Many people would like to live in their own apartment, but not everyone has the means to pay off the first payment. Can I get a mortgage without down payment? Now some banks provide the opportunity to buy your own home, while the first payment is not required. It is only necessary to take into account other conditions that may apply to borrowers.
The down payment is the difference between the size of the mortgage loan and the price of the purchased home. But not everyone knows what affects the rate. The lower the payment, the greater the bank's risk of non-repayment of money.
If the amount of the first installment is small, then the percentage will be higher. No credit institution will issue funds with high risks. Can I get a mortgage without a down payment? There is such an opportunity, you just need to choose a bank with suitable conditions. Also it depends on the provision of the client. Mortgages are provided in each city without a down payment. St. Petersburg is no exception, as there are many credit organizations operating in the city.
In each bank, according to its own rules, a mortgage is issued without a down payment. The conditions may be similar. Usually in without fail it is necessary to insure both the purchased object and the client. This service involves compensation for the risks of damage to property, deterioration of health.
Mortgages are issued in Russian rubles no matter which program is used. Borrowers are also subject to requirements. They can be persons aged 21-75 years. Under the program for the military, the client must be no older than 45 years. Many banks have a fixed term for using a loan. Usually it does not exceed 30 years. Many choose Sberbank to issue a mortgage without a down payment. Conditions there are more acceptable for all citizens.
Clients must have Russian citizenship. You also need to have a regular income, which is confirmed by a certificate from work. Not less than importance has a credit history that must be positive. The bank needs to provide proof of employment.
Citizens of Russia are offered a mortgage without a down payment. Sberbank provides such services subject to several requirements. Approval of the application occurs if valuable property is provided as collateral. Instead, there may be guarantors. Sberbank issues loans for high-income citizens, as well as for property owners.
Acts a lot preferential programs for which mortgages are issued to single mothers, military personnel, young families. Loans are usually provided using funds family capital, as well as the presence of a guarantor. Such borrowers are subject to strict conditions compared to those customers who apply for a mortgage with a down payment.
Each city has its own banks, where mortgages are offered without a down payment. St. Petersburg, like any other city, has many financial institutions. Many people turn to Sberbank, because they offer favorable conditions for borrowers.
A person should think about whether he can afford a mortgage without a down payment. Sberbank offers several programs:
If the program is selected, you should clarify the terms of the loan. They may differ from a regular loan.
Mortgages are also provided in other banks without a down payment. VTB24 will be an excellent choice if there are no funds to pay the first payment. The advantages include a long loan term - 50 years, which can not be found in every bank. Thanks to this, you can take out a mortgage on desired period paying in small installments.
The bank offers a mortgage without a down payment. VTB24 offers low interest. The rate is 8-12.5% depending on the amount of debt. There are no commissions for granting a loan. That is why this bank is the choice of many people.
If you already have a home, it can be used as collateral when signing a mortgage agreement. Then you can count on the amount, not more than 70% of it appraised value. The final loan amount will be determined by the client's income.
Which banks give mortgages without a down payment? You can take it to the Bank of Moscow, where you have to provide your own housing as collateral. You can buy any property: an apartment, a house. Mortgages are provided for secondary housing without a down payment, as well as for primary housing. The loan amount ranges from 500 thousand rubles to 60% of the price of collateral real estate. The rate is determined by the size of the mortgage and is in the range of 13.15-15.25%.
A mortgage without a down payment in Moscow can be issued at Rosbank. There, clients are offered a profitable program for a room, apartment or house. The rate is 12.6-14.1%. The security is an apartment, a house with a plot. The bank can issue a mortgage for an amount not exceeding 80% of the assessed value of the collateral. Rosbank is one of the institutions that issue loans, the amount of which is less than the cost of housing. What other banks give mortgages without a down payment? It is issued at the Housing Finance Bank, Svyaz-Bank, Alfa-Bank.
A mortgage without a down payment in Moscow can be arranged in a different way. Additional security is required for collateral. Programs may contain special conditions that must be met by the borrower. Which banks give mortgages without a down payment? These services are currently provided in:
Gazprombank offers its clients the program “Improvement living conditions". It does not require an initial payment, but it has a feature. With the execution of the contract, the client is obliged to sell the mortgaged property in 9 months, and repay the loan with funds. The amount cannot be less than 15% of the price of the purchased property.
There are banks that offer loans under special programs “for a down payment”. Paying debts, the client must close 2 loans. In which banks they give a mortgage without a down payment, if issued additional credit? There are not many such organizations. These include DeltaCredit and Moscow Mortgage Agency. You need to find out about such a service from a bank specialist in which you want to get a loan.
A mortgage for a young family without a down payment can be issued thanks to maternity capital. Banks offer to use it as a repayment of the down payment. Not all credit institutions provide this service.
Where can you get such a loan? You can pay for a mortgage with maternity capital at VTB24 and Sberbank (11 and 14%). DeltaCredit Bank offers to apply for a mortgage by paying only 5% of the property price. Now the banks "NomosBank" and "Primsotsbank" are working with maternity capital.
This mortgage is provided on concessional lending with the help of a government subsidy. But it will not allow you to pay more than 10% of the property price. The program provides an opportunity to get a loan at a low rate. How to get a mortgage without a down payment in this case? You must provide a certificate that serves as confirmation of this right. The document is received in the authorized body of the subject of the Russian Federation.
The issued certificate is valid for 6 months. For banks that work under the program, there is a list of documents required for obtaining a loan. To become a member of concessional lending, you will need a 2-personal income tax certificate for six months. The amount of the payment should not exceed 45% of the income of the client and co-borrowers.
There are few such organizations that offer mortgages without a down payment. Reviews indicate that you need to familiarize yourself with the offers of several banks, and then make a decision. Also, borrowers are advised to first consult with a financial expert who will help you choose the most suitable option. Loans of this type are provided by AHML partners. Each subject has its own list of organizations that deal with mortgages for young teachers. You can choose a suitable bank on the AHML website.
