Having decided to purchase housing in a mortgage, the borrower needs to do a lot of work: find a suitable bank, optimal conditions mortgage lending, apply, collect documents, etc.
At the first stage, it is important to choose a program with suitable conditions, depending on the purchase of the planned object, the current living conditions of the borrower, the presence of children, etc.
What types of mortgage lending are there in Russia and what are their features?
Today, for people who want to take a mortgage on housing, banks offer various programs that differ from each other in the type of housing purchased, lending conditions, and features of obtaining a loan.
Mortgages are classified according to the following criteria:
In the field of mortgage lending, banks do not stand still, they are constantly developing, improving, adding new mortgage offers, lowering rates, etc.
The most popular types of mortgage today are such programs (their names may differ, but the mortgage terms are the same):
Today, people use every opportunity to somehow improve the conditions of mortgage lending, to borrow money from a bank at a minimum rate, without a down payment, with minimum requirements to the candidate and documents.
Today, banks offer Russians the following types of social mortgages:
In addition to standard mortgage programs, banks offer non-standard types of mortgages:
When signing a mortgage agreement, it is important to consider how the borrower will better pay the debt. You can pay off your mortgage in one of two ways:
With a differentiated payment, the borrower overpays less than with an annuity payment method. The advantage of this payment is that each time the borrower pays a smaller amount on the mortgage, since the time to repay it is also reduced.
The disadvantage of a differentiated payment is that banks issue a smaller mortgage amount on it. If a person wants to buy a large house that costs more than 20 million rubles, then not all banks will agree to prescribe in mortgage conditions the payment of debts according to a differentiated scheme.
The disadvantage of an annuity payment is that a person significantly overpays on such a mortgage. And the advantage of such a payment is that the borrower can take an amount 2 times more than what the bank can offer him with a differentiated payment.
Potential borrowers are afraid to take out a mortgage, they are afraid that they will overpay a lot, the bank will deceive them, the exchange rate will rise sharply and the price of real estate will fall.
To understand which type of mortgage is more profitable for a borrower, you need to consider the following points:
When it comes to which mortgage will be more beneficial for the borrower, you need to understand that the criteria for profitability are different for each person.
It is beneficial for someone to get a mortgage without a down payment, someone seeks to draw up a contract for a maximum period, and it is important for someone to receive state assistance when obtaining a mortgage.
If a person decides to take a mortgage, then he needs to decide on a suitable program, find out which banks offer profitable terms under this program.
When planning to buy a home with a mortgage, a potential borrower must "monitor" all the offers of banks, choose the right program for himself in a particular financial institution.
To understand which mortgage program is more profitable, you need to prioritize and understand what is important: a mortgage without down payment, with an extended loan period, the maximum possible loan amount or with the presence of any benefits, subsidies.
Mortgages have already firmly entered our lives, and this is not a secret. Many families, especially young ones, resort to this service, which allows them to purchase real estate on favorable terms. The main advantage of a mortgage is that the cost of an apartment, together with interest for a kind of loan, is divided over 15-20 years, which allows you to pay an acceptable amount every month.
Today in Russia there are various types of mortgage lending, which differ in their conditions. First you need to consider the concept of "mortgage": what does it mean and where did this word come from?
This term has its roots in the 6th century BC. e. At this time, the concept of hypotheca appeared in Greece, meaning the debtor's liability to the creditor associated with landed property. In Roman law, a mortgage was a pledge of real estate.
In our country, this term first appeared at the end of the 19th century and was borrowed from Europe. Mortgage at that time was synonymous with the word "collateral". In Soviet times, there was no lending, since no one needed it.
In 1998, the President of the Russian Federation signed and put into effect the law "On Mortgage", which is the first to regulate mortgage activity. Currently, the term "mortgage" means a contract of pledge of property.
As already noted, mortgage lending implies that the purchased property will be pledged for the duration of the loan repayment. A mortgage is a contract, the parties to which are the object and the subject of legal relations. Below are the possible objects of mortgage lending:
The lender plays an important role in obtaining a mortgage. This may be a bank or other legal entity that will keep records of loan repayment. Mortgage credit lending individuals carried out only after making the initial payment.
In addition to creditors, the subject of the agreement can also be an investor who buys securities that are secured by mortgage loans.
For implementation, special securities are issued, called collateral. The sale of these securities by the bank provides the funds necessary for the issuance of mortgage loans. This is a very reliable type of securities that brings solid interest. The pledge paper indicates the property that relates to it.
It is becoming more and more popular in Russia, and people who decide to take this step should clearly know how the mortgage system works. The pledge paper must contain without fail coupon book that reflects the amount and date of payment mortgage interest. People who have taken advantage of this kind of loan pay interest first, and then the principal.
