How many times can one person get a mortgage for an apartment?

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What is a mortgage? Who can take it? What documents are needed and how to complete everything correctly? Detailed instructions for applying for a mortgage loan on Restate.ru.

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• What is a mortgage
• How is a mortgage different from a regular loan?
• How is a mortgage different from a pledge?

The cost of housing on the real estate market is high, so not everyone can buy it with their own savings. The solution is mortgage lending. If you buy an apartment with a mortgage, you won’t have to pay for years to live in a rented apartment. The advantage of a mortgage is a low interest rate compared to a consumer loan, the disadvantage is a long repayment period and more stringent requirements for the borrower.

What is a mortgage

A mortgage is a type of lending in which a pledge is issued on the purchased property. If the borrower does not make monthly payments on time, the lender may sell the property to recoup its losses. The debtor will lose real estate, even if it is his only home.

How is a mortgage different from a regular loan?

Mortgage lending has its own characteristics. Differences between a mortgage and a regular loan:

1. A mortgage is a targeted loan. The funds can only be spent on purchasing housing or improving it.
2. A mortgage is issued on the purchased object. The borrower becomes the owner of the apartment, but cannot dispose of it without the permission of the bank.
3. When applying for a mortgage, you need to make an assessment of the value of the home.
4. There are more requirements for the borrower and they are more stringent.
5. A regular loan is easier to apply for.

How is a mortgage different from a pledge?

Mortgage and pledge are similar concepts, but they have differences.

Collateral is one of the conditions of a mortgage loan. An object that is used as collateral guarantees the creditor repayment of the debt. Not only real estate, but also other material assets can be used as collateral.

A mortgage is a targeted loan in which the purchased object is used as collateral.

Additional guarantees from mortgage applicants

Mortgage lending is issued on the basis of the availability of a down payment and an assessment of real estate for liquidity. Additional loan repayment guarantees reduce risks and mortgage rates.

The terms of the contract are affected by:

1. The person has property. Owned liquid assets - real estate, vehicles - are considered by banks as a positive sign that increases the likelihood of application approval.
2. Attracting guarantors. Unlike the co-borrower, the guarantor is determined by joint or subsidiary (limited) liability. The type of liability for the debts of the borrower is specified in the guarantee agreement. When issuing a guarantee, a loan will be issued to a person taking into account existing obligations.
3. The applicant has a long-term account with a constant balance, opened with a lending bank. Accounts opened for debit cards are also taken into account. An undoubted advantage that reduces the interest rate is the presence of a card for a salary project implemented by the bank.

The borrower may take out personal life insurance to provide additional security. The health status of persons who are given a housing mortgage is an important condition of the contract. The presence of an insurance clause is valid for the entire period of the contract, the change or exclusion of which will automatically entail an increase in the interest rate.

How a mortgage works: diagram

How the mortgage works:

1. Submitting an application to the bank. The application indicates the amount that the future borrower is counting on and the purpose of receiving the money - the purchase of real estate.
2. The bank checks the documents and application, then makes a decision - to issue money or refuse. In the second case, you need to take into account the bank’s requirements, correct your financial situation or credit history and try again.
3. The future borrower independently looks for housing, taking into account the requirements of the bank and his wishes. When the object is found, he provides documents for the apartment to the bank.
4. The bank is studying the documents. If he is satisfied with everything, he approves the application and reserves the required amount in a safe deposit box.
5. The buyer and seller sign the contract.
6. The bank prepares documents to register the transfer of ownership, including a mortgage on an apartment. This is an important document that will allow the bank to repossess the client's property if he stops paying.
7. The parties contact Rosreestr or MFC and register the transfer of ownership. Along with it, the encumbrance on the apartment is also registered. From this moment the borrower becomes the owner of the property.
8. The bank transfers the money to the seller.
9. The borrower pays the debt to the bank.

Next, there are two possible options. The borrower regularly pays the mortgage or repays it early. After that, he takes the mortgage from the bank, draws up the necessary documents and removes the encumbrance. From this moment on, he can dispose of the apartment at his own discretion.