Teachers under 35 years of age can get a mortgage using the concessional lending program. annual rate equals 8.5% with the purchase of an apartment and 10.5% with a private house or apartment during construction. Mortgages for secondary housing without a down payment are provided by Interkommerts, Petrokommerts, Nadezhny Dom CJSC, Housing Finance Bank CJSC. Each institution offers its own conditions, which borrowers should familiarize themselves with in advance.
The best option for acquiring housing for a young family is to use the state support program. If you become a member of it, then you can receive a subsidy from the state, which will be the first installment. Spouses up to 35 years of age can use the program.
When the certificate is received, the first installment will be paid by the state. Families who are in line can enjoy these benefits. It is important to choose the right program. Further actions do not differ from the standard procedure. A mortgage for a young family without a down payment will be the best option for buying a home.
Which banks give mortgages without a down payment? For a loan, you can apply to "Gazprombank". To do this, the borrower is required to provide a questionnaire, passport and income statement. The loan period is 15 years. The minimum rate is 15.25% and the security deposit is 30%. The maximum you can take is 30 million rubles.
There is an official website for Gazprombank clients, as well as hotline, with which you can get all the relevant information. Only for obtaining a loan, it is necessary to provide collateral in the form of housing.
A down payment is not required in Alfa-Bank either, but a deposit is needed. The rate is equal to from 9.2% for the purchase of housing in Moscow, as well as from 12.3% - in other regions of the Russian Federation. The maximum mortgage period is 25 years.
Alfa-Bank should be contacted by people who can confirm income with the help of personal income tax certificates. Business owners need to provide financial statements. Permanent registration in the region is not required. In this bank, you can apply for a mortgage of the primary and secondary market.
How to get a mortgage without a down payment? If all conditions are met, documents must be prepared. In each bank they are different, but still in most of them they require:
Only when there is this list, you need to contact the bank. In some cases, additional documents are required.
How to get a mortgage without a down payment? In the selected bank, you need to apply for a loan. The borrower must provide personal data, leaving contact information for communication. Mortgage applications can be processed within a week. If a positive decision is made, the client is informed about this by phone.
After that, the client needs to visit the bank office, presenting everything to the specialist required documents. Only then does the registration process begin. An agreement is drawn up between the bank and the client, which will regulate their rights and obligations. It is necessary to familiarize yourself with such a document so that in the future there will be no difficulties.
During the registration period, the specialist should ask questions of interest about the rate, payment, features of lending. A mortgage is issued for the period specified in the contract, during which payment must be made.
A loan for the purchase of real estate on benefits can be obtained by military personnel who have been participants in a funded mortgage for 3 years. During this period, funds were regularly transferred to the borrower's account. This money will be used as the first installment. All other contributions go to repayment, and own funds are not spent.
The client needs to choose the appropriate program, taking into account the following nuances:
Residents of Moscow have access to social credit, who took the queue. Housing, which is issued on credit, is the property of the municipality. Only citizens of Russia with a Moscow residence permit and permanent income can use it. It was necessary to stand in line before 03/01/2005.
The application for the program is submitted to the housing fund. When an application is submitted, a personal file is opened, and housing parameters are set according to family income. After that, the borrower needs to collect the necessary documents, as well as prepare for registration.
Before applying for a mortgage, it is advisable to consult with a specialist in order to take profitable loan. This will avoid many mistakes. The expert will tell you for how long it is better to arrange a mortgage, as well as in which bank it is more profitable to do it.
Each bank offers its own lending conditions, which may differ markedly from the offers of other institutions. Thanks to a careful approach, it will be possible to correctly close the deal.
Mortgage without a down payment is issued in some banks. Nevertheless, most organizations offer to use a loan for which you must make the first payment. In both cases, careful attention to the transaction is required. Then you can buy a home favorable interest and under suitable conditions.
Good day, dear readers of the financial magazine "site"! Today we continue the conversation about mortgage lending and let's talk about a mortgage without a down payment: how you can take it in 2019 and which banks are ready to issue a mortgage loan without a down payment.
From this article you will learn:
At the end of the publication, you will find answers about mortgages without a down payment, which most applicants for such a loan have.
The article will be of interest to anyone interested in mortgage lending. We advise you to pay special attention to the presented publication to those who want to apply for a loan to purchase their own home, but do not have enough money to make a down payment.
As they say, time is money! So don't waste a minute, start reading right now!
How to get a mortgage without a down payment: what are the most popular methods and in which bank you can get a mortgage loan without a down payment - read in this issue
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down payment when applying for a mortgage, they name a part of the cost of the acquired property, which the borrower must have in order to obtain a loan from a bank.
Depending on the chosen mortgage program there may be no down payment at all, or it may reach 90 % of the price of the purchased property.
Traditional sources of down payment can be:
Borrowers should be aware that in the presence of an initial contribution in an amount exceeding 70 % of the cost of the apartment being purchased, a mortgage replacement scheme may be beneficial consumer credit .
This approach will not only significantly simplify the procedure for obtaining a loan, but also reduce the level of necessary costs. This is explained by the fact that in consumer lending missing commissions and insurance payments inherent in mortgages.
However, the scheme described above is not suitable for everyone, because usually the decision to apply for a mortgage is made by citizens who have a much smaller amount as a down payment.
Today, banks allow you to get a mortgage with a very small contribution, and even with its complete absence.
But it's worth keeping in mind that when calculating the possible loan amount, the bank takes into account the cost of the apartment, which will be determined during the analysis of the property appraiser .
If the seller has set a price higher than the estimated value for the apartment, then it is unlikely that it will be possible to manage with the minimum down payment. The bank will calculate maximum possible loan amount based on appraised value.
The difference between the amount of the mortgage received in the course of calculations and the market price of the apartment falls entirely on the shoulders of the borrower and must be paid as a down payment. You can calculate payments through our.
A mortgage for which there is no down payment is risky both for the credit institution and for the borrower himself.
Before 2008 of the year mortgage programs that do not require savings were widespread throughout Russia. At that time, real estate prices were rising much faster than it was possible to accumulate enough money for a down payment.
However, the burst economic crisis led to the fact that many banks had to abandon programs mortgage lending no down payment. Moreover, this happened even in spite of more high stakes for similar programs.