The fact that the mortgage is taken for a long time makes it much easier to repay the loan. However, if the loan debt is not fully paid, the property will become the property of the mortgage bank. This is how the mortgage lending mechanism currently works.
Since 2009, a state mortgage support program has been in place, aimed at people who are unable to improve their living conditions due to low incomes. However, only in 2015 this program became popular. About 250 billion rubles were allocated for citizens.
State support for mortgage lending consists in the fact that the state takes over the payment of a certain part of the debt. However, it is not easy to get a loan under such a program, since not all banks agree to such conditions. This program can only be used largest banks countries.
The essence of state support is an agreement between the bank and the state. The bank cuts its interest rate to 11%, no matter what it was originally. The difference between the initial rate and the final rate (11%) is paid by the state. To become a participant in this program, it is not necessary to belong to the social category of the population. Anyone can take out a loan under these conditions.
At present, due to the fact that the number of such loans is growing, there are many different ones. commercial banks whose main purpose is to make a profit.
All types differ from each other in terms of lending, the features of their receipt. At the moment, mortgage lending to individuals can be divided into two segments:
The whole variety of types and types of mortgages will be discussed below.
This type is especially popular at the moment. However, despite all the visible advantages (a new apartment, no one has lived before), there are a number of disadvantages. Very often a situation arises when a house is not rented out on time or is not registered with a certain state body for a long time.
Also, one of the main disadvantages of the new building is the lengthy registration of ownership. In addition, it is quite difficult to get a loan for the purchase of a new building, since not all banks do this. If the bank nevertheless accepted the application, each case is considered separately. A lot of factors influence the final decision, among them finding out who is the developer, investor, what is the deadline for the completion of the house, etc. Apartments in new buildings can be purchased quite inexpensively, and a mortgage becomes a good option in such conditions. When choosing an apartment, a young family almost always prefers a new house.
Features of mortgage lending of this type include a fairly quick execution and the relative ease of obtaining. In this matter, it is necessary to contact several banks, even in case of refusal. After all, the reason why there was a refusal in one bank, in another will not be sufficiently solid.
As already mentioned, such a loan is easier to obtain than in a new building, in particular due to the fact that there are few grounds for refusal. Among them:
This type of mortgage lending is intended for socially vulnerable segments of the population, as well as those on the waiting list who are not able to buy real estate under normal conditions. There are two types social mortgage:
In the future, it is planned to purchase real estate under a social program from the developers themselves at market prices. But those on the waiting list will also be able to take advantage of this by paying subsidies for an apartment. The longer you stand in line, the greater the amount of subsidies. Also, people on the waiting list are able to buy real estate that was built not only by the city.
The problem of acquiring real estate for newly-married spouses is particularly acute. Banks do not want to take risks, and the interest is quite high, since the future of young professionals is unpredictable. However, recently some banks have been meeting the needs of young people and creating new programs.
Basically, mortgage lending programs of this type are aimed at reducing the down payment and at the maximum term for issuing a loan. If one of the spouses is under 30 years old and there is a child in the family, the initial contribution may be 10%. If young specialists are already employed in promising jobs, the down payment becomes even 5%, and the mortgage is issued for 25-30 years.
Of course, in modern conditions, one of the most realistic options for buying a home is a mortgage. A young family is looking for different ways to improve credit conditions. The main problem is to prove to the bank the seriousness of intentions. If this can be done, the bank will not refuse.
Types of mortgage lending are very diverse, and certain programs are created in each of them. The essence of "Building Together" is a long installment plan, which is repaid at the expense of the population.
The task of a person who is going to buy a home is to accumulate about 40-50% of the cost of the apartment, and the cooperative adds the rest. As soon as real estate is acquired, it becomes the property of that person, but on security. The part given by the cooperative must be repaid within a maximum of 20 years. Then the pledge is removed, and the person becomes the full owner.
All mortgage lending programs are aimed at improving credit conditions, and this one is no exception. it storage system provision of housing for military personnel.
Features of mortgage lending of this program are that the military, who concludes the first contract, has the right to a certain kind of deductions. Every year, on average, about 250 thousand rubles are credited to the account of a serviceman. He can use this amount after the expiration of the old contract and when signing a new one. The amount that has been accumulated over several years goes as a down payment.
The rest of the loan is paid by the state while the military is serving under a contract in the army. As soon as he ceases to be a military man, the state stops paying, and the rest of the loan must be paid on his own.
The purpose of this project is to increase the availability of mortgages for residents of Russia. Everyone knows that for many people almost the only chance to purchase a home is a mortgage. Young families are no exception. They are basically denied mortgage loans.
Project participants have no problems with this. In addition, the percentage of mortgages is reduced. This project was developed as part of the social type of mortgage lending. Its main difference from the commercial one is the special (preferential) cost per square meter. As part of the social mortgage, the bank undertakes to insure the borrower and the housing area itself, as well as maintain a certain rate until the end of the loan.