If the borrower stops paying, the bank can repossess the home and put it up for sale. The proceeds go to pay off the debt. If anything remains, it is returned to the debtor.

How to register

After the credit institution has made a positive decision regarding the applicant, the borrower will need to contact the Agency again in order to write an application about his participation in the social mortgage.

The person in line will need to provide bank confirmation of the transaction, as well as some additional documents as required by the authority. After the transaction is fully completed, the citizen is assigned ownership of the purchased property, however, since the apartment is pledged to the bank, it is impossible to sell or donate the pledged property until the loan is fully repaid.

Important! In addition to the mandatory registration of insurance in relation to the collateral required by law, the person on the waiting list for a social mortgage will need to enter into a personal insurance agreement in case a situation arises when the borrower is unable to pay the loan for reasons beyond his control.

Types of mortgage

The type of mortgage loan depends on the buyer and the property being purchased.

Basic lending

The loan is issued to a person with a good credit history if he meets the bank’s requirements.

The standard program does not provide government support. The terms of the program depend on the bank and the property being purchased. Its type plays a role - a country house or an apartment; type of market - primary or secondary; status of housing - built or under construction.

The currency of the loan may also change (dollars are sometimes more profitable than rubles), and the type of payment (annuity or differentiated).

Special programs

Mortgages under these programs are issued only to certain categories of buyers.

Mortgage with government support

This loan is issued only to citizens who are eligible for social support. These are families with two or more children, social security workers, public sector workers, young professionals and others. To obtain such a mortgage, you need to get in line to improve your living conditions.

The peculiarity of such a loan is that you do not need to pay a down payment, part of the debt will already be repaid with a government subsidy, the interest rate and the initial cost of housing will be lower.

Mortgage for a young family

Families where one or both spouses are under 35 years of age can count on it. To obtain such a loan, you need to prove the need to improve your living conditions.

A special feature of the program is that the state pays the down payment if it is less than 30% of the total cost of housing.

Military mortgage

There is a preferential mortgage program for the military. The state pays the cost of housing for the military. At the same time, he can choose the property himself. Money will be transferred during the term of service and in a limited amount.

What you need to get a mortgage: conditions

Different banks have different requirements for the borrower and the collateral.

Requirements for the borrower

To use the bank's services, you must meet special requirements.

Citizenship

You must have the status of a citizen of the Russian Federation. This is a requirement of most banks. Some credit institutions issue mortgages to people with citizenship of Ukraine, Kazakhstan and other CIS countries. Citizens of other countries can now take out a mortgage loan under a standard program provided by VTB 24, Bank of Moscow, Transcapitalbank. Raiffeisenbank provides loans for foreigners with a higher rate of 1.5-2%.

Registration

The borrower must be registered on the territory of the Russian Federation. Some lenders give mortgages to persons with temporary registration or without registration, for example, VTB 24.

Age

The borrower must be over 21 years of age and under 60 years of age. This requirement is made due to the greater solvency of people at this age.

Work experience

You must have worked in your current position for more than 6 months and have a total work experience of more than a year. Experience is a guarantee that the borrower has a stable job and salary. The period of work can be confirmed by a certificate of employment, an employment contract and an extract from the work record book.

Some banks can give a mortgage without requiring the borrower to confirm employment and permanent income. Under such conditions, the loan rate and down payment are higher, and the repayment period is shorter. This type of mortgage will be more difficult to pay off. The shorter the term, the higher the monthly payments.

Income

The money that a citizen receives from primary and additional sources, from the sale of shares, dividends from deposits, pensions and business profits, should give the borrower the opportunity not only to pay the loan, but also to live in normal conditions.

The formula for calculating solvency is as follows:

Minimum salary for mortgage approval = monthly loan payment + cost of living * number of family members

But most banks use the following formula:

Monthly loan payment / 0.6.

