortgage, and the third - chose the terms of a home loan.

Home loan and its characteristics

Every day it is home loan is the leader among financial products aimed at purchasing real estate. It is becoming popular and widely used, and all due to the fact that when a home loan is issued, the purchased housing does not turn into a collateral for the bank. Borrowers quickly and easily arrange a targeted loan with the task of purchasing the selected property for further residence.

What are the main advantages of a home loan and what distinguishes it from other loans, such as mortgages:

• Sufficiently understandable design in a short period of time.
• Non-obligation to pay for insurance packages.
• Opportunity not to provide the bank with purchased housing as collateral.

In contrast to all these advantages, a home loan has 1 significant drawback: every month the borrower will have to pay fairly high amounts, since a home loan is designed for only a few years of repayment.

Why are home loans and mortgages completely different concepts? Mortgages are a variation of the collateral category and are imposed on housing until the entire debt is paid off. Otherwise, the property goes into the hands of the lender. A home loan is only the repayment of the principal debt and annual interest.

As a result of such differences between a mortgage and a home loan, it turns out that the bank in the first case fully insures itself against the non-return of money and therefore provides more loyal lending conditions... In a home loan, both conditions and requirements are much tougher than mortgage ones.

A home loan can only be obtained if you already have the selected property that you want to purchase. To obtain a home loan, you do not need to provide a collateral, but you still have to find 2 guarantors.

The bank will put forward exactly the same requirements for guarantors as for the borrower himself: age, within the requirements of this bank; official employment; the level of monthly income of one of the guarantors should be commensurate with the level of the borrower's income.

If you summarize all the advantages of home loans from different banks, you can get a good list favorable conditions for the borrower:

• Ownership of real estate is transferred to the borrower instantly when applying for a home loan. When taking a mortgage, the encumbrance on housing will remain in effect until the loan is fully repaid.
• In mortgage lending, the borrower is forced to confirm a sufficiently high level of his solvency, and compliance requirements are also put forward for the property itself.
• With a home loan, there are no such requirements, but instead of them there is a need to provide 2 guarantors. When paying off a home loan, the borrower gets the opportunity to save as much as possible due to a short repayment period. But on the other hand, this turns out to be quite large monthly installments for the client.
• The average maturity of a mortgage is 30 years. This option completely suits those who do not have the opportunity to save at least some part of the money to purchase real estate. If the borrower has on hand about 70% of the cost of the selected housing, then it is prudent to choose a home loan and repay it within a few years without significant overpayments.

Requirements for a home loan borrower

Housing loans are designed for a repayment period of 5-7 years, only sometimes this period can be comparable to a mortgage. By the amount of lending when taking a housing loan, you can count on 10-15 million rubles, but based on the calculation that 1 million rubles can be received by a borrower whose monthly income is more than 50 thousand rubles. The particular bank chosen will offer its own housing programs with individual limits on maturity and loan amount.

But in a home loan there is also a need to make an initial payment, the amount of which is determined by the amount of the loan itself and the repayment period. Also, the size of the down payment may affect the type of apartment that the borrower wants to acquire: an object that is still under construction; new building ready to move in; apartment in the secondary market.

Sometimes the bank sets the amount of the down payment based on other individual factors. On average, the amount of this payment will be 15-20% of the amount of the loan itself. After receiving the loan, the client is waiting for the payment of monthly installments, consisting of a portion of the remaining debt and annual interest.

Home loan in the primary market

In this case, each bank sets its own rules, which are more loyal than when buying an apartment on the secondary market. More often the borrower pays 30-40% of the cost of new housing, and the rest of the amount is spread over several years at 15% per annum.

If the borrower decides to buy an apartment from an accredited developer, you no longer have to collect additional documents in the bank... Therefore, if you want to avoid red tape with papers, ask your developer in advance in which banks he was accredited. Most often, this procedure is carried out even before the completion of all construction work. Choosing an apartment in a new building from a construction company that does not maintain business relations with any bank is quite dangerous - the developer may turn out to be unreliable.