Development is possible thanks to such types and programs that are aimed at improving living conditions both for young families and for socially unprotected segments of the population.
Types of mortgage lending, regardless of each other, have their pros and cons. This is typical not only for mortgages, but also for any loans. So the benefits:
The disadvantages include:
Most people at one stage or another in their life wonder whether to take an apartment on credit. in Russia has many shortcomings, but still in modern world this is one of the few chances to buy your own living space. The main thing is stable work, which will help to gain the trust of the bank, as well as improve credit conditions. The state has recently created many programs that are designed to facilitate payments and help people purchase housing.
As a result of studying this chapter, the student should: know
One of the forms of lending actively used economic entities currently, is a mortgage loan. Mortgage - this is a loan or a loan granted for a period of three years or more by a bank (credit institution) or a legal entity (non-credit institution) to a legal entity or individual for the acquisition of a real estate object secured by the acquired property as security for an obligation . A mortgage loan is issued on the terms of payment, urgency and repayment, as well as with strict control over the use of credit funds. The exclusive property of a mortgage and the best guarantee of a loan is the right of the lender to dispose of the borrower's real estate at his own discretion in case of default by him on the repayment of loans.
Term mortgage first appeared in Ancient Greece at the beginning of the VI century. BC. (it was introduced by Archon Solon) and was associated with ensuring the liability of the debtor to the creditor by certain land holdings. To do this, obligations were drawn up, and a pillar was placed on the border of the land area belonging to the borrower with an inscription that the specified property served as security for the creditor's claim in the named amount. On such a pillar, called "mortgage" (from the Greek. hypotheca- stand, support), all debts of the owner of the land were noted.
Later, special books called mortgage books began to be used for this purpose. Already in ancient Greece, publicity was provided, allowing each interested person to freely ascertain the state of a given landed property. The institution of mortgage received a new development in the Roman Empire. In the 1st century AD Mortgage institutions were created that issued loans to individuals secured by property.
In our country, the concept of "mortgage" first appeared in Russian legislation in the Law of the Russian Federation of May 29, 1992 No. 2872-1 "On Pledge". In Art. 42 of this Law, the following definition of mortgage is given: “A mortgage is recognized as a pledge of an enterprise, buildings, building, building or other object, directly connected to the ground, together with the relevant land plot or the right to use it.
The next step in the development of legislation on mortgage lending was the adoption of the Civil Code of the Russian Federation, which entered into force on January 1, 1995. The code established general rules securing loans with a pledge of real estate, the provision on the right of ownership and other real rights to residential premises, the grounds for foreclosure on mortgaged residential property.
Subsequently, a special law was adopted regulating mortgage lending - Federal Law No. 102-FZ of July 16, 1998 "On Mortgage (Pledge of Real Estate)" (hereinafter referred to as the Mortgage Law). It defines mortgage agreements as an agreement under which the pledgee, who is a creditor under an obligation secured by a mortgage, has the right to receive satisfaction of his monetary claims against the debtor under this obligation from the value of the pledged real estate of the other party - the pledger, predominantly over other creditors of the pledger, with exceptions established by federal law (p. 1 article 1).
The most important event in the development of the mortgage market in the Russian Federation was Decree of the Government of the Russian Federation No. 28 dated January 11, 2000 “On Measures to Develop the System of Housing Mortgage Lending in the Russian Federation”, which approved the Concept for the Development of the System of Housing Mortgage Lending in the Russian Federation. She determined the strategy of the state in the formation and development of mortgage lending and described in detail the formation of the system and the organizational and economic mechanism for attracting credit resources to this area.
An attempt by the state to improve the living conditions of its citizens was the Federal program “Housing”, approved by the Decree of the Government of the Russian Federation of September 17, 2001 No. 675 “On the Federal Target Program “Housing” for 2002-2010”.
Based on the results of the first stage of the implementation of the FTP “Housing”, taking into account the entry into force of a package of federal laws on the formation of an affordable housing market in connection with the implementation of the national project “Affordable and comfortable housing for Russian citizens” and the creation of the National Council on housing policy in the specified Federal target Decree of the Government of the Russian Federation of December 31, 2005 No. 865 “On Additional Measures for the Implementation of the Federal Target Program “Housing” for 2002-2010” introduced appropriate changes that led to the modernization of the subprograms of the FTP “Housing”.
