List of banks where it is profitable to take out a second mortgage
Transcapitalbank
from 7.99% rate per year
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- Amount: from 300 thousand to 50 million rubles.
- Rate: from 7.99%.
- Duration: from one year to 25 years.
- Age: from 21 to 75 years.
- You can get a mortgage using one passport.
- You can confirm your income with a bank certificate.
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Rosbank
from 7.39% rate per year
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- Amount: from 300 thousand rubles.
- Rate: 7.39 - 11.14%.
- Duration: from 3 to 25 years.
- Age: from 20 to 64 years.
- Down payment: from 20%.
- You can attract 3 co-borrowers.
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Alfa-Bank
from 6.5% rate per year
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- Amount: from 670 thousand to 20.6 million rubles.
- Rate: 6.5 - 9.29%.
- Duration: from one year to 30 years.
- Age: 21 - 70 years.
- Down payment: from 20%.
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Is it possible to take out a second mortgage while paying off the first?
This option is possible if the borrower repays the loan without delays or delays. Any bank is interested in issuing another loan to a client with a good history, if he strictly complies with financial obligations. Each issued loan brings profit to the organization, and a mortgage is also a loan with minimal risk, since it guarantees the repayment of the loan amount at the expense of the owner’s collateral obligations.
Many clients are worried whether a second mortgage will be approved if the first loan is not closed. The bank's decision will depend on the borrower's income. The organization will ask you to provide official confirmation of income - a 2NDFL certificate, a declaration or documents in the prescribed form.
On a note. The amount of mortgage payments should not exceed a third of the family's monthly income. In some situations, payments of up to 50% are allowed, but such a load creates a high risk of non-payment and the bank may raise the interest rate on the housing loan.
How to apply online
You can apply for a mortgage and receive a preliminary decision without visiting your chosen bank. To do this, you need to fill out a form on his website.
For example, in Rosselkhozbank you need to indicate:
- a branch where it is convenient to obtain a mortgage;
- FULL NAME;
- date of birth;
- contacts (phone, email);
- the amount of the requested loan;
- desired loan term.
The application is immediately transferred to the bank’s specialists for work. They will check all the data provided and, if necessary, contact you to clarify information or request documents (for example, copies of a passport or salary certificates). A decision on the application is made within 1 - 10 days. You will be informed about the results by telephone.
Transcapitalbank
from 7.99% rate per year
Go
- Amount: from 300 thousand to 50 million rubles.
- Rate: from 7.99%.
- Duration: from one year to 25 years.
- Age: from 21 to 75 years.
- You can get a mortgage using one passport.
- You can confirm your income with a bank certificate.
More details
Rosbank
from 7.39% rate per year
Go
- Amount: from 300 thousand rubles.
- Rate: 7.39 - 11.14%.
- Duration: from 3 to 25 years.
- Age: from 20 to 64 years.
- Down payment: from 20%.
- You can attract 3 co-borrowers.
More details
Alfa-Bank
from 6.5% rate per year
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- Amount: from 670 thousand to 20.6 million rubles.
- Rate: 6.5 - 9.29%.
- Duration: from one year to 30 years.
- Age: 21 - 70 years.
- Down payment: from 20%.
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Conditions for obtaining a second mortgage
Mortgages are issued for the purchase of apartments in finished and under construction buildings, townhouses, apartments, houses. Sberbank, Gazprombank and Rosbank also issue loans for the purchase of parking spaces (garages). The mortgage term in Sberbank, Rosselkhozbank, Gazprombank, Raiffeisenbank, Alfa-Bank and Promsvyazbank is 30 years, and in Rosbank - 25 years.
The collateral for a mortgage can be purchased or owned real estate, which must be insured against the risks of loss and damage for the entire term of the mortgage. Life insurance is optional, but if you cancel it, the rate automatically increases by 1%.
The loan rate in Sberbank and Promsvyazbank will be from 8.6%, in Rosbank - from 8.25%, in Alfa-Bank - from 8.99%, in Gazprombank - from 9%, in Rosselkhozbank - from 9.3%, and at Raiffeisenbank - from 10.25%.
The down payment on a loan in Sberbank, Alfa-Bank, Rosselkhozbank, Rosbank and Raiffeisenbank will be at least 15%, in Gazprombank - 10%, and in Promsvyazbank you can get a mortgage without it. The maximum amount in Sberbank and Rosbank is not limited, in Gazprombank, Rosselkhozbank - 60 million rubles, in Alfa-Bank - 50 million rubles, in Promsvyazbank - 30 million rubles, and in Raiffeisenbank - 26 million rubles.
Who can get a second mortgage
When considering an application for a second mortgage, the bank pays special attention to income and the absence of arrears on the first mortgage or other loan agreements.
Otherwise, the requirements of banks are standard:
- citizenship of the Russian Federation (in Raiffeisenbank - citizenship of any country);
- age at the time of application - from 21 years (in Rosbank - from 20 years) and not more than 65 years (in Sberbank - 75 years, in Rosbank - 64 years) on the date of full repayment of the loan;
- work experience at the current place - from six months (at Promsvyazbank - from 4 months);
- total work experience - from one year.
Required documents
When applying for a mortgage, you must submit to the bank:
- application form;
- passport;
- a copy of the work book;
- SNILS;
- salary certificate 2-NDFL;
- men under 27 years old - military ID.
If the mortgage is issued at the bank on whose card the salary is paid, it is not necessary to confirm income and employment with documents.
After receiving approval for your application, you need to bring real estate documents to the bank. When purchasing on the secondary market you will need:
- appraiser's report;
- contract of sale;
- certificate of ownership of the seller (if available);
- extract from the Unified State Register of Real Estate;
- technical or cadastral passport.
If an apartment is purchased during the construction stage of a house, then you need to provide the bank with a share participation agreement and a complete package of constituent documents for the developer company (Charter, decision to establish, etc.).
Transcapitalbank
from 7.99% rate per year
Go
- Amount: from 300 thousand to 50 million rubles.
- Rate: from 7.99%.
- Duration: from one year to 25 years.
- Age: from 21 to 75 years.
- You can get a mortgage using one passport.
- You can confirm your income with a bank certificate.
More details
Rosbank
from 7.39% rate per year
Go
- Amount: from 300 thousand rubles.
- Rate: 7.39 - 11.14%.
- Duration: from 3 to 25 years.
- Age: from 20 to 64 years.
- Down payment: from 20%.
- You can attract 3 co-borrowers.
More details
Alfa-Bank
from 6.5% rate per year
Go
- Amount: from 670 thousand to 20.6 million rubles.
- Rate: 6.5 - 9.29%.
- Duration: from one year to 30 years.
- Age: 21 - 70 years.
- Down payment: from 20%.
More details
How to get a second mortgage
Now, let's figure out how to get a second mortgage from Sberbank. To get your application approved, you need to maximize your chances. First of all, the client’s age should not exceed 40 years - according to the bank, it is during this period that the borrower is most active, has not only his main place of work, but also the possibility of part-time work.
The procedure for obtaining a home loan is no different from obtaining the first one. The client will need to collect all the necessary documents and submit them to the bank branch.
The following copies of documents must be included in the package of documents:
- Application for a mortgage loan.
- Passport of a citizen of the Russian Federation.
- Insurance policy.
- Military ID.
- Certificates of completion from all educational institutions.
- Marriage certificate, birth certificate of children.
- Employment history.
- Certificates of official monthly income.
The requirements for mortgage documents are discussed in a separate article.
If necessary, the lender may request additional paperwork to review your application. All papers are submitted along with the originals. The application form can be obtained from a bank employee.
The following will help increase your solvency and chances of taking out a second mortgage without paying off the first:
- Receiving additional regular payments, such as: salary for part-time work, pension.
- Availability of valuable real estate or property: car, apartment, premises, garage, dacha.
- Availability of a co-borrower.
Please note that payments such as alimony and child benefits are not counted as additional income.
Information on all official income is provided in writing. In addition, all payments made on an outstanding loan must also be confirmed. There is an option to take out a second mortgage using maternity capital. To do this, you will need to submit additional certificates about the child and the subsidy itself.
Recommended article: List of mortgage insurance companies accredited by Sberbank
After the application and package of papers are submitted to the bank, all that remains is to wait for the creditor’s decision. On average, one application is considered from 5 to 20 working days. If questions arise, the bank may request additional documents.
A second mortgage is an opportunity to expand your living space and improve your living conditions. If you need another loan, but the first one has not yet been repaid, do not be upset. There is a chance to get a second mortgage. The main thing is to approach the procedure responsibly and prepare as many papers as possible. In addition, if your first home loan is almost paid off and there are no arrears, there is a high probability that the bank will approve your application.
How to increase your chances of getting your application approved
Banks are not always willing to approve an application if you already have a mortgage. But you can increase your chances of getting a positive decision by using the following tips:
- Make the maximum down payment possible on the second mortgage. This will lower your monthly payment and increase the bank's confidence in paying off two mortgages at once.
- Provide liquid housing as collateral. Banks approve loans with collateral more easily.
- Attract solvent guarantors and co-borrowers. If your income is not enough to take out a new mortgage without paying off the first one, you can involve working relatives as co-borrowers. This will increase the possible loan amount.
- Contact the bank where the loan has already been issued. It is more difficult to get approval from two banks for two apartments, and it will be inconvenient to pay.
Features of lending
Taking out a mortgage is always a risk. By not repaying the loan on time, the client ends up on the list of debtors, and the bank tries to get its money or confiscate the property. If a person has not yet paid off the first one, is it possible to take out 2 mortgages? The answer is yes, but there are certain features.
To begin with, we note that if you want to take out a housing loan twice, you should not hide it. Without providing this information, you risk receiving an immediate refusal. The fact is that such information will be discovered by bank employees, and the fact of fraud is suspicious. Before issuing a mortgage, various requests will be sent, including to the BKI, where data on all the citizen’s loans is stored. The grounds for concealing the presence of a mortgage are questionable, especially if a person has a good credit history and a high level of income.
So, as for having several real estate loans at the same time, this is not prohibited by current legislation. Moreover, there are no restrictions in this regard, since banking institutions analyze the client’s situation and decide independently whether to issue him a mortgage or not. The main thing in this case is the possibility of timely payments, since any loan is issued to earn money, and without repaying the debt this is impossible.
Important! Having taken out a mortgage for a second apartment, a person must make payments on two loans on time. This is possible only in cases where his monthly or annual income significantly exceeds the required amount of payments.
What to do if a housing loan is not issued? There are several options here. Firstly, you can be persistent and re-apply, proving the seriousness of your intentions. Second, you can wait a few years, save money, and make a large down payment. In this case, the bank will not refuse, since it will have the opportunity to receive a large amount at a time. Moreover, if a person makes a large down payment, then even in case of financial problems, he will do everything to pay off the funds and not lose his apartment.
Reviews about getting a second mortgage
Tokarev Dmitry:
Albakov Ruslan:
“Recently a very good offer came up to purchase an apartment, and I decided to take out a second mortgage. I contacted Alfa-Bank. The manager spoke in detail about all the terms of the loan, did the calculations and said that they might well approve the application. They processed it right away. I received a response literally 3 days later. At all stages I was also kept constantly informed of everything that was happening. The transaction itself took place in 2 hours without any problems. The rate on the second mortgage turned out to be even better than on the first.”
Suleymanova Sabina:
Starostina Elizaveta:
“My husband and I recently decided to buy a house outside the city. Although we thought that problems might arise due to the still paid mortgage, we still decided to consult Rosselkhozbank. The employees looked at the income certificates, said that there would be no problems with approval, and immediately helped me fill out the application. Everything was actually approved within a week. It took the same amount of time to get the chosen house approved by the bank.”
Position of banks.
Any bank offering certain loan products is interested in attracting as many solvent clients as possible: the more loans are issued and repaid on time, the more it can earn. If at the dawn of the development of lending in our country, the principle of “one client - one loan” worked in most cases, then the result of high competition was the emergence of the practice when banks are ready to offer several lines of credit to one client. The goal they set for themselves is to get from the client the maximum that the latter can give to the bank. In other words, a modern bank is ready to issue exactly as many loans as the borrower can handle, which means it is possible to take out a second mortgage.