Loan processing for secondary housing

To determine the apartment you like in the category of secondary housing, you need to know which real estate has the right to be called that. According to this legislation, an apartment for which a certificate of ownership has already been obtained can be considered a secondary home. The year of construction and the condition of the room does not affect this sign in any way, therefore, secondary real estate can be called a rather dilapidated house, and built several years ago.

To obtain a loan for an apartment from the secondary market, the borrower will need to contact several banks with already prepared packages of documents and wait until the lenders approve the loan amount. Based on the possible size of the loan, the borrower can start looking for a suitable housing option, just do not forget to warn the seller that the transaction will take place with the help of loan money. As soon as the sale and purchase agreement is signed, the bank will transfer the required amount of money for the apartment to the seller, and the borrower will be able to start repaying the loan.

What to choose: home loan or mortgage

To give an answer to the question posed is a purely individual matter. If you don't have enough savings and your income isn't high, a mortgage with a long maturity is likely to suit you. But if you have already managed to save up a significant amount for the purchase of housing, then a home loan will allow you to pay the remaining amount of the cost of the apartment without much overpayment.

Housing mortgage lending is already firmly established in the lives of most modern families. Every year, more and more apartments are purchased by contacting a bank and obtaining a loan. Many believe that this phenomenon came to us from the West in the twentieth century, but in fact, home mortgage lending existed long before that. Since today this topic is very interesting not only for specialists, but also for ordinary citizens, we will consider it in great detail. From the article you will learn a lot of interesting things about a mortgage, a home mortgage lending agency and some of the nuances of this type of loan.

What is a mortgage?

The term "mortgage lending", according to data from economic reference books, denotes a targeted and long-term loan. A prerequisite for a loan is real estate collateral.

At the dawn of mortgage lending, completely different real estate could act as collateral. It was possible to mortgage land, an existing apartment or house, as well as production facilities that are owned.

Today, a newly acquired apartment is most often pledged. Thus, the borrower, filling out a mortgage, becomes its owner, however, an encumbrance is imposed on the housing. Anyone who orders an extract from the State Register can find out about this. It should be borne in mind that in apartments with encumbrances it is impossible to register any people, sell it or make an exchange. All this will be possible only after the full repayment of the mortgage, when the restrictions for the owner will be lifted.

General loan conditions

Today, various banks operate under housing mortgage lending programs. According to rough estimates, there are about a hundred of them. Each lending institution prepares its own mortgage offers, so the terms of the loan may vary significantly depending on the program. However, the general requirements for borrowers are always the same:

• Citizenship of the Russian Federation. Only a citizen of the country can get the opportunity to take part in the mortgage program. His age is also a prerequisite. The applicant must not be suitable for retirement age.
• Stable work. A loan can only be obtained by someone who has been working in one place for at least six months.
• The presence of a certain amount for the down payment for the apartment. Most often, it fluctuates within ten percent of the total cost of housing.
• The monthly payment for home mortgages should not exceed half of the family's total income. This takes into account the existing financial liabilities.
• Loan maturity. Despite the abundance of mortgage programs, the terms in which the borrower must pay off the bank cannot exceed thirty years.
• Insurance registration. Credit organizations do not issue a loan without obtaining several types of insurance. They protect the bank from losses in the event of the death of the borrower, his illness and disability. Also, the purchased property is insured without fail. Moreover, this must be done annually and afterwards a copy of the document must be submitted to the bank. Otherwise, the credit institution may unilaterally terminate the loan agreement.

Keep in mind that all issues related to home mortgage lending are regulated by law.

How to get a mortgage?

All existing home mortgage lending programs imply a contract. At the first visit to the bank, its employees will surely announce the package of necessary documents to the client. Only with them is the application for the issuance of a mortgage considered. Despite the fact that credit institutions have the right to request absolutely any documents, the main package remains unchanged. It includes both copies of documents and their originals. The standard set consists of the following papers:

• identification;
• SNILS;
• military ID;
• education document;
• a document confirming the marital status of the borrower;
• birth certificates of children, if any;
• employment history;
• statement of income for the last six or twelve months.