The second phase of the implementation of the FTP "Housing" was carried out in 2006-2010. and provided for the continuation of the initiated reforms in the housing sector and the implementation of a set of measures within the framework of the priority national project "Affordable and Comfortable Housing for the Citizens of Russia". This stage of the implementation of the FTP "Housing" is aimed at the implementation of subprograms "Ensuring land plots public infrastructure for housing construction»; “Modernization of public infrastructure facilities”; "Providing housing for young families"; "Fulfillment of state obligations to provide housing for categories of citizens established by federal law." These subprograms are measures aimed at implementing the main priority areas of the national project and are designed to solve one of the main tasks - to stabilize the balance between supply and demand in the housing market.
The term for the implementation of the FTP "Housing" and its subprograms has been extended for the period 2011-2015. At the same time, along with previously existing subprograms and activities federal program added new areas of housing.
The next step in the development of the mortgage lending system was the adoption in 2003 of federal law dated November 11, 2003 No. 152-FZ "On mortgage-backed securities" (hereinafter - the Law on mortgage-backed securities). The presence of this Law is necessary for the normal development and functioning of a two-tier system of mortgage lending.
A significant fact that influenced the formation of the housing mortgage lending market is the Concept for the Development of a Unified System for Refinancing Housing Mortgage Loans in Russia approved by the Government of the Russian Federation on June 30, 2005.
Thus, in our country, the procedure for mortgage lending is regulated by the Mortgage Law, part two of the Civil Code of the Russian Federation and other legislative acts.
Mortgage is a form of granting a loan iod pledge of real estate. The mortgage lending system includes two areas:
In the first case, a mortgage loan is issued mortgage banks to cover large capital expenditures, new construction, acquisition of real estate. The second direction is financial companies, funds that buy up the assets of mortgage banks, secured by a pledge of property, and then issue securities (bonds, participation certificates) on their own behalf to ensure additional attraction of resources for lending.
Credit relations are built on the principles of: targeted use, security, urgency, payment, repayment. The intended use of the loan is confirmed by documents provided by the borrower. The main types of loan security are: surety, guarantee, pledge, borrower's liability insurance for non-repayment of the loan. The mortgage loan is secured by the borrower's pledge of the property and property rights, serving for the creditor as a pledge of full and timely repayment by the debtor of the received loan and payment of the interest due to him. Confirmation of repayment is the provision by the borrower of documents on his solvency.
A mortgage loan does the following functions".
So from an economic point of view mortgage - ego is a market instrument for the turnover of property rights to real estate objects, which allows attracting additional financial resources for the implementation of any projects, and from a legal point of view, a mortgage is an encumbrance of property rights of ownership of real estate objects when they are pledged.
At present, many types of mortgage loans have been developed in the world, which differ depending on the schemes for issuing, repaying and servicing (Table 4.1).
Types of mortgage loans
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Classification sign |
Loan types |
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Not movable property |
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Construction in progress real estate |
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Type of lender |
By status |
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But accessories |
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By degree of specialization |
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Type of borrower |
Subject of lending |
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Degree of affiliation of borrowers |
Loans provided:
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Debt amortization method |
Permanent mortgage loan |
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Loan with variable payments |
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Method of granting a loan |
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Classification sign |
Loan types |
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Possibility early repayment |
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Type of interest rate |
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Refinancing method |
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Purpose of lending |
Housing lending |
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Land development |
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Agricultural development |
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Production development |
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Loans secured by existing real estate for various needs of the borrower |
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Terms and purpose of applying for a loan |
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The subject of the mortgage may be the following property (Art. 5 Mortgage Law).
Pledge of land plots, enterprises, structures, apartments and other immovable property may arise only in so far as their circulation is permitted by federal laws.
Part of the property, the division of which is impossible without changing its purpose (an indivisible thing), cannot be an independent subject of mortgage. Mortgages are not allowed in relation to:
A mortgage is established on property that belongs to the pledgor on the basis of ownership or economic management. The property on which a mortgage has been established shall remain with the pledgor in his possession and use.
A mortgage can be established on property that is in common joint ownership (without determining the share of each of the owners in the ownership right) with the consent of all owners. Consent must be given in writing.
The subject of mortgage is determined in the agreement, indicating its name, location and description sufficient to identify this subject.
According to Art. 43 of the Mortgage Law, property pledged under a mortgage agreement to secure the fulfillment of one obligation (prior mortgage) may be pledged to secure the fulfillment of another obligation of the same or another debtor to the same or another mortgagee (subsequent mortgage). The sequence of mortgagees is established on the basis of the data of the Unified State Register of Rights to Real Estate and Transactions with It on the Moment of Mortgage Origination.
A subsequent mortgage is allowed if it is not prohibited by previous mortgage agreements on the same property, the validity of which has not ceased by the time the subsequent mortgage agreement was concluded. If the previous mortgage agreement provides for the conditions on which a subsequent mortgage agreement can be concluded, the latter must be concluded in compliance with these conditions.
Individuals and legal entities and commercial banks can act as lenders and borrowers in mortgage lending.
By type of borrower As subjects of lending, mortgage loans are divided into:
Members mortgage lending: banks (check the solvency of the borrower) and non-bank organizations; Insurance companies(undertake to insure the risks arising in the process of mortgage lending); appraisal companies(evaluate market value apartments).
Depending on the method of depreciation, the following are distinguished: types of loans.
Permanent mortgage loan- the simplest form of credit. This loan characterized by a fixed term loan and a fixed interest rate. It is typical for countries with low inflation, long loan terms and involves equal repayments (amortization) at regular intervals (for example, once a month). Therefore, such loans are classified as self-absorbing.
Standard annuity payment calculated by the formula
where P - the amount of the monthly annuity payment; K - the amount of the loan; i- interest rate for the period (month, year); P- number of payment periods (months, years).
Determine the amount of the annuity payment. Interest rate - 20% per annum. Loan amount - 1 million rubles. Loan term - 5 years. Payments are made once a year.
Solution.
We use formula (4.1):
Loans with variable payments are not self-depreciating and provide for different periods of repayment of principal and interest, as well as other additional conditions. These loans include balloon payment loans, assuming a one-time final (ball) payment or with a breakdown of a one-time payment. They are subdivided:
Spring loans involve regular payments to repay the principal debt. For example, during the first four years, only interest is paid, and in the next three years, interest and principal are paid.
Loans involving used in financing profitable real estate. This loan is close to a self-absorbing loan, but it assumes that the lender, regularly receiving the principal and interest on it, also participates in the income from the object. The participation of the lender can be different: he can claim a part of the excess of the rent, a part of the excess of net operating income (loan with participation in income), part of the capital gain or proceeds received from the sale of real estate (loan with participation in value appreciation), etc. .
Loans with increasing payments(with increasing annuity) provide for equally variable payments over the entire period and are used by owners of leased real estate in the expectation that payments will increase annually or at other intervals. Such loans are used for lending to young families who have less income at the beginning of the loan period than at the end.
Reverse annuity loans, on the contrary, they imply a reduction in payments but a loan at the end of the term or their termination. In this sense, they are comparable to frozen loans. Such loans are used to finance older landlords.
Variable rate loans, usually “pegged” to one of the money market indices, inflation, currency, etc., allow you to pay a loan at a variable rate with restrictions on its minimum and maximum values. Changes in rates affect the terms of loans.
Canadian rollover characterized by variable interest rates at predetermined intervals (for example, every five years). A variation of this type of loan is a loan with a negotiated rate, which differs in that, in addition to the frequency of payments, marginal interest rates are negotiated in advance.
Terminating mortgages have several varieties and are themselves a special case of secondary (junior) financing. The essence of this type of lending is that a second loan is provided for already accredited real estate, payments on which are sent to repay the first loan. Interest rates on such loans are usually higher than on the first loan.
Loans with an added interest rate provide for the assignment of interest to the principal debt, and the result is divided by the number of repayment periods to determine the size of the next payment.
Depending on the method of providing a loan in the history of mortgage development, two main models of the mortgage lending market are distinguished: European and American.
European model - This is a one-tier model of mortgage lending, the essence of which is that the bank, having issued a loan, independently refinances it by issuing its own securities (mortgages, long-term mortgage-backed bonds) of a standard structure with payment of the principal amount at the end of the payment period (Fig. 4.1). The issue and circulation of such securities are regulated by special legislation. Loans included in the mortgage coverage remain on the balance sheet of the issuing bank. The activity of issuers of mortgage bonds is, as a rule, legally limited to the issuance of mortgage loans and other operations characterized by a low degree of risk. No other issuer other than those listed in the law can issue securities referred to as "mortgage sheet". The activities of mortgage banks are strictly controlled by the state and banking supervisory authorities.
Rice. 4.1.
1 - savings deposit; 2 - obtaining a mortgage loan by the borrower; 3 - payment for housing under sales contracts or a work contract (own and borrowed capital); 4 - return of a mortgage loan and interest on it; 5 - mortgaged housing insurance; 6 - income from the sale of securities (mortgages); 7 - income but securities(mortgages) and their repayment
The implementation of this model provides for the conclusion of the following main types of contracts:
This model of mortgage lending has been operating for a long time in a number of Western European countries - Denmark, Germany, France, and more recently - in Poland, the Czech Republic, Slovakia, and Hungary.