However, when applying for a mortgage without a down payment, the risks are high not only for the credit institution, but also for the borrower himself.
If a solvency debtor for any reason decrease, after the sale of the apartment to him for sure get absolutely nothing. This is due to the fact that in the early years, most of the payment goes to repay interest. The amount of debt remains unchanged.
If the value of the apartment decreases from the moment of purchase, there is a possibility that the borrower will remain indebted to the bank even after the sale of the mortgaged apartment.
Many borrowers find that a mortgage is the ideal option for them to replace rent paying for your own apartment.
In this case, the following circumstances should be taken into account:
The state is making every effort to make mortgages more affordable. Therefore, lending for the purchase of housing with a minimum down payment is actively developing.
Today AHML(Agency for Housing Mortgage Lending ), whose branches are open in most Russian regions, offers mortgage programs with a contribution 10 %.
But it's worth keeping in mind that such conditions provide conclusion of additional insurance contracts. Naturally, this increases the amount of the final overpayment.
Most banks do not welcome mortgages without a down payment, as the lack of savings may indicate a low income, as well as insufficiently well-organized financial discipline.
Experts advise future borrowers to check the reality of mortgage payments. This is enough for a long period ( at least six months ) set aside a sum of money in the amount of the planned loan payment to a separate bank account.
If there are no problems with this, and the remaining funds will be enough for living, you can safely apply for a mortgage loan. At the same time, the accumulated funds can be used as an initial fee or how financial reserve in case of any problems.
It can be difficult to find a mortgage program without a down payment. Therefore, those who do not have the means to pay for it have another mortgage option – receive funds for the first installment through consumer credit . We already talked about how in one of the previous articles.
In this case, it should be borne in mind that the rate on such a loan is much higher. But it will be possible to repay it in a much shorter time.
For those who choose this method of obtaining a mortgage, worth bearing in mind that in the first years the payment will be much higher, because you will have to pay for two loans at once. That is why you need to carefully evaluate your financial capabilities.
Popular options for obtaining a mortgage without a down payment
The economic crisis has led to a decrease in the popularity of mortgage lending in Russia and other countries former USSR. Statistics show a significant drop in demand for mortgages over the past two years almost on 20 %.
Experts suggest, that in the absence of changes economic situation in Russia, the decline in mortgage lending will continue. Under such conditions credit organizations are forced to treat potential borrowers more loyally, as well as to develop more attractive mortgage programs.
At the same time, banks cannot afford to lower the rate to the level 10 %. In the context of current inflation, this will lead to unprofitable mortgage lending.
In a crisis, credit organizations do not welcome the issuance of mortgages without a down payment. Nonetheless, there are several ways that allow the borrower to get a mortgage loan without having sufficient savings. About that, or other housing, we wrote earlier.
The main ways to get a mortgage loan without a down payment
For vulnerable categories of citizens The state has developed several programs aimed at helping to improve living conditions. You can find out what programs are operating today in the place of residence of the applicant in local authorities.
Most of the benefits are provided military personnel , young families , as well as young teachers . Mortgage for the first category differs in the implementation scheme, so we will consider it separately.
Citizens whose age can use less than 35 years. To participate in the program, you need to contact the local authorities to confirm the need to improve living conditions.
If the decision to participate in the project is positive, the applicant will be placed in a queue to receive housing certificate . Once help is provided, there are several options for how to use it. The most popular is to send subsidized funds to pay the down payment.
note, which is usually the amount of subsidies less than 10 % of the cost of housing. Therefore, banks, developing mortgage programs with state support, set down payments at this level.
There is one more important condition - limited validity period of the housing certificate. He makes up 6 months , it is during this time that you should choose a bank, find suitable housing and complete the deal to the end.
Important to keep in mind that only those banks that are partners have the right to work with social mortgage AHML.
This option is ideal for those who decide to get a mortgage without having the funds to make a down payment. But this method is available exclusively to military personnel.
For getting military mortgage several steps must be taken:
The advantage of a military mortgage is that for program participants Ministry of Defense of the Russian Federation contributes not only an initial fee, but also subsequent monthly payments.
But there are limitations:
It should also be borne in mind that until the full repayment of the mortgage loan, housing will be burdened double pledge - from the bank and the state.
This means that you can dispose of the property at your own discretion ( for example, sell or donate) the soldier will not succeed.
Maternal capital is one of the ways to get help from the state. The subsidy is provided to families with a second child.
Using maternity capital funds as a down payment on a mortgage loan
One of the ways in which grants can be used is making a down payment when applying for a mortgage loan.
To date, the amount of maternity capital is 453 thousand rubles. On average, this amount covers about 20 % of the cost of housing. Therefore, maternity capital is usually enough to pay the first installment.
An important circumstance is the fact that when applying for a mortgage, you can use maternity capital immediately after the birth of the child (unlike other use cases where you have to wait 3 of the year).
Before the subsidy is transferred to a credit institution, the applicant will need get permission from the Pension Fund, which is issued before 2 months.
With this in mind, the algorithm of actions for the borrower will look like this:
By the way, those who already have a mortgage loan have the right to use maternity capital to pay off the principal debt under the agreement.
Today, many banks are developing various mortgage shares, including its design with zero down payment . Most often, such promotions are held in conjunction with developers who seek to increase sales.
This option cannot be called reliable enough. You will have to wait quite a long time for the promotion to be launched. In addition, the choice of real estate for such programs is traditionally limited.
Another mortgage option in the absence of money for the first installment - use existing property instead.
Most banks easily go for it, since such a scheme is beneficial for them. For borrowers, this option is fraught with significant risks.
There are a number of conditions for real estate that is planned to be pledged:
Keep in mind that the amount usually does not exceed 70 % of the real value of the property.
As an additional security, which will replace the down payment, may be pledge of any value.
It can be not only real estate, but also the following assets:
As collateral, credit institutions usually accept highly liquid income investments. Banking specialists are well versed in investing, so they are unlikely to agree to accept dubious assets.
The previous options are not available to everyone. Many citizens do not own expensive property, they are not entitled to state support.