Also, the financial institution will issue a potential borrower an application form, where a lot of personal data is entered.

A few more words about the mortgage agreement

The rapid development of housing mortgage lending has had a positive impact on the legislative framework in this area. It has gradually improved and now represents a balanced system, where the rights and obligations of both parties are clearly spelled out. All of them are listed in the contract, which must contain the following points:

• characteristics, terms and stages of fulfillment of all obligations;
• a full description of the object that falls into the pledge;
• indication of the value of the property.

Sometimes, clauses on the possible restructuring of the loan in the event of a change in the financial situation of the borrower are included in the mortgage agreement. Also, postponement options and other important nuances of the transaction can be indicated here.

Mortgage classification

At the moment, mortgage lending for housing construction is in great demand. However, in fact, there are a lot of types of mortgages, and it is classified according to different defining characteristics:

• real estate object;
• the purpose of the loan;
• type of credit institution;
• category of borrowers.

Through mortgage lending, not only apartments, but also land plots and houses can be purchased. Some lending institutions issue loans for the purchase of industrial premises and even garages, for example, under this program. However, this mortgage can hardly be called “housing”.

If we consider the mortgage from the point of view of lending purposes, then there are two of them. The first is buying a home as the main place to live. The second includes loans for the purchase of a land plot for individual development or a finished house. This category also includes houses for temporary residence.

Various groups of citizens can get a mortgage loan. For example, a developer, an individual - in the future, the direct owner of housing, bank employees and other individuals and legal entities.

Let's talk about the loan amount

The credit institution does not always approve the amount necessary for the purchase of an apartment for the borrower. It can be reduced to a size that the bank considers acceptable. Keep in mind that when calculating the loan amount, the employees of the credit institution take into account a lot of factors. First of all, they pay attention to the income of the potential borrower. It is desirable that it be above average.

Also, an important role in determining the amount of the loan is played by its term and the cost of the acquired property. Bankers say that if you can make the highest possible down payment, you can qualify for a larger loan amount.

Interestingly, the final cost of the loan also depends on how the borrower will pay the bank. The form of loan repayment is determined by the banking institution, but sometimes it offers clients several possible options. The most common is the payment of a loan at a fixed interest rate, so that all the time the borrower repays the loan in equal payments.

If you want to pay off the bank ahead of time, then you should choose a form with a fixed interest rate, but regularly growing payments.

Sometimes clients choose a floating rate. It is tied to certain economic processes and is often corrected.

At the dawn of mortgage lending in Russia

Historians claim that the first mortgage loan was issued around the middle of the eighteenth century. It was then, on the initiative of the nobles, that special credit institutions were organized, which issued large loans on the security of existing estates. Lending terms varied, but the minimum period was fifteen years. The maximum term was thirty-three years.

However, the mortgage system itself was very crude. The legal basis for it was not developed, which practically led to the collapse of this type of loan. The fact is that the nobles owed banks more than four hundred million rubles, while the maximum possible amount was limited to seven million.

Five years after the first mortgage loan was issued, they were completely banned by imperial decree.

Capitalist Principles of Mortgage Lending: Mid-19th Century

In the sixties of the twentieth century, new lending organizations began to appear, dealing with mortgage loans. They developed especially after the abolition of serfdom. The peasants actively received loans on the security of their land, while mortgages were signed. This system was adopted from Western countries and has shown itself very well in Russia.

The system was gradually improved, and before the revolution of the seventeenth year, up to fifty percent of all money taken in the mortgage was spent on the acquisition of land for building.

The communist system completely destroyed the system of mortgage lending, which was again paid attention only in the nineties after the collapse of the Soviet Union.

Mortgages in Russia in the twentieth century

In the nineties, the government gradually began to pass legislation on loans and lending against property security. In the ninety-seventh year, the Agency for Housing Mortgage Lending was created, which took over the functions of forming an integral system of mortgage loans.