This guarantees not just survival and mortgage repayment, but also a comfortable life for the borrower and his family. Sometimes banks give mortgages to citizens with low salaries or even unemployed. To increase the likelihood of approval in such cases, you can involve a co-borrower or guarantor. In this case, the income of the borrower and all co-borrowers is summed up. But the bank will check the solvency of all participants.

Housing requirements

After the borrower has received approval for a mortgage, he must provide the bank with information about the home he plans to buy. The apartment must meet the requirements for the subject of collateral.

A home assessment will be required. This is necessary so that the bank can sell the apartment if the borrower cannot pay for it.

The requirements for the property are as follows:

1. Location. If the location of the house is unfavorable, then the apartment in it is more difficult to sell in case of non-payment of the debt. They are more likely to approve a loan for the purchase of an apartment located in the city center or in another developed area.
2. Condition of the house. A mortgage will not be given for housing that is included in the program for the demolition of dilapidated houses (you can find out this from the administration of the region, city, district, microdistrict or residential complex).
3. Age of the building. There is no specific “good” age; it varies depending on the location of the housing. In the regions of Russia, the house must be built later than 1955, and in Moscow - later than 1970. The exception is St. Petersburg: housing in old buildings in the city center is easier to sell than an apartment in a new building. Requirements for the age of a building may change even within one constituent entity of the Russian Federation.
4. Wear. It should be less than 70%. The degree of wear can be found in Rosreestr or in the BTI.
5. Internal condition of the apartment. The layout of the apartment must correspond to the plan in the technical passport. Each living room should have a radiator and the windows should be glazed. The apartment must have access to running water, a bathroom and kitchen ventilation.
6. Building material. Banks also pay attention to this criterion. The building must be constructed from fire-resistant materials. The foundation is made of concrete or stone.

Who can be denied a mortgage loan?

You can find out who will not be given a mortgage at Sberbank by starting from the opposite of everything that was said earlier. That is, by looking at the requirements that the institution puts forward for potential borrowers.

Of course, if the applicant does not have Russian citizenship or a permanent place of registration in the country, the bank is unlikely to want to lend to him for a period of 25 years. A similar situation arises in the absence of a permanent job, a sufficient level of wages or a positive credit history.

We suggest you read: Putting on a waiting list for housing

All these parameters indicate the reliability of the client. And they give the bank certain guarantees regarding the fulfillment of the terms of the loan agreement.

Sberbank may refuse to provide a mortgage loan if the borrower does not meet the bank’s requirements

A mortgage application may also be rejected by those who already have outstanding loans from other banks. Because when issuing a new loan, the payer’s debt burden will increase, and he may simply not be able to cope with his obligations. If, however, he repaid previous loans with violations, then the bank will definitely not lend to him.

Representatives of a number of professions associated with risk or instability of earnings are also considered a risky category. For example, doctors, police officers, firefighters, emergency services, judges, individual entrepreneurs, real estate agents, truck drivers, etc. But decisions on them are usually made on an individual basis, taking into account all additional factors.

For many Russians, getting a mortgage is the only way to buy their own apartment. Naturally, given the long terms of debt repayment, you want to choose the most reliable and stable bank to receive a loan. Sberbank is just that. But he also chooses his clients quite thoroughly. So before you go to his office, you should familiarize yourself with the requirements that he imposes on his borrowers.

Who is given a mortgage for an apartment depends primarily on the conditions under which the mortgage is given in a particular lending institution. As a rule, the requirements are standard, but there are still differences in them.

It is worth noting and considering in detail the following list of requirements for potential borrowers:

• Gender and age;
• Citizenship and registration;
• An initial fee;
• Work experience;
• Income level;
• Credit history.

Gender and age

A mortgage is a long-term loan that can be repaid over 10, 20 or 30 years. During this time, the borrower will age, lose health and ability to work. This is why the age of a potential client is critical when deciding on a mortgage loan.

Expert opinion

Evgeniy Belyaev

Legal consultant, financial expert

Ask

The minimum age limit is set at 18 years, but this is only on paper. In fact, mortgage loans are issued to citizens who have reached the age of 21. In some banks this limit has even been shifted to 23 years.