The most striking example of the application of this scheme is German model. It is based on the savings and loan principle of functioning, like the German "private construction savings banks" - Bausparkasse, French Livret Epargne Logement, American Savings & loans. The construction savings bank is closed financial structure and begins its activities with the formation of the authorized capital and has its own source of funds (including the housing stock) on its basis for issuing loans. All available funds of the cash desk (own and borrowed) are used only for the implementation of statutory activities, i.e. to finance the construction of housing and the issuance of mortgage loans for the purchase of already built apartments. The depositor gets the opportunity to accumulate the necessary contribution for the purchase of an apartment (for example, in the amount of 50% of its value) for a long period, and then receive a mortgage loan for the purchase (construction) of a pre-selected apartment. In the German version, the role of a loan is not cash, and directly housing - finished or unfinished (the so-called construction mortgage).
The disadvantages of the German model are: a limited choice of residential premises, which are built by the construction savings bank and can be offered by the participant) "; fixed price, which is determined by the cash desk itself; limited lending terms for three to five years, the impossibility of selling the apartment by the borrower until the debt is settled.
Another mortgage lending model is american two-level model, which is common in the countries of the Anglo-Saxon system of law. Its essence is that the bank, having issued a loan, refinances it by attracting long-term resources, by assigning claims on already issued mortgage loans to another financial institution (secondary market operator, specially created agencies).
In turn, financial institutions (secondary market operators, specially created agencies) can deal with the received mortgage loans as follows:
This system is very common in the USA. Simplified scheme American model two-level structure is shown in fig. 4.2. The issued mortgage loans are then assigned to specialized mortgage agencies. Having redeemed loans from banks at face value, mortgage agencies combine them into pools and issue their own loans secured by them. debentures. Borrowers pay money to banks as payment for the loan received, and banks transfer these funds, withholding commissions, to the mortgage agent, who pays income from them to holders of mortgage securities.
Rice. 4.2.
mortgage agency papers; 9 - business risk insurance contract; 10 - contracts for the sale of securities
When implementing a two-tier model of mortgage lending, a conclusion is provided:
The choice of a two-level model is explained not only by state interests, but also by the peculiarities of the concept of ownership in the Anglo-Saxon system of law, which involves its splitting. For the same property, it is possible to establish several titles of ownership and to divide the content of the ownership right between different persons. The object of property rights in the countries of the Anglo-American legal system can be the right itself.
The concept of mortgage mongage) in civil law The United States (and English civil law) does not quite coincide with the concept of a mortgage in the civil law of continental European countries. In particular, both immovable and movable property can be the subject of mortgage. But the main thing is that with a mortgage, the ownership of the mortgaged property passes to the mortgagee. This is a fiduciary pledge, in which the pledgee becomes the owner of the pledged property 1 .
The complexity of the mechanism of the two-level model of the secondary mortgage lending market predetermines the increase in the cost of its maintenance. This, in turn, increases the cost of credit funds for the borrower. Another drawback is the inability to clearly and effectively regulate the mortgage lending market built on the Anglo-American model within the framework of the continental system of law.
At this stage Russian legislation on mortgage-backed securities, taking into account the changes adopted as part of the reform to create an affordable housing market, allows credit institutions to resort to all the above-described methods of developing mortgages, both through the attraction of resources by banks and through the use financial instruments secondary market operators.
Depending on the possibility early repayment allocate loans with the right of early repayment and without the right of early repayment. According to Art. 45 of the Law on Mortgage, the pledgor has the right at any time to early fulfill the obligation secured by the mortgage in full, if the mortgage agreement excludes the possibility of a subsequent pledge of the same subject of mortgage.
Depending on the type of interest rate The loan comes with a fixed interest rate and a variable interest rate. In the Russian Federation, the interest rate on a mortgage loan can be either fixed or variable. For example, the mortgage bank CJSC CB DeltaCredit launched loan product in rubles with a floating interest rate linked to the indicative rate MosPrime Rate .
For borrowers who are able to officially confirm their income, DeltaCredit Bank sets a rate of 5.5% + a three-month MosPrime Rate, for borrowers with "gray" income - 6.5% + three months MosPrime Rate. Rates are recalculated quarterly.
According to the method of refinancing - Mortgage lending is handled by various lending institutions. Features of their activities are in the method of refinancing the loans issued (Table 4.2).
Table 4.2
Ways to refinance mortgage loans
According to the degree of security loans are divided depending on the amount of the initial payment, the amount of which can range from 0 to 100% of the value of the pledged property. Mortgage loans can be secured by first or subsequent mortgages (junior, senior mortgages).
depending on the number of creditors involved in issuing a loan, mortgage loans are: conventional and combined. Ordinary loans are issued by a single lender, combined loans are issued by several lenders.
Depending on the loan terms distinguish: subsidized loan and loan issued for general conditions. A subsidized loan is issued to individuals and legal entities- groups of beneficiaries included in government programs. Funding comes from both government and credit organizations. Thus, in 2011, Sberbank of Russia implemented the following programs: “Mortgage with state support”, “Mortgage plus maternity capital”, “Military mortgage”, etc .; The Agency for Housing Mortgage Lending (AHML) launched the Mortgage for Young Scientists program; Globex Bank actively issued loans under the mortgage program for military personnel. However, a limited number of people get access to such programs.