Over time, the government has adopted several special mortgage laws. They stipulated the conditions for creating funds for housing mortgage lending, which are designed to implement the program adopted by the government in the regions.

About seven years ago, the government led by the president developed a strategic program for the development of mortgage lending. It was designed for twenty years and is still in effect.

An important role in the formation of this credit system was played by the creation of a two-tier model of the mortgage market. For this, the Agency for Housing Mortgage Lending (AHML) was formed. It allows you to refinance loans from citizens. If we describe this model briefly, then we can say that credit institutions issue loans, and in case of non-repayment, AHML plays the role of a party buying out mortgages in residential mortgage lending. Thanks to this, the loan can be refinanced.

Mortgage loans today

Analysts say that the volume of mortgage loans issued is increasing every year. The amounts already exceed five trillion rubles, which became possible due to the reduction in interest rates on the loan.

In addition, interest in mortgages is growing due to the scale of housing construction and the participation of small financial organizations in this process.

We draw conclusions: "for" and "against" mortgage

Anyone planning to take out a mortgage for their family should carefully weigh the advantages and disadvantages of this important and responsible step. First of all, let's talk about all the "cons":

• inability to sell housing;
• restrictions on redevelopment of housing;
• inability to register family members in a new apartment;
• the encumbrance on the apartment does not allow the owner to rent it out.

In fact, before the loan is repaid, the borrower will perform all actions with housing with an eye on the bank.

But many young families see more advantages than disadvantages in mortgages:

• solving a complex housing issue in the absence of a large sum;
• long maturities;
• insignificant monthly payments;
• the ability to register ownership of your home.

Analysts believe that every year the terms of mortgage lending will be simplified and it will become even more affordable. This means that we will come across this form of buying apartments and houses more and more often.

Mortgages are one of the easiest ways for low-income and low-income families to get their own home.

If you do not want to save money for a long time, but you need housing right now, your way out is a housing mortgage.

At the moment, buying a primary home will be a more deliberate investment than buying an apartment in a house that was built a long time ago.

How to get social housing

There are several types of social mortgages:

1. Getting a loan at a lower interest rate;
2. Receiving a subsidy that can be spent to pay the down payment or some loan payment;
3. Acquisition of an apartment from municipal property.

However, such assistance cannot be used constantly, if one of the family members has already received a benefit, then you have to wait until its effect is completed (in the case of a subsidy) or the assistance is issued once (maternity capital).

Money at reduced interest rates

In this case, part of the interest rate is borne by the state - due to this, the required amount of payment is reduced.

However, such programs do not operate on the entire territory of Russia - only where it is most necessary.

So, if you are a public sector employee, you should buy an apartment in the region where there is a shortage of personnel.

Most often, such discounts are received by participants in a military mortgage.

The scheme for obtaining a military mortgage

Housing subsidy

This type of mortgage is the most common by the state, since it is easy to arrange. Such subsidies can be received by: young families, teachers, employees of Russian Railways, police.

To get a discount, you need to collect some documents and take them to the appropriate government agency.

There, the commission will consider your application and in case of a positive result, you can get on:

• Payment of part of the first payment;
• Repayment of a share in a loan;
• Repayment of a part of the amount received from the loan interest.

In addition, maternity capital falls under the concept of a housing subsidy - money received from the birth of a second or third child can be spent on paying off a loan or paying the first installment.

Implementation of municipal housing

Benefits are most often received by people who are in line to receive funds to improve the condition of their apartment, for example, a family with a large number of children or a military family.

In this case, the state buys a certain number of apartments from a third party and then sells them at a reduced price.

This allows such families to be provided with suitable housing.

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Security of the purchased apartment

Before buying, you need to make sure that after buying an apartment you will not have any difficulties, namely:

• Check seller- it is worth buying an apartment from trusted people or from real estate firms, in addition, it is worth checking all the documents for the apartment: their availability and veracity;
• If you buy an apartment in which someone has already lived, it is worth check her condition: walls and ceilings for damage, in addition - the operability of water pipes and gas pipes;
• Check all documents, necessary for the transaction - for reliability and legal legality.

Conditions for obtaining a loan

Home mortgage loan Is a kind of regular loan, therefore, the conditions for obtaining it are similar to obtaining a standard mortgage :

• The borrowed person must be a resident of the Russian Federation;
• Issue age - from 20 to 65;
• Debt maturity - up to 30 years;
• Availability of life insurance and real estate insurance;
• Payment of the primary loan is required;
• Obligations to pay a portion of the amount monthly.

All conditions are spelled out in the legislative framework and the rules for registration, payment and receipt are regulated by the law "On Mortgage".

Pros and cons of mortgage lending

Like any loan, a home mortgage there are positive and negative sides.

pros	Minuses
- You receive funds for the instant purchase of an apartment;	- The borrowed person cannot change the layout of the apartment without obtaining permission;
- Quite loyal interest, especially for participants in various programs from the state (maternity loan, military mortgage);	- In addition, he cannot enter relatives into the apartment;
- The borrowed immediately receives the rights to own the housing, draws up this at the level of documentation;	- There is no possibility of renting an apartment or selling a home - without the permission of the borrower.
- Long term for issuing a loan, the ability to pay it ahead of schedule;
- Issuance of a loan at interest, and this number does not change over time.

Buying an apartment in a new building

If you want to buy yourself an apartment in a new house, then a special organization will come to your aid that deals with these issues - the Housing and Mortgage Fund. They help in purchasing an apartment on favorable terms, and in certain cases - even without paying the first installment.

It will be helpful to review:

The organization works with a large number of banks, so you can always find a loan that suits you. In addition, they help in the preparation and submission of documents, which significantly saves time. Since banks are confident in the fund, they rarely respond with a refusal to a mortgage loan request.

In addition, when processing documents and submitting an application through the EJSF, there is no commission in the bank.

Which banks provide home mortgages?

There are a number of banks that provide funds for social mortgages:

1. Sberbank- on the official website of the bank it is indicated that in order to obtain a social mortgage, you need to have (optional) with you:

• Benefit agreement;
• A certificate certifying your right to receive a housing loan;
• An extract from the relevant organization that is responsible for obtaining discounts and subsidies.

In addition, the bank can open a special account, which can only be used non-cash and subject to certain conditions:

• Providing a contract for the purchase of an apartment;
• Providing documentation for the apartment;
• A positive response to an application for a benefit.

1. VTB 24- also issues discounts for persons who provide the relevant documents.

• Maternity capital - you need to contact the nearest bank branch, provide all the documents there, especially an extract from the Pension Fund, after which funds will come to the account that can be spent on buying an apartment or paying off a loan;
• Other social programs - you also need to come to the nearest bank branch and provide all the necessary papers, depending on your program. In addition, you must fill out an application, which will be considered by the bank - in case of a positive answer, you can spend this money on a loan or mortgage payments.

The difference between a mortgage and a home loan

There are two options for obtaining money to buy an apartment - a mortgage or a home loan.

Required documents

To apply for a loan, you will need to collect a certain amount of documentation. If you do not have time for this, you can contact a special organization that will collect all the papers for you and submit them to the bank, you will need to appear to get the result.

List of papers:

• Application for the provision of benefits;
• Application form to the relevant bank;
• Passport and its copy;
• TIN and its copy;
• Military ID;
• A document certifying that you have any education (diploma or certificate);
• If available - marriage certificate, child's birth certificate;
• Labor book;
• A certificate filled in according to the 2-NDFL form (at the request of the bank) or any other document proving that you have income.

Home loans- long-term loans for the acquisition, construction, participation in shared construction, reconstruction and repair of residential real estate.

O The main form of home loans is mortgage loans secured by real estate

Home mortgage lending- a form of mortgage lending, the purpose of which is the acquisition of housing by citizens.

Characteristic features of mortgage loans: long-term nature, provision with real estate objects, repayment by installments, special refinancing system.