In this case, some decide to consumer loan processing, which is subsequently sent to payment of the down payment. Sometimes credit organizations even offer special programs. In a separate article, we already wrote how and where to get a loan without refusal.
At the same time, you first need to apply for a mortgage, and a consumer loan can only be issued after her approval. About that, we have already told in the previous material.
Statistics show that most of the problems with paying a mortgage are connected precisely with the need to pay off several loans at the same time.
Thus, even in the absence of funds for making a down payment, there is a chance to get a mortgage. It is important to explore all the existing possibilities and make the right choice.
Overview of banks where you can get a mortgage without a down payment
In the struggle for customers, more and more banks are developing mortgage lending conditions that provide absence down payment . However, not all programs can be considered beneficial for borrowers.
To understand which conditions are the most profitable, you will have to not only study, but also compare the programs of different banks. It is quite natural that best interest can be found in the largest credit organizations in the country.
The table below shows the interest rates in the top 5 of them:
| № | Credit organisation | Program | Rate (in % per annum) |
| 1. | Alfa Bank | Mortgages secured by residential real estate | 12,3 |
| 2. | Sberbank | Mortgage lending with maternity capital | 12,5 |
| 3. | VTB 24 | military mortgage | 13,0 |
| 4. | Delta Credit | Consumer loan for the first mortgage payment | 15,0 |
| 5. | Zapsibkombank | Mortgage loan without down payment | 16,0 |
Finding the best mortgage program can be tricky. There are a huge number of offers on the market today, which should not only analyze, but also compare.
Difficulties with choosing a mortgage program become even greater if the borrower does not have the funds to make the first installment, as well as the right to receive government subsidies.
Facilitate the search procedure, as well as save time on its implementation help mortgage brokers. These are specialists who are well versed in all the intricacies of the credit products operating on the market.
It is quite natural that brokers charge for their work commission . But given the fact that they often achieve the most for the client favorable conditions, the borrower ultimately wins.
In large cities, there are usually quite a few brokerage companies . In small towns, professionals most often operate on the basis of real estate agencies.
It is important to choose brokers with an impeccable reputation.
In the capital, the leaders in the mortgage market brokerage services are:
1) Royal Finance
Employees of this broker have extensive experience in various credit institutions.
Therefore, they are well versed in all the intricacies of the mortgage.
2) LK-loan
Despite the fact that the company is new to the brokerage market, it has already managed to win the gratitude of a huge number of customers, as well as an impeccable reputation.
It does not require any prepayment, and all commissions are charged solely in accordance with the contract.
3) Credit laboratory
Employees of the company have vast experience accumulated over many years of fruitful work.
This helps to prepare the borrower for the most extraordinary requests of banks.
Thus, a huge number of mortgage brokers operate in Russia. When choosing who to work with, the main thing is not to fall for scammers .
The main feature that distinguishes them from conscientious assistants is requiring a commission to be paid before anything is done.
- not an easy task. It becomes even more complicated if there are no funds for making a down payment.
Naturally, this process raises a huge number of questions. We will try to give answers to the most popular of them below.
In order for the bank to agree to a mortgage, one of the following conditions must be met:
Only in these cases it is possible to find programs that provide for the absence of a down payment.
Some applicants for a mortgage naively believe that a pledge of the purchased housing is sufficient to obtain approval for the application. But it's at the core not true.
encumbrance for an apartment is a prerequisite for mortgage lending and cannot cancel the need to make a down payment. It turns out that the deposit is issued without fail.
Developers are fighting with all their might for each buyer.
To speed up the sale of apartments in houses under construction (new buildings), construction companies often conclude agreements with banking organizations , which offer various unique programs to attract borrowers. In addition, in some cases, you can get a loan directly from the developer.
In the first case, the mortgage is issued through a bank . At the same time, a number of advantages can be distinguished in comparison with the situation when there are no agreements with the developer.
Let's list them:
Feature of the second option shows that no need to go to the bank . The loan agreement will be concluded directly with the construction company.
This option has significant advantages:
But there is also an important minus- the term of the contract usually does not exceed 1 of the year. In very rare cases, developers agree to issue it on 2-3 of the year.
It turns out that such an option is regular installment .
Read about how in one of our articles.
Many who dream of purchasing their own home do not have the money to make a down payment. In these conditions mortgage with no down payment may be the only solution. But it is best to try to find an opportunity to make at least some amount as a down payment.
The fact is that in the absence of it, the rate is traditionally above the minimum 3 % . Given the long terms and amounts of a mortgage loan, the overpayment can be huge.
The loan amount upon making the first installment will be significantly less. This leads to a reduction not only in the overpayment, but also in the size of the monthly payment.
What is mortgage associated with in the minds of most Russians? Of course, with unrealistic spending, a debt hole, the need to deny yourself everything in the next twenty years. Add to all this the fear of completing a voluminous package of documents and the physical impossibility sometimes to raise money for a down payment. Is a mortgage really only available to those who already have enough money not to need it?
Not at all. credit system, of course, brings significant income to banks, but its original purpose is to open up new financial opportunities for those who are not able to wait for the independent accumulation of the required amount. And today there are so many offers on the mortgage loan market that it will be very difficult not to find the right one for you.
The thing that scares me the most about mortgages is the down payment. In particular, it repels young people who do not have significant savings even with high salaries. For a long time, credit organizations did not meet such borrowers. They can be understood: it is in the interests of any bank to provide guarantees for the payment of borrowed money. To do this, consumer loans use collateral and guarantors, while mortgage loans use the acquired property itself and down payments ranging from 20% of total amount loan.
If there is no money for a down payment, and new apartment I really want to buy, according to the old rules I had to be content housing loans. However, recently the situation has changed, and now the "" program has become available in many banks.
Among all the banks offering such tariffs, the consumer is particularly interested in Soviet Bank, Bank Vozrozhdeniye and Sberbank. Among general requirements these banks compulsory insurance object and borrower.
You can take a mortgage without a down payment at Sovetsky Bank for up to 15 years at 17% per annum. In addition, when applying for a loan, the bank is paid a commission of 8% of the loan amount.
Vozrozhdenie Bank will provide a loan without a down payment under the Social Mortgage program. The disadvantage of the offer is that it is valid only in 8 major Russian cities.
There are nine ways to get a mortgage without a down payment. Let's analyze each of them in detail. But first, a few words about why banks require a down payment. This needs to be parsed so that you better understand the specifics of .
When we want to buy real estate and turn to the bank for help, we need to understand that by issuing a loan, the bank risks its own. A mortgage is issued for a long period (20-30 years) and during this time anything can happen to the borrower, as a result of which he will stop paying his bills.
To protect themselves, the bank issues a mortgage loan secured by the purchased housing. With the help of collateral, the bank insures itself against the risk of default. If the borrower is unable to pay the bills, the lender sells the property and gets the loan money back.
But, since the situation on the real estate market is constantly changing, the bank needs to insure itself in case of a fall in the cost of housing. For these purposes, an initial contribution is required. Let's look at an example:
Example One: A Bank Issues a Mortgage Without a Down Payment
Suppose there is a bank that issues mortgage loans without a down payment. The borrower wants to buy an apartment for 2 million rubles. The bank issues the required amount without a down payment.
Then, after 5 years, the situation changes. For some reason, the borrower fails to pay the loan and the bank takes the apartment, as it was pledged. But, the real estate market sank and the apartment bought earlier is no longer worth 2 million rubles. Having sold it, the bank does not compensate for its costs and suffers a loss.
Example Two: A Bank Issues a Mortgage with a Down Payment
The cost of the apartment is 2,000,000 rubles. Down payment 20%, i.e. 400,000 rubles. The amount of the loan is 1,600,000 rubles.
5 years after the start of the mortgage, the borrower was laid off at work and he can no longer fulfill his loan obligations.The bank, on the basis of a pledge agreement, seizes real estate from the debtor in order to repay the loan.
Due to the crisis, the cost of the apartment fell to 1,700,000 rubles. But the bank is not afraid, since he gave you a loan for 1,600,000 rubles.To quickly sell an object, the lender makes a discount (discount)on the difference between the loan amount and the market value, that is, throws off 100,000 rubles. As a result, the bank returns the issued 1,600,000 rubles. + receives income in the form of payments you have paid for 5 years.
Morality: It is not profitable for the bank to issue a loan for the full cost of housing. It is beneficial for him to give such a loan, where the collateral value of the object will be higher than the amount of the mortgage.
However, there are options for buying a home without a down payment, let's look at them in more detail.
In the mortgage lending market, there are special offers for which you can get a mortgage without any down payment without any tricks. There are very few such offers, but sometimes they still happen.
Why are they few? Recall that a mortgage is a long-term loan and the bank takes a big risk by lending money to the borrower without additional insurance for itself. And the down payment is just one of the options for reducing risks for banks.
You can apply for a mortgage without a down payment at Promsvyazbank only for a new building and in certain housing complexes. Rate from 10.9%.
The bank offers to issue a mortgage on an apartment in a building or ready apartment building without down payment and collateral- this is the main plus. But there are also disadvantages: there must be a co-borrower and a guarantor. In addition, the interest rate is higher than that of a conventional mortgage - 13%.
The conditions for obtaining a mortgage at Metallinvestbank are almost the same as usual: The mortgage amount is from 250,000 to 8,000,000 rubles. Maturity from 1 to 25 years.
Interest rate is 13% per annum. A prerequisite is home insurance against damage and loss. A certificate for issuing a guarantee is attached to the standard package of documents ()
The requirements for the borrower, guarantor and co-borrower are the same:
Important: although the requirements for all are the same, unlike the lender and co-borrower, the guarantor is not a co-owner of the apartment. However, if the borrower and co-borrower fail to repay the debt, then the guarantor assumes this responsibility and, through the court, can withdraw the apartment on account of the money spent.
This method of acquiring real estate without a down payment is one of the most popular and is designed for a wide range of potential mortgage buyers. If in the other methods discussed below, there are a lot of restrictions, then there are fewer of them.
The essence of the method is as follows:
Let's look at an example:
The average kopeck piece somewhere in the region for 2,500,000 rubles. With repairs and depending on the area, these cost 3 million rubles, and with a smaller area and without repairs in the region of 2.2 - 2.3 million rubles. Let's say we found a suitable object in good condition for 2.3 million rubles.
The initial payment will be 345 thousand rubles. (15% of the cost of housing under the terms of Sberbank).
We prepare documents for the bank and agree with an independent appraiser that he will make a document in which he will evaluate the purchased apartment for 2,645,000 (2,300,000 housing costs + 345,000 rubles down payment). An independent assessment is a document on the basis of which the bank decides on the amount of the loan to be issued.
Next, we make two receipts with the seller. In the first we write that we made an initial contribution of 345,000 rubles. In the second receipt, which in the language of realtors is called a counter, we write that the seller returned the down payment to us.
We will take the first receipt to the bank as proof of the down payment made. The second receipt is more needed for the seller, this is his insurance against money not received in reality. In which case, he will be able to show it and say that he returned the money to us.
The easiest way to conduct such a deal is through a trusted realtor or real estate agency. Yes, you will have to pay a commission, but your chances will be higher, because realtors know not only many appraisers, but also bank employees.
They “boil in this porridge” together every day, this is their bread and, often, they are connected not only by professional, but also by friendly relations.
The second most popular way to get a mortgage without a down payment is a combination of a mortgage and where a consumer loan acts as a down payment.
That is, you take out two loans, which will increase your monthly payment and the final overpayment, but if your income allows it, and it takes a long time to save money for a down payment, then why not?
Let's take a look at what obligations will look like if you have debt on both a mortgage and a loan:
Mortgage: The cost of the apartment is 2 million rubles. Down payment 200 tr (10%). The amount of the mortgage loan is 1,800,000 rubles. The loan term is 15 years. Interest rate - 11%. Monthly fee - 20 459 rubles. Overpayment on a loan - 1,882,574 rubles.
Consumer credit: You took the amount of 200 thousand rubles to pay off the first installment. Monthly payment for this loan 7 280 p. Repayment period - 3 years. Interest rate - 18.5%. The overpayment on the loan will be 62,107 rubles.
Within three years, you will pay 27,739 rubles, and then 12 years at 20,459 rubles. The overpayment of interest for both loans will be 62,107 rubles more and will amount to 1,944,681 rubles.
If you decide to use this method, then you should know the sequence of actions when applying for a loan and mortgage.
When considering an application for a mortgage, the lender will take into account all the debts that the borrower has. In our case, it would be unreasonable to take a consumer loan before applying for a mortgage:
Therefore, a consumer loan must be issued after the approval of the mortgage application.
Important: The bank may refuse an already approved mortgage if it finds out about this loan.
A mortgage without a down payment from the developer is attractive for its affordability and ease of execution, suitable for a wide range of buyers. However, the disadvantages of this option are no less significant - high interest rates and a high risk of falling into the hands of scammers or running into a long-term construction.
Developers offer two types of mortgages without a down payment:
In the second case, the mechanism for obtaining a mortgage will be different. To get a loan from a developer, you need a minimum of documents - more often a passport and a certificate of income.
The developer does not require collateral - the apartments already belong to him. Buyers with bad credit history receive a loan on a general basis. Construction companies do not require an insurance contract.
There are pros, but there are also cons:
If one of the spouses owns an apartment, then a mortgage secured by real estate can be considered as an option for obtaining a loan without a down payment.
Let's look at this point with an example:
Alexey Sirotkin wants to take out a mortgage secured by real estate. But the mortgage apartment is not registered for him, but for his wife. Since Alexei's wife will in any case act as a co-borrower when applying for mortgage agreement, then this option is also possible.
The main advantage of mortgages secured by real estate is low interest rates. The disadvantage is that the mortgage value of the apartment acts as a down payment. If there are shares of minor children in the mortgaged apartment, the bank will refuse.
Apart from standard documents To obtain a loan, you will need certificates of ownership:
When the documents are collected and the application is approved, the money is transferred to the account of the seller of the apartment. And you become a bank debtor.
The most loyal conditions for such a mortgage are provided by AHML. The interest rate will range from 9.25 - 9.50% depending on the value of the mortgaged apartment.
The amount of assistance from the state under the "Young Family" program is 35% - 40% of the cost of purchased housing. In each region, the amount of support may be different.
To participate in the program, you must meet the following conditions:
In St. Petersburg they give 30% for a childless family, and for families with children they charge 5% for each child.
1 At the time of applying for participation in the program, Sergey was 34 years old, and his wife was 25 years old. When the turn came to receive help, Sergey was already 35 years old. In this case, unfortunately, the family will be excluded from the list of participants. If Sergey had asked the local administration in advance about the planned date for the issuance of the subsidy, then he would not have had to waste time collecting documents and false hopes.
2 Sergey and Marina are 33 years old. They were 34 years old at the time of the grant. Sergey and Marina are lucky, they will receive a subsidy from the state.
Consider an example:
I need data for Chelyabinsk, I went to the regional website of the Kurchatov Department of Social Protection and chose the “contacts” section
The page displays the contact details of specialists. Those departments and phone numbers are highlighted in red, by which we can find out information on housing standards.
If the tenant has square meters less than the norm - the applicant is eligible to participate in the program. If family members are registered at different addresses, the footage is calculated according to the places of registration.
Consider the situation with an example:
The Novoseltsev family consists of three people, the norm for the footage for them is 30 square meters. The Novoseltsevs found an apartment at an affordable price, but the total footage of housing was 28 square meters. Unfortunately, the state cannot allocate a subsidy for the purchase of such an apartment. But if the Novoseltsevs find housing from 30 square meters, they will be able to apply for state assistance.
The first stage is the submission of documents to register under the program. Documents can be brought in person, or sent by mail to the address of the local administration.
After submitting the documents, the administration registers the application, checks for accuracy within 30 working days. Then a response is received by mail about inclusion in the program or refusal. Information about the application process can also be found by contacting the administration with a passport.
First, they just queue up. The speed of progress in the queue depends on the number of applicants and money in the administration's budget. In other words, you can wait 3 years, or you can wait 25 years. Or you can not wait at all, because by that time the program may be curtailed or its conditions changed.
The status of the queue can be checked by contacting the administration personally or by sending documents by registered mail via mail or by Email:
The term for receiving a response with a personal appeal is 15 minutes. Through other methods - up to 30 days.
When the queue comes up, the administration issues a certificate of the right to receive social benefits for the purchase or construction of housing. It is valid for 7 months from the date of issue.
Some credit organizations create special conditions for people taking out a mortgage under the Young Family program:
As a down payment, when applying for a mortgage, you can use maternity capital.
Please note that maternity capital cannot be cashed out. The payment process takes place only through Pension Fund(FIU) and a bank branch. The loan can be paid with a certificate even if the child is under three years old.
In addition to the basic mortgage documents, the bank provides:
Go to the section “Ordering certificates and documents”
Fill out the form and click the "continue" button.
A selection of references will appear below. Select "Certificate of the amount of maternity capital" and click "continue".
A calendar appeared on the page where you can choose the number of visits. We press "order".
An alert appeared, where the date, time of reception, PFR address and phone number are written. Also note that below is a recommendation to print a coupon, you may need it when registering an appeal.
An extract from the Pension Fund of the Russian Federation on the balance of funds on the mother's account is valid for 30 days.
In every separate case The bank has the right to request additional documents, so you should ask about this in advance. If the application is approved, then proceed to the next stage.
To pay the down payment using a maternity certificate, you must submit the following documents to the Pension Fund:
After the transfer of documents to the FIU, maternity capital funds will be transferred to the bank account within 6 days.
For military personnel Russian Federation a special program has been developed in which the Ministry of Defense assumes obligations to repay all mortgages, so the soldier does not have to pay anything generally.
Not all military personnel can receive such assistance, moreover, the registration process itself includes several stages that require a lot of time to complete.
State support receive:
Mandatory- officers and warrant officers who first went to serve on a contract basis after January 1, 2005.
On a voluntary basis:
The grounds for exclusion from the support program are dismissal from service, the final payment of contributions, or the death of a soldier.
The money received for housing loans is kept in personal savings accounts of military personnel. The amount of money on the account can be seen in your personal account on the official website of Rosvoenipoteka.
In order to gain access to the office and include yourself in the register of participants in the savings and mortgage system (NIS), you must write a report about this to the unit commander. You can buy housing 3 years after registration with the NIS.
Form of the report on inclusion in the NIS
A copy of the passport and military contract is attached to the report. After that, a personal card of a participant in the military support program is formed.
Then a personal account is opened and access to the system participant's account is obtained. At this stage, you need to write another report to the commander: to obtain a certificate of a program participant:
Report on obtaining a certificate of a participant in the program
Please note that the certificate is valid for 6 months.
Then the employee applies to any bank that provides a military mortgage. At this stage, the military provides the following documents:
Then they conclude preliminary agreement buying a home ().
The next step is to sign a loan agreement. After that, the serviceman submits to FGKU "Rosvoinipotek" documents certified by the bank:
Rosvoenipoteka makes a decision on granting a loan within 10 days. After Rosvoenipoteka signs the contract, we take it back to the credit institution.
The next step is the transfer of the apartment to the property of a serviceman. In banks, personal managers will give a list required documents and help with their design. Among them will definitely be:
At the final stage, the borrower submits the following documents to Rosvoenipoteka:
Then Rosvoenipoteka transfers the money to a bank account.
All banks give approximately the same conditions for military mortgages. You can save tenths of a percent per annum:
All paperwork is handled through government agency real estate (AHML). The sale and purchase agreement is also concluded with the participation of the Offices Federal Service state registration, cadastre and cartography.
On the basis of an application in the form of a bank, a copy of a passport, documents from a real estate agency and a certificate of participation in a preferential mortgage, a credit institution provides a mortgage.
Another option for obtaining a mortgage without a down payment was previously the “Moving” program. On some sites on the Internet there is information about this program, but we want to warn readers that this program has not been working since 2015. Perhaps someday it will work again, so it makes sense to write about it.
Mortgage "Moving" is suitable for those who already own housing. The bottom line is simple: AHML, through partner banks, issues mortgages secured by the purchase of an apartment. Plus, a mortgage is given a loan for a down payment secured by an existing apartment. The interest rate is the same for mortgages and loans - 12%. The repayment period is 2 years for a mortgage and 1 year for a loan.
Important: AHML issues only an amount equal to 60% of the cost of existing housing.
So, we have considered 9 ways to get a mortgage without a down payment. Be careful when studying advertisements of real estate agencies and developers. In their ads, they may offer you some other new way registration of a mortgage without a down payment or “iron” guarantees of approval of a mortgage in a bank, which is most often a marketing ploy.
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What is a no down payment mortgage? Is it possible to get a mortgage without a down payment and is it worth it? Where can I get a mortgage without a down payment?
The topic of today's story: »:
In general, if not down payment , and housing is very necessary, then be sure to read this article to the end.
Why do banks need a down payment?
First of all, let's understand what a mortgage is and why banks require an initial fee.
A mortgage is a loan from a bank to buy a home. As a rule, the bank takes as collateral exactly the property that is purchased on a mortgage. Until you close the debt to the bank, housing will be encumbered. This means that you will not be able to sell, donate or do anything else with this property.
It would seem that everything is fine. The bank gives you money to buy an apartment, and itself receives a guarantee in the form of a mortgage on it. If you suddenly can't pay the mortgage, he'll just sell it and get his money back. But not everything is so simple.
A mortgage loan without a down payment for a bank is too risky a deal for two reasons:
Anyway, but an initial fee became a requirement for most banks. With a mortgage, you are required to have 10-15% of the cash on hand from the cost of the apartment.
But every lock has a key. Wanting is not bad, but not wanting is bad. Now let's talk about 10 ways to bypass the down payment at the bank.
So, let's look at the most popular ways take an apartment with a mortgage without a down payment . As a result, it will become absolutely clear to you how to issue mortgage with no down payment exactly in your case.
1. Classic mortgage
Classic mortgagewithout a down payment in 2017 is represented by a bank - this is Metallinvestbank and its program « Mortgage without down payment ».
The essence of the program is very simple. You are given a mortgage in full for the entire cost of the apartment without any problems at a fixed 14% per annum (if you do not insure life and health, then + 1%).
Without a down payment, a mortgage is possible only for employees (not individual entrepreneurs and business owners), in the amount of 250 thousand to 3 million, for up to 25 years. It is not possible to obtain a mortgage for the construction of a house under this program.
Use onlinemortgage calculator to make a mortgage calculation without a down payment at Metallinvestbank. The calculated down payment should not exceed half of your family's income.
Important point! The monthly mortgage payment must be half of the family's net income (minus credit and card payments, as well as expenses for dependents). For example, if the income of a family of three with one minor child is 50,000 rubles per month. There is a loan with a payment of 5,000 rubles, then the maximum that this family can claim is about 1,450 thousand rubles.
Also, a mortgage with 0 down payment can be issued at SMP Bank (from 12.5%), Vozrozhdeniye Bank (from 12.95%) and Promsvyazbank (from 13.3%), but only for a new building and from specially accredited developers.
2. Program "Moving" and analogues
The next option on how to get a mortgage without a down payment may be the "Moving" program from Levoberezhny Bank or its analogues in other banks.
If you don't have money for an initial fee , then the bank can lend them to you on the security of your other housing. Those. You arrange a mortgage in the bank you need, and the money for an initial fee receive from Levoberezhny Bank, for example. At the same time, you do not have to pay monthly for this loan.
The money is issued for a year on the condition that during this period you find buyers for your apartment and sell it with the permission of the bank at the price you need without haste, and then repay the loan with interest. But you can not sell this apartment, but simply return the money to the bank + interest that will run up during this time (from 17.5 to 19% per annum).
The plus here is obvious - a legal way to get money for a down payment without checking income requirements and your employment.
Example.You do not officially work, but you have an apartment that you can mortgage. The bank will give you no more than 60% of its appraised value. From 3 million is 1800 thousand rubles. At VTB 24 Bank, you can apply for a mortgage on two documents without proof of employment if you have 40% of the down payment. Thus, even if you are officially unemployed or have a low official income, but own an apartment, you will be able to purchase housing up to 4.5 million rubles.
The minus is also obvious - the presence of an apartment in the property.
3. Mortgage
There is one more real way avoiding the search for a down payment is to take a loan secured by existing real estate.
You also, as in the previous version, need to own your property, but you will be given the required amount in cash without analyzing where you will spend this amount.
It's commercial mortgage without down payment . It is very often taken for a business, or for the purchase of non-standard housing, which is not suitable for a conventional mortgage.
Mortgages secured by real estate exist in almost all big banks. In particular, in Sberbank you can take a non-purpose loan secured by real estate in the amount of 500 thousand rubles. up to 10 million. The amount is issued within 60% of the collateral value of the property. Term from one to twenty years at a rate of 14% per annum.
4. Credit
Another option to get a mortgage without a down payment is to take a consumer loan, including a consumer loan secured by a car, and get a regular mortgage.
Here you need to approach the matter with a head.
Firstly, you need to calculate whether you pull the loan payment and the mortgage payment at the same time. Consumer loans are issued for a shorter period and under big bet than mortgages. You can very quickly go into delay if problems with work and income begin.
Secondly, consumer credit should be taken at the right time. Depending on the type of bank, there are different algorithms for issuing a mortgage. As a rule, after you have submitted the documents on the property to the bank after the approval of the application, you can safely go and take a loan for the down payment, but in another bank. Again, the bank will not check your credit history and not notice that you have a new debt.
But there are other options when the bank requires you to place a down payment on the account or pledge it in a letter of credit before issuing a loan. Then if you take out a loan, the bank will see it in credit history and it can cut off the amount of an already approved mortgage or completely turn the application into a refusal, and you will be left without an apartment, but with a consumer loan on hand.
5. Borrow
If you do not want to overpay, then you should consider borrowing money.
On the one hand, the easiest option. Ask relatives or friends to borrow money and make it to pay the down payment on the mortgage, and then return it, if possible, with or without interest.
But on the other hand, not everyone will need the amount on hand. To buy an apartment for 3 million rubles, you need to find about 450 thousand rubles. The second point is psychological. It is not always convenient to borrow from close relatives and acquaintances, and, moreover, if there are problems with the return, then you can ruin your relationship with them forever.
The pension fund will transfer the money to the bank within two months and pay off part of the mortgage for you or in full, if the amount is enough.
Mortgages without maternity capital contribution, at the moment, are most profitable in Sberbank (from 12% per annum) and Uralsib (10.8%). In Raiffeisenbank, you can take a mortgage without a down payment with maternity capital at 12.5% per annum, but only if you have an official income of 2 personal income tax, if in the form of a bank, then you need to find 10% of PV. Reviews about these banks are only positive.
7. Subsidies from the state
The state actively helps certain categories of citizens in solving the housing issue. In particular, they can take a mortgage without a down payment to the Moscow Region under the program "Social Mortgage in the Moscow Region" teachers, doctors and scientists. The first installment for them up to 50% will be paid by the budget.
Without a fee in Moscow and in other cities, the program should be considered ( social mortgage). There are a number of benefits for young families. You can get a subsidy from the state up to 35% of the cost of the apartment.
To participate in the program, you must contact the local authorities and provide the necessary documents to be recognized as in need of better living conditions.
For the military there is a savings-mortgage system. Within the framework of this system, a certain amount established by the state is accumulated on a special account, which a soldier can spend on paying a down payment on a military mortgage.
Thus, after three years of service, a zero down payment mortgage for the military is quite possible.
and best offers military mortgages from Russian banks.
8. Overstating
If you are planning to rent an apartment without a down payment, then you must know the term "Overcharge". Now let's figure out what it is.
You can bypass the bank's requirement for a down payment different ways. A fairly simple of all options is simply to overestimate the cost of the apartment in front of the bank.
In this scenario, you show the bank the cost of the apartment higher than it actually is by the amount of the down payment, and also provide it with a receipt from the seller as confirmation of its payment.
Example. The cost of the apartment is 4 million rubles. The down payment must be at the request of the bank 15% (600 thousand). If there is no such money on hand, then we submit an application to the bank on the following conditions: the cost of the apartment, taking into account the overstatement, is 4,706 thousand rubles, the loan amount is 4,000,100, the initial payment is 705,900 rubles. The bank approves the required amount (4,000,100 rubles), and then a receipt is provided stating that the seller allegedly received 706,000 rubles from the buyer as a down payment. The bank transfers the entire amount of 4 million rubles to the seller.
Possible problems:
9. Loan from NA and developer
To avoid problems with the appraisal of an apartment or need a mortgage without a down payment from the developer, there is a way to take a down payment loan from the developer or real estate agency.
The essence of the program is that you draw up a conventional mortgage, and the developer or NA gives you an interest-free or interest-bearing loan in the amount of the down payment. You give it to the bank, and then return the loan on the terms that were specified in the contract.
This scheme is used more often together with an overestimation of the cost of an apartment, then the developer from the bank receives the entire cost of the apartment at once, and for the bank the amount of overstatement is issued cash receipt order. In this case, after receiving the keys and in the absence of claims from the buyer, the loan agreement is destroyed.
As a rule, an additional fee is charged for this service - 3-5% of the cost of the apartment.
You can also take a loan in any MFI.
10. Promotions from the developer
To support the sales of the developer, various promotions are often held. Mortgage for them has become a powerful tool for the sale of apartments. Mortgages with state support simply pulled out the construction industry in 2015-16.
For every developer, the down payment on a mortgage is a headache. Most of the population simply does not have money for it. Moreover, when acquiring an apartment in a new building, the mortgage also has to pay for the rent of the apartment while the house is being built.
The action from the developer may consist of an installment plan for the payment of the down payment or the provision of a special discount in the amount of the first installment for the apartment.
It is necessary to constantly monitor the supply market so as not to miss an interesting option.
Before deciding to buy, you should calculate the mortgage on our calculator and think about how beneficial it is for you.