Young people do not inspire confidence in banks. They, as a rule, do not stand well enough on their feet, often change jobs and manage their budget irrationally.

As the upper age limit for issuing a mortgage, banks use the age at which the mortgage loan is paid in full.

Usually this age is 65-75 years. Sovcombank, for example, lends to citizens under 85 years of age.

Who has the right to take out a home mortgage: men or women? Banks do not have clear requirements regarding the gender of the borrower.

In mortgage loans, spouses most often act as co-borrowers, where the main borrower is the one with the higher income.

Gender matters when drafting a borrower's life insurance policy. Insurance companies consider women more reliable clients than men. Therefore, it is better to conclude a life insurance contract specifically for a woman.

Just recently, Russian citizenship and permanent registration in the region where the bank branch is located were mandatory conditions for issuing a mortgage loan. Today, many lending institutions are moving away from this practice.

Expert opinion

Evgeniy Belyaev

Legal consultant, financial expert

Ask

Lending to foreign citizens is associated with additional risks, which is why many banks try to protect themselves. But banks with foreign capital freely provide loans to persons of other citizenship who legally reside in our country.

Raiffeisenbank, DeltaCredit Bank, Eurasian Bank, etc. provide loans to foreign citizens.

To be in the country legally means meeting the following conditions:

• Have an official work permit;
• Have temporary registration at your place of stay.

Most banks today enter into mortgage agreements under temporary registration. The Bank of Moscow can even lend to citizens who do not have registration.

The down payment is the amount of money that the borrower has and can make towards the first payment when receiving a loan.

Who can take out a mortgage for a home with a small amount of personal funds? The size of the down payment varies significantly among different banks and mortgage programs.

But, as a rule, its minimum is set at 10% of the total cost of the purchased property. Maternity capital can be made as a down payment.

You can deposit your mother’s money towards the loan today, without waiting for your child to turn 3 years old. But for this you will need to first obtain a maternal certificate from the Pension Fund of the Russian Federation.

Some banks still have mortgage programs that allow you to get money without making a down payment. But in this case, as a rule, it is required to provide collateral for real estate, which at this point in time is already owned by the borrower.

Work experience

Experience is a key indicator confirming the employment and solvency of the borrower. Who can take out a mortgage in this case?

Expert opinion

Evgeniy Belyaev

Legal consultant, financial expert

Ask

Typically, banks require that you have at least six months of experience at your last job. Total experience requirements are limited to 12 months.

The ideal borrower is someone who is officially employed as an employee. Many lending institutions do not lend to individual entrepreneurs or business owners.

The bank will study a copy of the work book, which you will submit in the general package of documents. Frequently changing jobs will not work in your favor; the bank may increase your interest rate or otherwise tighten lending conditions.

Income level

The borrower will make monthly payments on the loan from the income. Solvency is checked using the provided 2-NDFL certificate.

To get a mortgage, the payment amount must not exceed half of the total family income. At the same time, the bank will necessarily take into account other obligations of the borrower: other loans, utility bills and other expenses.

Who gets a home mortgage from Sberbank? Many credit institutions take into account additional income in the level of total income, which the borrower cannot confirm. Sberbank is one of such credit institutions.

In order to increase the chances of mortgage approval, co-borrowers are invited. In this situation, the bank takes into account their total income.

Credit history

Banks pay great attention to the borrower’s credit history. This information is requested by bank employees to the BKI. If the report reveals arrears on past loans, the bank most often refuses to issue a mortgage to a potential client.

We invite you to read: Who has the right to write the menu in kindergarten

Expert opinion

Evgeniy Belyaev

Legal consultant, financial expert

Ask

Banks do not need unreliable clients who will violate the terms of the contract. This is fraught with litigation and enforcement proceedings.

In 2020, it is impossible to get a mortgage if there are no entries in the BKI.

Should you use a mortgage broker?