For lending purposes home mortgage loans are divided into 3 groups:

loans for the purchase of finished housing... As a rule, loans are provided in a single lump sum payment;

loans for construction, reconstruction, cap. remont housing. Loans are provided under an open non-revolving credit line, the limit of which depends on the total need for borrowed funds for construction and installation works;

3) loans for the purchase of housing under construction... Lending occurs in stages: each subsequent payment is made after the completion of the previous stage, and both one-time loans and non-revolving credit lines can be used.

Depending on the type of property loans are divided into loans for the purchase of an apartment (in the primary and secondary real estate markets), loans for the purchase of a room, for the purchase of suburban real estate and loans for other purposes.

Home mortgage lending procedure

Strict requirements for potential borrowers: - to the monthly confirmed income of the borrower, to the age of the borrower - at least 18 years old at the time of receiving the loan and not older than 60-65 years at the time of its repayment. The priority age is 30-35 years old.

Most banks provide mortgage loans

Russian citizens with permanent registration

The amount of continuous work experience (usually at least 6 months) and total work experience (at least a year).

Stagesmortgage loan issuance.

1. Borrower prequalification (approval)- the borrower chooses a bank and a lending program, submits an application for a loan and a package of documents, on the basis of which the bank makes a fundamental decision about the possibility of interacting with this borrower.

Borrower underwriting- the bank assesses the borrower's creditworthiness and determines the maximum amount,% rate, term, repayment scheme. This decision is valid for three months (in some banks this period is somewhat longer).

Selection and appraisal of housing- the client selects an apartment, presents the bank with a package of documents for housing, the bank evaluates the given housing with the so. the quality of the collateral and agrees to purchase it.

Execution of credit and other agreements on the transaction(sales contract, comprehensive insurance contract).

Registration of concluded contracts and mortgage with the Federal Registration Service (FRS).

Issuance of credit- the bank issues a loan to the borrower, due to which the final settlement with the seller takes place. The calculation scheme depends on who is the seller of the apartment. The borrower becomes the owner of the apartment and gets the opportunity to register in it, move in and even rent it out. Unity. Restriction - the impossibility of selling an apartment, exchanging it or donating it until the loan is repaid.

Loan servicing and repayment - the bank accepts payments from the borrower to repay the loan and pay interest and commissions, keeps records of the repayment of the main. debt and%. When the obligations under the loan agreement are fulfilled, the loan is considered repaid, the mortgage is terminated, which is done accordingly. registration in the state. registry.

Mortgage loans are accompanied by decomp. commissions and fees, the amount of which depends on the bank issuing the loan and on the type of housing - primary or secondary. These include:

commission for consideration of a loan application;

issuance fee

cash withdrawal fee;

commission for transferring funds to the account of the seller of the apartment or for paying the rent of a safe deposit box when paying the seller cash (the money for the period of the transaction itself will be placed in the safe deposit box);

commission for checking the authenticity of banknotes (at the request of the participants in the transaction);

costs of registering ownership of an apartment and a mortgage on it

payment for notary services (indirect costs);

Loan repayment can be produced by the borrower in various ways:

depositing cash through the bank cash desk

making payments to repay a loan in cash through an ATM;

by wire transfers of funds (if the salary is credited to an account with this or another bank);

through the Internet.

Early repayment of the loan is now without penalties.

The borrower must notify the lender in advance (7-30 days in advance) about the early repayment of the loan: first by phone, and then come and write an application for early repayment.

For each day of delay in payment, the bank charges a penalty. Each bank sets the amount of the penalty independently and fixes it in the section of the loan agreement "Responsibility of the parties". The bank must find out from the borrower the reason for his insolvency and determine the period when he will be able to pay the loan again. If the borrower is unable to repay the loan further (for example, has lost the ability to work), the insurance company will compensate the bank for the outstanding balance of the outstanding loan.

