Where is it profitable to invest 600,000 rubles to earn money: ways

Government support for mortgage borrowers

The Government of the Russian Federation has approved a special program to assist borrowers who have taken out a housing loan. It lies in the fact that people who paid a mortgage to the bank will be able to receive an amount of up to 600 thousand rubles, as well as a restructuring of the foreign currency mortgage at the rate of the Central Bank. The duration of the program was set from 2020 to May 31, 2020 inclusive. But life made its own adjustments and already on March 7, the program was closed ahead of schedule due to a budget deficit (all the funds that were initially allocated were spent). By the way, borrowers who managed to submit the required package of documents before March 7, 2020 can well count on receiving assistance under this program.

Repayment of 600 thousand on a mortgage in 2020 - who is eligible for the assistance in question?

Naturally, many people now want to receive a very decent amount to pay off their mortgage, but not everyone is entitled to it. So, the following categories of borrowers can count on the right to receive funds from the state in the established amount for mortgage repayment:

Persons raising one or more children under eighteen years of age (or being their guardians);
This service can be used by those citizens who are raising a disabled child, regardless of the disability group (by the way, this amendment was made to the previous project to help mortgage borrowers);
Borrowers who support adult children under 24 years of age who are studying full-time at a university;
Combat veterans.

That is, in order for the principal debt on a mortgage of up to 600 thousand rubles to be written off at Sberbank or any other financial organization participating in the program, the borrower must prove his right to use this privilege.

If you buy an apartment from a close relative

The very first thing you need to pay attention to is the conditions for participation in the program, which are clearly regulated, they are as follows.

If you buy an apartment or house with a mortgage loan, then the mortgage payments used to pay off bank interest are also considered spent on housing. A citizen who buys this property receives a tax deduction.

In the latter case, people must prove that the circumstances due to which they lost their solvency were beyond their control. It is important to provide documents proving that their income has decreased by at least 30 percent over the past 3 months.

Out of every 10 rubles of your salary, he pays you only 8.7 rubles. And the employer transfers the remaining 1.3 rubles to the state. You may not even record this, but out of every 10 thousand of your earnings, 1,300 rubles will not end up in your pocket.

Let’s say you paid 40,000 rubles in interest on your mortgage in a year, that is, the state must return 13% to you - 5,200 rubles. You can request payment annually as soon as interest is paid. But the state treasury will return your compensation to you only when 390 thousand rubles in interest have been paid.

Let's assume that there are two children in a family. The family bought an apartment with a mortgage six years ago. The down payment was paid with maternity capital for the second child. In 2020, a third child was born into the family. At this moment, the debt to the bank was 500,000 rubles. At the expense of the state, the family will pay off a debt in the amount of 450,000 rubles. The family will only have to pay the remaining debt - only in the amount of 50,000 rubles.

If not, do I need to notify the tax office that I am not working and cannot receive a refund within 3 years of purchasing the apartment?

The practice, in which a citizen would have to pay personal income tax, does not correspond to the concept of the order of the President of Russia to provide “mortgage holidays”, during which the borrower is completely exempt from all payments, noted State Duma Speaker Vyacheslav Volodin.

The Citizen Assistance Program developed in 2020 provides for the possibility of writing off the principal debt on a mortgage legally. Find out whether you fall under the terms of the resolution and whether you have the right to reduce your debt by 600 thousand rubles.

Housing with a mortgage cannot be premium class. This means that the property must have a typical value for a particular region.

Initially, the Resolution was designed to provide assistance to borrowers who took out a mortgage loan in dollars (euro) and found themselves in a difficult situation due to the collapse of the Russian ruble. But in addition to this, assistance can be provided to borrowers who took out a mortgage loan in Russian rubles and also find themselves in a difficult situation due to a drop in their own income level. Paragraph 8 of Government Decree No. 961 determined the conditions that the applicant must meet:

Be a citizen of the Russian Federation and, in addition, meet at least one of the following parameters:
raise at least one child under 18 years of age;

raise a disabled child or be disabled yourself;

be a combat veteran;
support a dependent under the age of 24 who is currently studying full-time (student, graduate student, etc.).

The mortgage loan must be issued by a Russian bank or JSC DOM.RF. The purpose of the loan should be the acquisition of residential premises (including a land plot) from an individual or legal entity under a purchase and sale agreement or an agreement for participation in shared construction.

How to get your mortgage interest back? Refund of interest on a mortgage loan, in the amount established by law, is made after returning part of the cost of housing.

All Russian citizens pay taxes. The main tax that all workers pay is the so-called income tax. Otherwise it is called personal income tax (NDFL).