A mortgage broker is a specialist who can help a borrower choose the best option for a home loan. The broker will assess your chances of getting your mortgage approved and will help you figure out why banks are refusing a loan. A specialist can also help you get a mortgage with a bad credit history or gray salary.

The main advantages are saving time and the ability to choose the most profitable program.

There are also disadvantages. Mortgage brokers work for a fee, which increases the cost of purchasing an apartment. Nobody regulates their activities, so the result is not guaranteed.

It is worth contacting a mortgage broker if you do not have the time and desire to understand loan products or if the borrower does not meet the requirements of most banks - he has a bad credit history or a gray salary.

In what cases will a bank issue a mortgage to a single borrower?

Naturally, the first thing the lender will pay attention to in this case is the level of income. It must be twice the amount of the expected payment. This is necessary so that the client has the opportunity to both repay the loan early and in case of a likely decrease in income.

Also important in this case is the size of the loan and down payment. The greater the amount that the client can contribute towards its payment, the higher the likelihood of loan approval. We talk more about increasing your chances of receiving a positive decision in this article.

To increase your chances, we advise you to apply for a loan from the bank where you have previously been served, for example, if you have a valid card or account here, a deposit, or a successfully closed loan. Banks are most loyal to their salary clients, i.e. to those people who receive their wages into their accounts.

How to get a mortgage for an apartment

Stages of obtaining a mortgage loan:

• collection of necessary papers;
• contacting the bank with an application and documents;
• selection of real estate;
• property valuation;
• concluding a preliminary agreement with the seller;
• submitting documents for an apartment to the bank;
• obtaining approval from the bank and signing a mortgage agreement;
• conclusion of a purchase and sale agreement;
• registration of transfer of ownership and encumbrance on the apartment;
• transfer of money to the seller by the bank.

Documents for mortgage

To apply for a mortgage, you will need to collect a list of documents.

1. Passport of a citizen of the Russian Federation:

2. Copy of work record:

3. Certificate of income in form 2-NDFL (this certificate is issued by the accounting department of the place of work):

4. Certificate in the bank form from the accounting department from the place of work:

After collecting a package of documents, you need to find a bank with the most favorable conditions. To do this, you can use the service for selecting mortgage offers.

In what cases will a bank definitely refuse a single borrower?

These reasons are already clear, but just in case, let’s list them. The bank will definitely refuse to issue a mortgage loan if:

• The applicant is married, but there is no consent from the second spouse to apply for the loan.
• The client’s income level does not correspond to the threshold for the amount for which he applies to the bank.
• The client has an unstable job or often changes companies where he works.
• Insufficient down payment.
• The client indicated too short a period in the application. We discuss the optimal period for a mortgage loan at this link.
• The client refused insurance.
• Bad credit history – past or current arrears.

The absence of a CI can also be a reason for denial of a mortgage. To create a file with NBKI, it is enough to apply for one small loan. If your history is damaged, you can try to correct it before contacting the bank. Effective methods are presented in this review.

Features of obtaining a mortgage in various situations

The conditions, procedure and package of documents may vary depending on the type of mortgage loan and the situation of the borrower.

No down payment

Getting a mortgage without a down payment is difficult, but possible. To do this, you need to find such an offer from the bank, take advantage of one of the government support programs or promotions held by developers and banks.

Young family

The “Young Family” program is a form of support from the state that involves compensating part of the cost of housing to young people who have recently gotten married. They are paid up to 30% of the cost of the purchased property.

To participate in the program, you must meet the following conditions: be under 35 years of age and need improved housing conditions. You will need to submit an application to the local administration and wait for a positive response.

With maternal capital

Maternity capital is a government subsidy for families with children. It can be used to improve housing conditions, in particular, for a down payment or to pay off a mortgage.

In order to take out a mortgage with maternity capital, you need to find a suitable offer from the bank, attach a certificate and a certificate of subsidy to the package of documents, and also write an application to the Pension Fund for the disposal of maternity capital.