In addition, mortgage loans can be issued in the form of credit lines and on a one-time basis.
The benefits of a mortgage loan are:
desire to have own house or an apartment - one of the priorities for modern man. That is why various types of mortgage lending in the Russian Federation are in demand, because it is the availability and guarantee of obtaining your own housing within the agreed time frame.
Thanks to rapid development of this type of service, today banks can offer many ways to obtain mortgage capital. Often there are situations when consumers do not know all the benefits and subtleties of existing options and do not understand the differences between the properties of a mortgage loan, which pushes them in the wrong direction.
The main task of the borrower is to study the information and competently select the program that is ideal for each student. separate case. In order to simplify it, there are classifications that allow separating the type of mortgage lending by purpose, currency of issue, methods of repayment, etc.
If you do not delve into small details and consider a mortgage as a pledge of real estate, then it can be divided into two classes, depending on what kind of real estate will act as a guarantor of the solvency and reliability of the buyer:
Each of them has its own characteristics and strengths. By choosing the first option, clients will have more freedom in the use of funds, for example, it may not be a targeted investment in the purchase of a new property. Also financial institutions may be pleased with a lower interest rate. A significant disadvantage of a property pledge is the fact that it is lost along with a new acquisition if it is impossible to make loan payments.
It is precisely because of the risk of force majeure and loss of possessions that more and more borrowers choose the second option for obtaining a mortgage.
Buying ready-made housing is currently considered the most common type of mortgage loans. A distinctive feature and advantage of such a loan are pleasant interest rates, the speed of obtaining a loan and the opportunity to receive benefits for certain categories of the population.
Many banks are involved in financing the acquisition of property in the secondary market, offering favorable loan terms and debt repayment. In addition, each citizen can choose a suitable program and bank independently. Thanks to online calculators, calculating the cost of a future mortgage with a down payment and monthly payments for the desired number of years is not at all difficult and takes only a couple of minutes.
According to updated data, the following financial institutions offer the best offers for the purchase of finished housing.
The indisputable advantages of applying for a mortgage in this bank are the existing discounts and pleasant bonuses, not tightened requirements for the place of work, the possibility of obtaining a loan under two documents and loyalty to the age of the borrower - at the time of the final repayment of the debt no more than 75 years. There is also a partial early closing of the loan, but it is worth remembering that there is a set minimum amount.
Those who want to get the lowest interest rate should take into account the mandatory personal and title insurance, as well as the region of residence. In addition, the bank's status as a free mortgage broker is a separate limitation, which should also be taken into account when concluding a cooperation agreement.
Making a loan when buying a home on the secondary market takes no more than five days, subject to the provision of the entire requested package of documents and the absence of problems with the housing itself (unfavorable owners, doubts about legal cleanliness, etc.).
The types of mortgage lending in the primary market have gained their popularity due to the fact that most young families dream of getting housing created specifically for them in fashionable areas of the city and significantly saving on purchasing square meters. However, such a purchase has enough pitfalls and promises big expenses, as opposed to dreams.
The first thing you should be interested in is whether the bank you have chosen cooperates with the developer whose creation you would like to purchase. In addition, you need to be prepared for the fact that lenders set strict requirements for unfinished real estate and increase the interest rate as much as possible.
It should also be taken into account that registration of ownership of the purchased areas will take a lot of time, because if the object has not yet been built, then it does not exist from a legal point of view.
And the last significant drawback of buying an apartment in a new building is an unspecified period of settling in your own house. Therefore, tempted by a cheap purchase, be prepared for the other side of the coin.
One of the brightest representatives, whose conditions for the purchase of real estate in the primary market are loyal:
The Bank also provides additional benefits and bonuses for large families, early repayment of the loan and the potential for a rate cut.
Sberbank and VTB are the giants of the mortgage loans market in houses under construction on the territory of the Russian Federation. The high rating of these organizations lies not only in stability and reliability, but is also dictated by the largest number developer partners in the country. The last factor is decisive for many, because it makes it possible to choose the best option among fashionable new buildings.
State support also yields results and increases the sales ratings of space in unfinished projects. Thanks to mortgage programs and for products such as Stimulus, AHML, VEB, purchases in new buildings are becoming more transparent and in demand, because 11% per annum is more than an acceptable offer today. Sberbank is ready to vary its rates and reduce them when registering a mortgage. VTB, in turn, has set a single interest rate throughout the entire loan term.
A separate advantage is the possibility of buying housing from a developer who is not a partner of the selected bank, but there are separate conditions, one of which is at least half completed construction process.
Suburban households are not the most profitable mortgage. Types of mortgage loans for the purchase of housing outside the city are returning to fashion in the real estate market, however, at a slow pace. Many federal banks (Gazprom, Uralsib, Rosselkhoz and others) work with such loans, putting forward a list of requirements for houses in non-urban areas. Why? There are separate reasons for this.
To apply for a loan for your own suburban home, the borrower will need:
Financial institutions dictate certain wishes, which the purchased building must comply with:
When preparing to buy housing in the suburbs, make sure that the option you choose complies with all the clauses of the agreement with the bank. If the verification is confirmed, the receipt of credit funds will take from one day to a week, depending on the financial partner.
Building your own home on existing land is the top priority for getting the perfect home. However, in addition to the length of the process of building a home, there is also a set of rules that the borrower must follow in order to realize his dream.
Since the future house does not exist on paper, it cannot act as collateral for obtaining a mortgage loan, therefore, other objects of property (apartment, house, land) must be offered as guarantees to the client.
Many banks are ready to offer profitable cooperation, subject to the following rules:
Getting funds for your own construction is not an easy process, however, the result will be your own home, created taking into account all your wishes. In addition, the current construction mortgage programs do not provide for a one-time full financing, but the disbursement of funds in stages, tying each loan to a certain stage of construction.
A fairly convenient solution that allows you to distribute money as competently as possible and significantly reduces the cost of paying interest.
Mortgage lending is very developed in the Russian Federation. Many allow each citizen to acquire their own housing, depending on personal wishes.
In order to become a member of one of the programs or to get acquainted with the offers existing on the real estate market, it is enough to familiarize yourself with the conditions, choose the appropriate option, submit an online application and in the near future enjoy your own living space in the best houses in the country.
The range of mortgage offers is simply huge. Now citizens can purchase almost any residential or non-residential property, there are options for buying commercial premises. Banks regularly develop new types of mortgages, include exclusive programs in their lines, and offer preferential loans.
The range of mortgage offers is simply huge. Now citizens can purchase almost any residential or non-residential property, there are purchase options... Finance
When applying for a mortgage, real estate is almost always used as collateral. Most often, citizens leave the purchased object as it, but there is another option - to use the existing property for this purpose.
For resale property. Classic lending programs. The funds received are used to purchase an apartment or room in the secondary market. When choosing an object, it is necessary to take into account the requirements of the bank, emergency houses unsuitable.
For new property. We are talking about ready-made and under construction apartments, which are being sold by a developer accredited by the bank. Borrower acquires in full new object at any stage of construction.
For the purchase of a private house, cottage, townhouse. The main requirements are the location within the city or not far from it and the assignment of the status of individual housing construction to the land plot.
For the construction of a private house. The object itself does not yet exist, therefore, taking into account the specifics of mortgage lending, another borrower's own real estate that meets the requirements of the bank should act as collateral.
For suburban real estate. Talking about cottages land plots with buildings and without them. The status of the land and its location are important for the bank.
To a commercial facility. This type mortgage is aimed at business representatives. The borrower can purchase retail space, office, warehouse, production room etc.
With the involvement of subsidies: with maternity capital, under the program for young families, for citizens with children, military mortgage etc.
These are the types of mortgage lending that are often found in the banks of the country. But some organizations are developing additional products, for example, several special offers are available to Rosbank Dom customers at once.
If you consider purchasing housing and other real estate through Rosbank Dom, the following unique programs will be available to you:
To buy a share. This is possible if, after the transaction, the entire apartment will belong to the borrower. In addition, you can consider the option of purchasing a room in an apartment.
Loan for the improvement of living conditions secured by real estate owned.
With a payment every 14 days instead of the usual monthly payments. As a result, the debt will be paid off faster.
For the purchase of non-standard real estate. This type of mortgage allows you to purchase a garage, parking space, apartments, etc.
A down payment loan for those who do not have their own funds to invest in a purchase.
First of all, study the specifics of mortgage lending. Please note that in order to complete the transaction, you need to have your own funds for the down payment - this is at least 10-15% of the price of the purchased property (5% if maternity capital is used).
When choosing a program, rely on what kind of property you plan to purchase. Each object has certain requirements, study them.
What else to pay attention to:
the main parameters of the loan: rate, term, down payment;
whether it is possible to apply the benefits due to you;
Does the type of mortgage you have chosen give you the opportunity to influence the rate, for example, by making a larger deposit or by joining additional program insurance;
necessary documents, is it possible to do without 2NFDL, replace it with a certificate in the form of a bank.
The specificity of mortgage lending in Russia is such that banks can develop their own unique programs, offer special conditions young families and large families. In addition, today lenders are willing to work with regional benefits, etc. Before choosing a bank, study the market and types of mortgage lending, then the deal will be as profitable as possible.