At Sberbank, financial assistance can be obtained in the following forms:

deferred payment for up to 2 years;
write-off of principal debt up to 10%;
reduction of monthly payment up to 50%.

Naturally, the current legislation imposes a number of requirements for borrowers, which will be discussed below, so not every person will be able to count on such financial assistance.

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Lending for the purchase of housing is widely developed in Russia. Moreover, before the introduction of economic sanctions by the European Union and the United States, a significant percentage of mortgage loans were provided in dollars and euros. After a sharp rise in the price of foreign currencies, citizens who previously took out a mortgage in dollars or euros found themselves in a difficult situation, since this rise in price increased their debt several times.

More than 85 banks are participating in the state program. These include non-credit organizations. The deadline for reviewing an application is set independently by each individual bank.

For the second reading, deputies clarified the norms of the document. As one of its authors, head of the State Duma Committee on the Financial Market Anatoly Aksakov, said, both mother and father - citizens of the Russian Federation who are borrowers on a housing mortgage loan - will have the right to state support measures. In times of crisis, citizens are wondering how to get their mortgage back. In 2020, a decree was issued that allows certain categories of citizens to apply for help in repaying the principal debt on their mortgage.

In addition, it is necessary that the citizen meets one of the following conditions:

the person for whom the loan is issued has at least one minor child;
the borrower is disabled or is raising a disabled child;
the citizen is a combat veteran.

I took out a mortgage at the end of December and will receive the documents in January. Can I already return this year? Or will I have to wait a year?

ATTENTION. Restrictions on the cost and area of housing are canceled for large families. If borrowers have three or more children, they can count on having their mortgage debt written off on preferential terms.

If you add up the new compensation with maternity capital funds, which today amount to 453 thousand rubles, then this will be a good reduction in the mortgage burden, the deputies noted. As DOM.RF confirmed to RG, family savings through the program, together with maternity capital and tax deductions, can amount to more than 1 million rubles.

Having collected this package of documents, go to the tax office of your city. There you will be asked to fill out form 3-NDFL and write a statement requesting payment of tax compensation. You must leave the details where you want to transfer the monetary compensation. After this you will have to wait three months. The essence of the resolution is to recalculate mortgage loans into Russian rubles through restructuring and at the same time provide financial assistance to citizens in need. Also, the opportunity to provide assistance is provided for borrowers who previously took out a loan in Russian rubles and now find themselves in a difficult situation.

Restrictions on the amount of funds allocated

...The amount of financial assistance to mortgage borrowers has been increased to 1.5 million rubles, but it should not exceed 30% of the balance of the principal debt. This innovation applies only to the following categories of borrowers:

Combat veterans.
Persons raising two or more minor children (or being their guardians).
Disabled people or parents of a disabled child (regardless of the established disability group).

All other categories of borrowers experiencing difficulties with mortgage payments, namely:

persons who have one child under eighteen years of age or are his guardians,
persons supporting full-time students who have not reached 24 years of age,
can receive financial assistance in the amount of 600 thousand rubles, while the specified amount should not exceed 20% of the balance of the principal debt.

How to reduce your mortgage by 600 thousand?

The fundamental points are listed below:

First of all, you will need to contact the bank and submit applications for restructuring. An important point is that it is not at all necessary that the borrower have an overdue loan balance at the time of application.
The time elapsed from the signing of the loan agreement to the filing of the restructuring application does not matter from 2020.
Any mortgage is subject to restructuring, even those that were registered as social.

Basic requirements and conditions

Based on the resolution, the main requirement will be the acquisition of real estate in a certain territory:

Small cities with no more than 30,000 residents;
Urban-type settlements included in large cities, the so-called urban settlements;
Geographically small rural settlements;
Settlements classified as rural;
Small villages united with district municipalities by a common territory.

The preferential interest rate will not apply to the purchase of real estate in the capital of our country and its region, as well as in St. Petersburg.

The main conditions for concluding a mortgage agreement with a rate of 3% are as follows:

The term of the mortgage will be 25 years;
A down payment of 10% of the cost of housing is required;
The basic annual percentage is 3%, but it can be reduced to 0.1% due to regional subsidies;
The maximum amount of borrowed funds provided cannot exceed RUB 5,000,000 when purchasing housing in the Far East and Leningrad Region; RUB 3,000,000 in all other regions of the Russian Federation.

Important point. In case of quick and early closure of the mortgage, the property purchased under this preferential program cannot be sold or donated within 5 years from the date of signing the contract.

You can also take advantage of the preferential offer to purchase housing only once.