In another city

The main problems of buying an apartment with a mortgage in another city are that not all banks agree to such a procedure, the registration period increases, and the costs of traveling to inspect, check the apartment and conclude an agreement increase.

You can find suitable housing in another city on your own or with the help of a realtor. In the second case, you will have to pay a commission, but this will save time.

Most procedures can be carried out through a representative. Personal presence will only be required to sign loan documents.

Interest-free mortgage: conditions for obtaining a housing loan in 2020

The question of the existence of a mortgage without paying interest interests many citizens who need to improve their living conditions. In 2019, some categories of Russian residents can take advantage of support from the state and purchase their own home using an interest-free mortgage. But not all people will be able to count on a subsidy from the government.

Service characteristics

To put it in simple human language, without using special terminology, an interest-free mortgage loan is nothing more than a cash loan with compensation for part of the expenses. Certain categories of citizens can apply for benefits from the state.

Partial repayment of a targeted loan for the purchase of living space is carried out at the expense of local or state budget funds. As a result, it turns out that borrowers pay only the principal part of the debt, and the interest is paid by the state. For this reason, the mortgage received the category of interest-free loan.

1. Partial repayment of a mortgage payment. The subsidy is often used as a down payment when taking out an apartment on credit.
2. Full or partial repayment of the loan. Citizens use this payment to pay interest in the case of mortgage lending.
3. Issuance of housing for sale. Assistance is provided from the state or local housing fund at a reduced cost.
4. Providing a subsidy. This payment provides for the allocation of funds for the purchase of an apartment to certain categories of low-income citizens in order to improve their living conditions.

This amount will not cover all the interest on the loan, but can serve as a down payment on the mortgage loan. Such assistance will not be considered an interest-free home loan, but can be used as a down payment when the family does not have the required 10% of the property value to enter into a mortgage agreement.

You should not count on a completely interest-free mortgage from the bank. It is not profitable for financial institutions to provide loans to the public without charging a certain profit for themselves. Credit institutions earn money by charging interest; for this reason, they cannot issue a mortgage without overpayments.

Preferential categories of citizens

1. Large families. Each such family must have three or more children born or adopted.
2. Parents raising a child alone.
   Mothers or fathers with a minimum income and having a dependent child can apply for assistance from the state.
3. Families in which the spouses are under 35 years of age.
   The state has developed several assistance options for young families. Each family decides which one to use independently.
4. People of retirement age.
5. Young specialists.
   The state supports beginning craftsmen who come to work in government agencies after graduating from educational institutions. Most often, this category includes doctors, teachers and some other employees needed in rural areas.
6. Employees of budgetary organizations.

Conditions for obtaining an interest-free mortgage

There are several nuances in the requirements for providing assistance of this type. Among the general rules applicable to different categories of beneficiaries, the following should be highlighted:

1. Birth of three or more children. Refers to large families in need of expanded living space.
2. The age of one or two spouses is not more than 35 years. Depending on the region of residence, the age criterion applies to one or both spouses. The rule applies to young families.
3. Age over 55 years. This parameter applies to older people in need of improved housing conditions.
4. Official recognition as a single parent. Relevant for single parents who are dependent on a child or several minor children.
5. Availability of official employment in a state institution or a budgetary municipal institution, work experience of at least three years and the applicant’s age not exceeding 35 years. This rule applies to young professionals applying for a subsidy from the state for the purchase of living space.
6. Official employment in any budget establishment.

Features of retrieval assistance

You shouldn’t torment yourself with vain questions about how to get an interest-free mortgage. Banks do not have such a service, but it is quite possible to obtain a loan with preferential requirements for the borrower.

To do this, you need to submit the required documents to the local social security authority and wait for your turn.

After a person is recognized as in need of funds, the state will cover part of the costs, making the purchase of real estate more affordable.

Single parents

This concept more often refers to single mothers who previously enjoyed privileges. Now this category of citizens is not considered preferential. For this reason, such citizens will not be able to apply for housing at a preferential rate.

To buy an apartment with benefits from the state, single parents have the right to take advantage of the housing program for young families, taking into account that they are under 35 years of age. Residents of some municipalities can count on help from regional authorities. In this case, local authorities issue certificates for the purchase of housing to women raising children alone.

The certificate holder can use the allocated funds to pay off part of the debt under the mortgage agreement or purchase real estate at a slightly lower price using her own funds. But here, too, a certain problem arises - family income is often lower than what is required by the financial organization.

Large families

Families with three or more children are not provided with a housing subsidy, although there are other offers for them. In the event of the birth or adoption of a third or subsequent child, the family has the right to receive a plot of land for building a house. At the regional level, a one-time payment is provided to improve housing conditions.

Also, if parents are under 35 years of age, they can apply to participate in the program for providing living space to such families. But you can get a mortgage only if you have enough income to pay for the remaining portion of the mortgaged apartment. The state allocates only 30% of the cost of the apartment, and 70% has to be paid by the recipients of the service.

Young parents

Sberbank can also offer special lending conditions for young families. Families up to 35 years old can take out a mortgage from 9.2% per annum for a period of up to 30 years. The minimum loan amount is 300,000 rubles. Families with two or more children are allowed to participate in the program with state support and apply for a loan to purchase a home at 6% per annum.

Novice specialists

This category of citizens, after graduating from a higher educational institution, must get a job in a municipal or state institution in their specialty and work there for 3 years. The applicant must be under 30 years of age at the time of applying for the Young Professionals Benefits Program.

Representatives of the following professions will be able to apply for a subsidy in the form of funds to pay for part of the apartment:

• teachers;
• doctors;
• scientific workers of the Russian Academy of Sciences, research institutes, NGOs;
• employees of scientific organizations.

All these categories of citizens will be able to submit an application for funds to purchase housing. You can find out the full list of required documents from local authorities for the distribution of living space.

Public sector employees

To get on the waiting list to improve your living conditions, you need to contact your local government and get a list of required documents. After this, the candidate for the subsidy collects all the required documentation, makes photocopies and visits the local government again.

1 month is given for review of documents. At the end of the period, a decision is made to place the candidate in the queue or to refuse to provide the service. The program participant is issued a corresponding document. The participant is notified of the approaching turn by telephone or mail. But each applicant has the right to control the queue independently by visiting the institution.

When the turn comes, the recipient of the subsidy will be issued a certificate to receive benefits from the state. With this document, the applicant must contact any bank to sign a mortgage agreement.

For each category of beneficiaries, the list of documents may be different. For large families and single mothers, it is required to provide a marriage certificate, birth or adoption certificates of children, passports, a certificate from the housing inspection about the absence of their own housing, and a social rental agreement for real estate.

Young specialists and public sector employees are required to have a work record book, an education diploma, a passport and other documents. The complete list of required papers should be checked with the local government authority. It may vary depending on the area of ​​service provision.

Things to remember when you've already taken out a mortgage

A mortgage is a long-term commitment. It is issued for 5-30 years. Loan repayments can take decades. All these years, the borrower will have the obligation to repay the money on time and in full every month.

Is it possible to repay the loan early?

Most banks do not prohibit paying off your mortgage early, although it is less profitable for them. Before applying for a loan, you need to ask a specialist if this is possible, and check that there are no prohibitions in the mortgage agreement.

What happens if you don't pay

When taking a mortgage on the property being purchased, a pledge is issued. This is an encumbrance that is registered in the real estate register. The collateral allows the bank to repossess the apartment if the borrower stops paying the mortgage.

In addition, the bank has the right to impose fines and penalties for late payments. They will depend on the mortgage agreement concluded with the borrower.

What to do if you can't pay off your mortgage

If you are temporarily unable to pay your mortgage, you need to go to the bank, provide documents confirming your lack of income, and ask for a deferment of payments. Banks often cooperate because it is easier for them to provide a deferment to a conscientious payer than to begin the procedure for repossessing real estate.