If the borrower's problems are of a temporary nature, the bank can provide a deferral for repayment of the principal debt and offer to pay only%. You can also revise the terms of lending, for example, extend the term: due to this, monthly payments to the bank will decrease. Perhaps a requirement from the bank to provide additional. security, for example, in the form of guarantors.

If the borrower cannot fulfill his obligations to repay the loan and pay%, then there are two ways out of this situation - non-judicial and judicial.

With a non-judicial option an appraiser is involved to determine the value of the mortgage property. If both the creditor and the debtor agree with this assessment, then the mortgaged apartment is sold. As a result, the bank compensates for all its costs - the principal amount and %% for using the loan, unpaid fines, penalties and other costs associated with foreclosure on the subject of a mortgage and its implementation. The entire remaining amount is returned to the former debtor.

If the bank and the borrower are unable to agree on the cost of the real estate, then the second way to sell real estate remains - judicial - more expensive for the borrower, because includes payment and legal fees, and longer). In court, the borrower has the right to ask for a deferral, which can be granted for up to a year if there is a good reason (for example, if the borrower is seriously ill or lost his job). If, by the end of the deferral, the borrower does not repay the loan, then the court has the right to decide on the sale of the mortgaged apartment from a public auction. From the proceeds received, the debt is paid to the bank in the 1st turn, taking into account the%, all fines and penalties. In addition, legal fees are deducted from the amount received, and the remaining money is transferred to the former borrower. Until now, the judicial procedure for the foreclosure of mortgaged residential premises has been used extremely rarely in Russia.

Organization of certain types of loans to legal entities

Targeted loans

Overdraft lending

Lending in the form of opening a credit line

Bill of exchange loans

Syndicated (concessional) loans

Asks Aleksandr Vladimirovich

Hello, I would like to improve my living conditions, I know that there are two options: a home loan or a mortgage.

What do you think is better, and what is the difference between a mortgage and a home loan? Thank you in advance.

Having your own home is a very important issue that is addressed by a large number of Russian citizens.

Most people cannot do without borrowed funds, since few people have the entire amount to buy an apartment.

When applying to a bank for a loan, few people know about all the nuances that await potential borrowers, but these nuances and little things are very important. To get started, study a large number of different loan programs in different banks.

First of all, pay attention to parameters such as interest rate, additional payments, commissions and payment order, differentiated or annuity.

With interest, with commissions, everything is easy and simple - the lower the percentage and commission, the better, but with the type of payment it is a little difficult.

With a differentiated view, the first payments will be higher than the subsequent ones. From year to year, the monthly payment will be less and at the end of the term the payment will decrease by about half.

This option is not bad, but it has its drawback - when considering an application for a loan, the credit institution will have more stringent requirements in the client's solvency, because the bank will rely on the size of the first monthly payments, and, accordingly, the borrower's income should be high. The most important advantage of this type is that the borrower will pay much less interest.

Another type of payment has only one advantage. At the same level of income, the borrower can afford to take a large loan amount, since the monthly payment will not change until the end of the term.

Naturally, differentiated payment is much more profitable, and if the borrower's capabilities allow choosing this option, then it is better to do so.

What kind of loan should you choose?

So let's move on to the main question. After all these nuances, you will be asked to choose either a mortgage or a housing loan. A mortgage loan provides for collateral in the form of real estate, and housing in the form of a surety.

As practice shows, most often when applying for a mortgage loan, the same apartment serves as a collateral, for the purchase of which the mortgage loan was issued, and this apartment is usually the only home for the borrower.

While purchased, it belongs to the bank, and not to the borrower, despite the fact that the borrower already lives in it.

If the borrower stops paying or delays in paying monthly payments, then the bank will simply take the apartment and pay off your debt.

To get a home loan, you need to have at least two guarantors whose income will be no less than yours.

Of course, this option is much more difficult than just signing a pledge agreement, but the apartment will be yours, and you only owe the bank money.

Even if you delay monthly payments or do not make them at all, the bank will no longer be able to take the apartment, and will take other measures.

As a result, a home loan is, of course, better than a mortgage, because it does not contain the risk of being left without a purchased home.