Requirements for the borrower

Mandatory requirement: Russian citizenship.
At the time of signing the mortgage agreement, the borrower must already be 21 years old and on the date of the last mortgage payment the age of the payer must not exceed 65 years.
Documentary confirmation of the monthly level of official income for the last six months will be required using a 2-NDFL certificate or on a bank form.
The borrower must have permanent or temporary registration in the rural area in which he plans to purchase real estate.
A citizen applying for the purchase of housing under a preferential program must carry out his labor activity in the territory of this settlement for at least one year as an individual entrepreneur or employee in the agro-industrial, veterinary or social fields.

In addition, the financial institution has the right, at its discretion, to request additional documents.

Required documents

Russian Federation passport with permanent or temporary registration in Russia.
Men must provide a military ID or a certificate of deferment from military service.
Employed citizens will have to provide the financial institution with a copy of their work record book with a mark on their current place of work or an agreement confirming the borrower’s employment.
Individual entrepreneurs will need to present a certificate of registration as an individual entrepreneur. For pensioners - pension certificate.
The potential client will need to verify their monthly income. Working employees must contact the accounting department of their enterprise in advance to obtain a certificate of profitability in form 2-NDFL.
An individual entrepreneur confirms his income using a tax return for the last 2 years. A pensioner can receive a certificate indicating the exact and complete amounts of monthly pension accruals from the Pension Fund of the Russian Federation in person, or through the State Services website.
When considering an application for a mortgage, the bank will ask you to provide a number of documents for the purchased property: cadastral and technical passports, a certificate confirming the ownership of the current owners, their passports, as well as an expert assessment of the property conducted by a special independent organization.

To date, there is no finally approved complete list of documents for a mortgage at 3 percent. Most likely, in addition to the above documents, you will have to provide registration in the rural area in which you plan to purchase housing on a mortgage and document your employment in the areas specified in the requirements for the borrower receiving loans under the state preferential mortgage lending program (agriculture, veterinary medicine, enterprises, providing social services to the population).

Real estate requirements

The quality of the property must allow year-round living. Dilapidated housing will not be considered:

A house or apartment must be supplied with electricity, running water, sewerage and any type of heating if there is no gas supply in the region.
The area of the house must comply with legal regulations on the provision of minimum square meters for each family member, including minors. Each region of Russia has its own indicator.
When issuing a preferential mortgage, the location of the property being purchased will be taken into account.

Before signing the contract, the financial institution will necessarily require an independent assessment of the property. The mortgage amount cannot significantly exceed the value indicated in the appraisal.

Which apartments are covered by the federal mortgage program (600 thousand assistance)

1. Mortgage housing must be the only one.

2. Belong to the category of economy class housing.

3. In addition, there are strict area restrictions:

apartment - no more than 45 sq.m;
apartment – 65 sq.m;
apartment or more – 85 sq.m.

An important point is that if a family has three or more minor children, the requirements regarding the price and area of housing are not relevant. However, according to innovations from 2020, in order to receive 600 thousand to repay the mortgage from the state, the family cannot additionally own any other property, including more than half of the share.

Which banks offer subsidies for mortgage repayments of 600 thousand?

It is necessary to understand that by writing off part of the mortgage loan debt to the client, in this case the bank does not incur losses. And by receiving 600 thousand rubles in mortgage compensation from the state, the borrower does not spoil the relationship with the bank. This also does not in any way affect his credit history. Therefore, the vast majority of banks issuing mortgage loans participate in the program under consideration.

But in any case, before you start preparing the documents necessary to receive assistance, you should check with bank employees about the possibility of receiving compensation when working with this financial institution.

The list of documents that must be provided to participate in this program to return 600 thousand on a mortgage from Sberbank or another credit organization may differ in each individual case (depending on the terms of the loan, the size of the mortgage and other factors), so this question should be check directly with employees of the bank whose client is the borrower.

Is partial early repayment of the loan beneficial?

Undoubtedly yes, especially for those who do not take out a consumer loan, but a large amount, such as a mortgage loan.

Let's calculate how much the payment will be reduced in case of partial early repayment:

We write down the basic information on the mortgage: loan term, rate and size.
We calculate the new payment amount: OD = Initial amount OD - Payment of the principal debt - Early payments.
We calculate how many months we have left to pay: n = 120 - 5 = 115.
We substitute the data into the annuity calculation formula and get a new payment amount per month.

The payment will decrease not only by the amount you contributed to the loan, but the interest will also become less, because there will be a recalculation based on the new loan amount.

You can also calculate the amount using a mortgage calculator for quick action.

If you repay early, you should choose to reduce the loan term rather than the size of the monthly payment , because in the second case the overpayment is almost not reduced.

Watch a video about calculating early repayment of a mortgage loan using a calculator: