Minimum mortgage payment. How to get a Sberbank mortgage without a down payment or with a minimum amount. Is it possible to return the starting capital
The down payment on a mortgage is the borrower's own financial savings, which are used to pay part of the price of a purchased home.
Usually, such a contribution reaches 10-50% of the total value of the property.
If you have the required amount, then you can already plan the purchase of housing and housewarming.
What the contribution will be depends on the particular financial institution.
The amount of the installment directly affects the loan interest. Usually, the higher the contribution, the lower the rate.
Why does the bank need it?
Getting a mortgage is always a high risk. Why does the bank need such a complicated scheme? The terms of payments here are quite long, and the amounts are impressive.
And there is no way to predict how the fate of the borrower will develop over the course of decades.
In order not to lose your own funds, a banking institution requires various guarantees for the return of funds on a loan:
- valuation of an apartment or house;
- registration of a pledge;
- insurance.
Important: The disadvantage of the minimum down payment for the borrower is that the bank will issue funds at a higher interest rate.
To reduce risks, banks are trying to reduce the amount of housing loans by issuing mortgages in the amount of 85-90% of the cost of an apartment or house. In such a situation, even on the first day of issuing a loan, the lender can reimburse its own expenses by selling the collateral.
The larger the amount of the first installment, the higher the chances, if the borrower is unable to pay the mortgage, that the funds that will be received from the sale of the apartment will be enough to repay the entire loan.
In addition, most of the defaults are on mortgages with zero installments. Many financial institutions believe that low down payment requirements increase the risk of the mortgage portfolio.
What does it mean for the borrower?
Why do you need a down payment on a mortgage to a person who takes a loan?
When lending, the principle works: the lower the bank risks, the greater the benefit of the loan.
It is for this reason that those who want to take advantage of a mortgage should save up money first.
Savings when paying a larger amount of your funds consists of different components:
- a decrease in the interest rate due to a decrease in the loan amount;
- discount from lower interest rates. With a first installment of 30-50%, instead of 10-15%, the loan rate may be 0.5-2.5 points less;
- reduction of the base for calculating the price of personal insurance. For a year, life insurance costs 1-2% of the total loan.
Is it required for a mortgage?
In addition to savings, an impressive down payment greatly increases the chances of obtaining a loan. If the borrower is able to pay 1/3 or ½ of the price of the purchased apartment, then, according to the bank, he is able to pay the rest.
Contributing personal savings to buying a home or building a house helps in obtaining a loan for those who are not considered an “ideal client” for a bank:
Is a down payment required for a mortgage?
No, it cannot be called necessary, there are proposals without it.
But the availability of personal funds for a mortgage contribution greatly increases the chances of its approval.
How is the amount of the first payment determined?
So, let's imagine that you have already decided on the choice of housing, perhaps not 100%, but represent its average cost. Now you need to study the market for banks with mortgages. The bank will tell you how much, for how long and at what interest they can give you. Then this amount is deducted from the total price of housing, and the remainder is your down payment.
The higher the amount of personal funds, the more reliable the borrower for the bank.
For example, you are planning to purchase an apartment for 5 million rubles. The bank agreed to lend 3 million for 10 years.
In this situation, you need to collect an amount of 2 million to buy the desired apartment, which is 40% of the total cost.
The size of the first installment ranges from 0-30% of the price of the apartment, it depends on the bank's program.
For example, you should take a mortgage from Sberbank, which is designed to buy a finished apartment in rubles for a period of 2 decades.
Assume that the net average income of the borrower reaches 30 thousand rubles.
The rates based on the size of the first installment look like this: 10-30% - 15% per year, 30-50% - 14.5% per year, and over 50% - 13.75% per year.
Mortgage without installment
If before the crisis there were many offers for mortgage loans without a down payment, today it is not so easy to find them. Banks are unwilling to take the risk of issuing mortgages to those who are unable to save up the down payment themselves.
There are options when banks cooperate directly with the developer, which makes it possible to provide such a mortgage. But there are very few such proposals.
It is important to remember that mortgage interest will be much higher if you take out a loan without a down payment.
There are offers from banks without personal contributions, but they are often issued on the security of existing housing. Not everyone decides on such conditions, because with the option of non-payment of money, the borrower can lose not only new apartment, but also the one that provided a pledge.
Not only will the borrower need to have other real estate, but such an approach requires a lot of additional costs:
Loans for housing without down payments are issued by many Russian banks. Among them: VTB 24, Transcapitalbank, Niko-Bank, Sberbank, RusYugBank, BinBank and others. Let's look at a few examples:
- VTB 24 Bank gives a mortgage without a fee only subject to use maternity capital, as refinancing and secured by other real estate. Minimum rate of 12.15% for 50 years maximum. Amounts - from 1.5 million rubles. up to 90 million rubles
- Niko-Bank issues mortgage loans secured real estate no down payment with a minimum rate of 11.5%. The maximum amount is 4 million rubles for up to 30 years.
- The offer of RusYugBank is 20% per annum, collateral in the form of real estate is required. The maximum mortgage term is 3 years, and the amount is up to 10 million rubles.
- Sberbank gives mortgages without down payments only on refinancing terms with a minimum rate of 10.9% for up to 30 years and a maximum amount of 7 million rubles.
- BinBank issues targeted loans secured by existing AHML apartments at a rate of 10.5% in the amount of up to 20 million rubles and for a period of not more than 30 years.
Conclusion
In conclusion, it should be noted that today there are many targeted programs that are aimed at solving problems with housing for certain categories. For example:
- "Military mortgage", when the first installment is paid by the state;
- also "Maternity Capital", where the contribution is repaid by a certificate;
- "Mortgage for young people" with a minimum down payment.
With an increase in the down payment, the cost of insuring the property will not change. You can protect it from the full package of risks by paying an insurance premium in the amount of 0.5 to 3.5% of its appraised value annually. Sometimes it is more profitable to choose a loan without compulsory insurance, but with a higher percentage. Everything is individual.
In addition to savings, a large down payment significantly increases the chances of a mortgage application being approved. If you are able to pay a third or half of the purchased housing, then, according to the bank, you will be able to pay the remaining amount. This fact will significantly increase the likelihood of a positive decision even in difficult situations.
Contributing your own savings to the purchase of an apartment or building a house helps to get a loan for those potential borrowers who are not ideal bank customers: they do not have official employment, they cannot document high level income, do not have a positive credit history, etc.
Is there a mortgage with no down payment?
Despite the increased risk, the bank still does not refuse to issue a mortgage without a down payment, although it is much more difficult to take it. If you have already had unsuccessful attempts, then it makes sense to seek help from a loan broker. Here, for example http://www.spbkb.ru/ipoteka-bez-pervonachalnogo-vznosa.html, a loan broker offers assistance in obtaining a mortgage without a down payment to residents of St. Petersburg.
Standard loans in the amount of 100% of the cost of the purchased housing are more expensive for clients, but there is no need to postpone the purchase of your own apartment or house and save money for a down payment. Usually, with a zero contribution of the borrower's funds, he has to more carefully prove his reliability and integrity.
There are also preferential mortgage programs under which the down payment can be paid at the expense of maternity capital, a housing certificate or a subsidy from the budget. The client does not spend his money and still receives borrowed funds on loyal terms.
It is possible to take out a mortgage loan without a down payment even when it is possible to pledge the property already owned by the family as collateral. In these cases, borrowers only need to pay monthly payments on time according to the schedule, without thinking about starting investments in their housing.
Those people who decide to get a home loan in 2019 are probably interested in the question of what initial mortgage payment they have to pay? After all, often the decision to choose a company is made not on the basis of the interest rate, but on the minimum payment that will be required.
Why is a down payment required?
This question often arises among people who first decide to apply to financial institutions in order to get loans cash. Indeed - why should they deposit money in the bank if they themselves need this money?
Here it should be understood that any banking company is commercial, which means that its activities are aimed at making a profit. Mortgage lending, as a rule, involves the issuance of large sums of money for a long period, and in order to be sure that these amounts will be returned to them, the banks of their potential clients.
Everything is used - marital status, education, age, the presence of other property and, most importantly, high solvency. Just to make sure you have enough income for further debt service, lenders require borrowers to contribute part of the funds themselves.
The presence of sufficient savings will be an indirect confirmation of your stable financial situation. But borrowers who cannot make a down payment cause understandable suspicions in banks about whether they will be able to pay their obligations later at all.
Such clients are eliminated even at the stage of applying for a loan, they are immediately refused.
How much will need to be paid?
It should be understood that each banking institution has its own credit policy, which means that conditions will be different everywhere. So, if we arrange the banks in order of their rating, we will have the following picture.
- - "Lending with maternity capital" PV starts from 5%,
- - there is a product "Bonus from the developer (8-8-8)", where you need to deposit at least 8% of your own funds,
- Promsvyazbank, Bank of Russia, Sovcombank, Transcapitalbank, Gazprombank, Metallinvestbank, Primsotsbank, Bank Saint Petersburg, Ak Bars - from 10%,
- In CJSC VTB Bank, you can get a loan with an initial payment of 15%;
- At Gazprombank, you will need to deposit at least 15%;
- OJSC "Uralsib" will approve a loan with an initial payment of 20%;
- OJSC "AKB AK Bars" and OJSC "Rosselkhozbank" will require a contribution of at least 15%,
- Svyaz-Bank, Expert Bank, Moscow Industrial Bank - from 15%.
Majority banking organizations consider borrowers as their potential customers only if they can make a down payment of at least 20-30%. In rare cases, it is possible to reduce the PV to 15%, for example, in Sberbank if the borrower is not yet 35 years old, and he has chosen the Young Family product as the program, more details.
How is the calculation done? Based on the appraised value of the property you intend to purchase or build. For example, if information is indicated that the bank requires a PV of at least 20%, and you need 1,000,000 rubles to buy a small studio, then you deposit 200,000 of your funds, and receive another 800,000 rubles from the bank.
You can make a preliminary calculation of your loan on the online calculator:
CALCULATE CREDIT: | |
Rate % per year: | |
Term (month): | |
Credit amount: | |
Monthly payment: | |
Pay in total: | |
Overpayment on a loan | |
Apply |
You can use our advanced calculator with the ability to build a payment schedule and calculate early repayment on this page.
What are the ways to reduce the PV:
- If you are working in public sector, or in municipal or state organizations, you do not have your own housing, or it does not meet the standards, then you can apply for a Social Mortgage. It offers a reduced rate of 9.5% per annum and a minimum initial payment of 10%, you can find out more in this article.
- If you are registered with the administration of your city as in need of improvement living conditions, then you will be able to count on state assistance under the Federal Target Program "Housing". For different categories of citizens, a different type of state support is provided - this can be a one-time cash payment in the amount of 30-40% of the cost of housing, or the provision of a reduced percentage,
- There is a state program "Young Family", where families with or without children will also be able to apply for a subsidy, the amount of which will depend on the number of family members. Important - at least one of the parents should not be more than 35 years old;
- Families with two or more children will be able to use Maternity Capital funds to pay off the down payment on a mortgage or to reduce debt obligations when buying a home. To date, the amount of MSC is more than 453,000 rubles.
In other words, not everyone can reduce the amount of the advance payment, but only certain categories of citizens. Most often, these are the people who are in line for the improvement of living conditions in the Administration of their city.
Are there mortgage programs without a down payment?
Most often, without a down payment, mortgage loans are issued by banks for special offers. For example, if they have an agreement with the developer, and they make a promotion for the purchase of housing in their new buildings.
In addition, without depositing your own funds, you can refinance an existing housing loan, or take a general purpose loan secured by real estate that you already own. Some suggestions are given in .
- - when buying an apartment on the product "LCD "Edelweiss - Comfort"" the rate starts from 6.9%,
- – under the “Special Mortgage” program, the rate starts from 7%,
- Kuban Credit - "Sea mortgage", "New building from partners", "Apartment for a student" - from 8.5%,
Many Russian citizens live in rented apartments. Often this is due to the inability to obtain a mortgage due to the high amount of the down payment.
However, there are options to avoid the need for financial outlays in the form of a down payment on a mortgage.
Why do banks need a down payment?
A mortgage without a down payment for lenders is a rather risky operation. This is due to several reasons:
- instability in the real estate market. For example, if banks issue a loan at the peak of rising housing prices, then if they hit an unscrupulous borrower, they will not be able to sell it for an amount sufficient to repay the loan (On the topic: Why);
- such offers attract a large number of unscrupulous borrowers. Lenders believe that if borrowers do not have the funds for the initial payment, then they do not know how to manage personal capital, which is why there is a possibility of default on debt.
Despite the requirement of many banks to pay a down payment to obtain a loan, there are options to bypass it.
10 proven ways to get a mortgage without a down payment
There are several ways to get a mortgage without a down payment. To reduce the likelihood of confusion, consider each of them in more detail.
Classic variant
Which banks give mortgages without a down payment according to the classic version - Metallinvestbank. It is in it that such a program is provided.
Peculiarities:
- assistance is provided for the entire price of housing;
- fixed amount per annum interest rates- 14%, and in the absence of life insurance - 15%;
- the loan is issued to all officially employed (the sole proprietorship and the owner of another form of business respond with a refusal);
- loan amount - from 250 thousand to 3 million rubles;
- loan period is 25 years.
You can also buy an apartment in a mortgage without a down payment in this way at Promsvyazbank.
The only condition for creditors is to purchase housing in a new building and only from accredited developers.
The program "Moving" and analogues
An apartment without a down payment on a mortgage is available to citizens under the “Moving” program from Levoberezhny Bank and its analogues from other lenders.
The peculiarity lies in borrowing funds from a bank secured by another living space. In other words, borrowers sign a loan agreement at any financial institution, and Levoberezhny Bank gives money for the initial payment, and there is no monthly fee.
Funds are allocated for a year with the condition of finding buyers for old real estate. After receiving the proceeds, debts are repaid.
How to get a mortgage without a down payment secured by real estate
If we talk about whether it is possible to take a mortgage without a down payment secured by real estate, then yes, many lenders meet halfway in this case.
For example, in this case, Sberbank issues a loan of up to 10 million rubles, and the rate starts from 14%, but it all depends on the region of residence.
Be sure to prove ownership of the property.
Credit
You can take a mortgage without a down payment, or you can take a consumer loan, for example, secured by movable property.
Among the features are:
- it is necessary to understand whether it is possible to pay considerable monthly fees. The issuance rule is simple - a short term and high interest rates;
- in case of approval of a mortgage loan, a consumer loan is issued automatically in many banks.
You must have a positive credit score.
Borrow
A mortgage without a down payment for secondary housing may not be required if you manage to borrow the required amount from your friends and relatives.
If you wish, you can borrow the amount to transfer funds to the bank, but then there are several features:
- you need to overcome yourself psychologically - not everyone is ready to ask for a loan of about half a million rubles;
- when borrowing, you should immediately stipulate the procedure for returning.
Certificate
How to get a mortgage without a down payment is a simple question if there is a certificate for maternity capital.
Many banks are ready to cooperate with such borrowers.
The mechanism of action is simple:
- It is necessary to obtain consent to receive a loan from a future lender.
- Next, you need to get permission for intended use maternity capital in the FIU.
- Submit documents to the lender.
- Get financial help to buy a home.
State subsidies
Can I get a mortgage without a down payment under one of the government programs? 2018 provides for such an opportunity.
The most common is concessional lending. Families in which the age of each of the spouses is not more than 35 years old and they are in the queue as in dire need of improved living conditions can become participants.
For military personnel on a contract basis, a savings and mortgage system is provided. The principle of operation is simple - a serviceman accumulates funds on a personal account for several years, and after that he can send them to pay the initial fee in accordance with the loan agreement.
overstatement
No Down Payment Mortgage 2018 includes terminology such as “Overcharge”.
We are talking about a deliberate overestimation of the price of housing to the creditor. Often, the overstatement is carried out by the amount of the initial payment.
The main difficulties are:
- the assessment by a bank employee is not always successful;
- with new buildings, the principle of overestimation is impossible.
In addition, there is a risk to the seller that the buyer may request a refund of the fictitious initial payment.
Loan from AN (real estate agency) and developer
A mortgage without a down payment from the developer provides for the possibility of obtaining a loan for the transfer of funds:
- by himself;
- or a real estate agency.
The principle of operation of such lending is simple - the borrower draws up a standard loan agreement, and after that the developer or agency issues an interest-free loan in the amount of the initial fee.
Promotions from the developer
With a drop in sales, developers often use shares, and often with the use of credit funds.
One of the shares may carry:
- exemption from paying such a fee;
- the possibility of obtaining an installment plan for the initial payment.
It is impossible to say exactly where to get a mortgage without a down payment on one of these shares. In this case, citizens need to follow the latest news.
Signing a loan agreement without an initial mandatory payment is considered the most optimal if:
- there is no money to transfer the mandatory payment;
- there is not enough money, and the apartment is needed urgently.
In other situations, this type of lending is not famous for its positive aspects. This is largely due to the presence of high interest rates, due to the increased risk of non-repayment of funds.
The best option is lending under the Young Family program or using funds from maternity capital. It is these 2 directions that are most popular among domestic borrowers, regardless of the region of residence.
(No ratings yet)
Registration of a mortgage in Sberbank is the most popular method of registration mortgage loan. Indeed, there are plenty of advantages that allow you to get a mortgage in this particular bank, and the first installment on a mortgage at Sberbank can be called one of them. The amount of the initial contribution to Sberbank depends on the program chosen, as well as on additional parameters, including your own wish pay more to subsequently affect the total mortgage amount, interest rate, and repayment term.
The down payment on a mortgage at Sberbank is of interest to many for a reason. Making a mortgage without a down payment at Sberbank is not very profitable. Therefore, it is better to clarify in advance how much interest the initial mortgage payment in Sberbank is and accumulate the appropriate amount.
In our today's article, we will consider how much the down payment on a mortgage at Sberbank is today, and also dwell on the available programs and requirements for the borrower from this bank.
What mortgage lending programs are available today?
The amount of the down payment for a mortgage at Sberbank, as we have already mentioned, depends both on your own decision, and on the conditions of the program you choose. Let us dwell in more detail on what Sberbank offers us this year.
Programs | Maximum amount, thousand rubles | Bid, % | Term, years | Down payment | Note |
Construction | up to 85% of the property value | 9,1 | 30 | 15% | +1% when canceling insurance; + 0.1% in case of refusal of electronic registration of a mortgage; + 0.3% if you don't have salary card Sberbank; + 0.8 for mortgages for 2 documents; - 0.4% if the mortgage is over 3.8 million rubles. Subsidized mortgage from 6.7-7.7% |
Residential building construction | up to 75% of the value of the deposit | 10,5 | 30 | 25% | |
Non-targeted loan secured by real estate | up to 60% of the cost | 12,5 | 20 | - 0.5 if the salary | |
country estate | up to 75% of the value of the deposit | 10 | 30 | 25% | -0.5% if the borrower receives a salary on a Sberbank card; +1% in the absence of a life insurance policy; +1% if the mortgage is issued after registration of real estate in the bodies of Rosreestr |
Finished housing | 15 000 | 9,1 | 30 | 15% | + 0.5% if there is no Sberbank salary card, + 1% if insurance is canceled; +1% on mortgages under two documents: + 0.3% in case of refusal from the Showcase promotion. Promotion young family rate 8.6% |
military mortgage | 2 220 | 10,9 | 20 | 20% |
This table clearly shows what the down payment on a mortgage at Sberbank depends on, and how the conditions of the program change depending on compliance with the conditions and execution of additional documents. As can be seen from the table, the smallest initial mortgage payment in Sberbank is issued for the purchase of housing, both for the purchase of housing under construction and for the purchase of finished housing.
Acquisition of suburban real estate, as well as obtaining a mortgage for the construction of a house, will cost more in terms of the down payment, therefore, in Sberbank, many people prefer to use the additional opportunities provided by the special programs of this bank. However, in order to stop worrying about how many percent of the down payment of a mortgage in Sberbank, you must meet more serious requirements.
Mortgage without down payment: bank requirements.
Many issue such a mortgage based on how much the down payment on a mortgage in Sberbank on the necessary property. Not everyone has even 15% of the cost of new housing. With simple arithmetic operations, we find out that 15% for an amount, for example, 4 million - 600 thousand rubles. Such an amount is far from available to everyone, and for a young family, odnushki or a studio for two million is hardly suitable. When children are born, where will they live? A normal apartment in Moscow or St. Petersburg, as well as in the region, is just starting from 4 million. Therefore, the amount of the down payment for a mortgage at Sberbank plays a decisive role for many. Therefore, such applicants turn to the possibility of obtaining a mortgage without a down payment at all.
What are the advantages of such a solution:
- A mortgage without a down payment is available to a wide range of people, which allows you to issue such a mortgage on a large number of various kinds real estate in any life situation.
- A mortgage without a down payment significantly speeds up the process of obtaining housing, since you do not need to save up for a down payment, as well as document the availability of funds for its payment.
- A mortgage without a down payment in Sberbank is provided on fairly affordable terms (if you meet the requirements of the bank).
- A mortgage without a down payment in Sberbank guarantees the reliability and security of the transaction.
- The ability to repay the mortgage ahead of schedule, as well as use all the bonuses and benefits of both the bank and government programs.
And what are the cons:
- To apply for a mortgage without a down payment at Sberbank, you still have to pay. In other words, to take out insurance for real estate and your health, which, as it were, replaces the initial payment, and is not suitable for everyone.
- At the same time, the total loan term will not change, and may be much longer than in another bank.
- This bank provides serious requirements for borrowers, and for many the conditions may not be suitable.
Thus, it is necessary to influence the first installment on a mortgage in Sberbank wisely. Calculate your benefit and determine what is more convenient for you: apply for a mortgage without a down payment now, and lose the possible benefit in terms of percentage or total amount, or wait a couple of years and save up the required amount for a down payment, and get the opportunity to get a mortgage on more profitable ones for you conditions. All situations are individual, so we cannot tell you what to choose.
However, we can advise: if you want to cancel the down payment on a mortgage at Sberbank, check with the specialists what you will have to do for this, and ask them to make an approximate payment schedule with and without a down payment. So you will understand whether it is worth making such a decision.
What are the conditions for obtaining such a mortgage:
- One of the main conditions for changing how much the down payment on a mortgage in Sberbank is the mandatory registration of insurance for both an apartment or other collateral real estate, and your life and health. For many, this decision may not be the most successful, but without such insurance, a mortgage without a down payment will not be approved for you.
- Also, the conditions for obtaining a mortgage without a down payment at Sberbank imply the accrual of the so-called thirteenth payment. This payment includes financial resources accrued under insurance for you and your property for the year. Since the amount of this payment practically corresponds to the value of the monthly, this species payment is taken out in a separate category and paid at the end of the year.
- In addition, you will also need to fit into the age range. In Sberbank, the age limit will be from 21 to 75 years. For military personnel, there is a limit of up to 45 years. Wherein maximum age is the year in which you must make the final payment. Thus, how many percent of the initial mortgage payment in Sberbank may also depend on your age. As a general rule, the older the applicant, the higher the down payment.
- Young families can get such a mortgage. This refers to families in which both spouses, or the husband or wife separately, are under the age of thirty-five.
- In addition, these are also people who have been on the waiting list for affordable housing for a long time.
- Also, these are citizens who do not have their own housing. Let's clarify the concept: you can live in a rented apartment or in the apartment of your parents or spouse, but you do not have the right to own property. In this case, Sberbank will help you get a mortgage without the need to make an initial payment. Persons with low financial income, of course, are unlikely to be able to count on approval.
- In addition, without a down payment, you can also refinance an already issued mortgage taken from another bank. If you need a profitable mortgage without a down payment, Sberbank will allow you to get better terms, reduce your monthly payment or be able to pay off your mortgage ahead of schedule.
- Also, in order to apply for a mortgage at Sberbank without a down payment, it is imperative to have the citizenship of the Russian Federation.
- Of particular importance is the place of your work, as well as the general seniority. In order to pay monthly payments, you need to guarantee your ability to pay. Thus, you will need to provide documents confirming your official employment: you will need to work at your current place of work for six months, and the total continuous work experience for the last five years must exceed one year.
- You will also have to prepare documents confirming your ability to pay. If your official salary does not allow you to repay monthly payments, you may be offered a longer loan term. If the bank has doubts about your solvency, you, alas, will be refused.
The amount of the down payment for a mortgage at Sberbank may also depend on your compliance with the requirements of the bank. Not everyone will be approved for a mortgage without a down payment. However, if you do not have the funds to obtain a standard mortgage, you can use a non-purpose loan from Sberbank. In this case, you do not need to make an initial contribution, because you simply receive a loan. However, the ability to mortgage real estate that you already own allows you to get more profitable proposition than a mortgage with no down payment. True, and such a decision, alas, is not suitable for everyone.
A non-purpose loan secured by real estate from Sberbank is an alternative to a mortgage.
If the first installment on a mortgage in Sberbank is beyond your power even in the minimum percentage, registration of a non-targeted loan secured by your real estate will allow you to receive the necessary funds to purchase absolutely any real estate without having to declare where you will spend the money. However, there are some nuances here, which are important to remember if you want to profitably cancel the down payment on a mortgage at Sberbank and not go broke later.
- Since a general purpose loan is issued against the security of existing real estate, you will have to prepare for the assessment procedure. Please note: the maximum amount of such a loan in Sberbank cannot be more than 60% of the appraised value of the object. So, if your apartment was valued at 4 million, you will get a little more than two million. Therefore, it is already clear that such a loan is suitable only for those who own expensive real estate. Most often, by the way, land or good country houses With land plots In total. Also, the maximum amount in any case cannot exceed 10 million rubles.
- Such a loan can be issued for up to 20 years. This is 10 years less than a standard mortgage. However, practice shows that no matter how much the down payment on a mortgage in Sberbank is, paying off a mortgage takes an average of 8 years. Thus, a period of 20 years should not alarm or upset you.
- The interest rate, however, is much higher than for a conventional loan: from 12%. However, among similar offers from other banks, this rate looks much more attractive. On average, offers from other banks are 1.5% higher.
- Pay attention to the fact that life and borrower insurance is called voluntary, but in the conditions it is prescribed as “in accordance with the requirements of the Bank”, which, as it were, prepares for the fact that it will still have to be issued.
In general, what percentage of the down payment of a mortgage in Sberbank today looks quite attractive, but many still need to get an apartment as quickly as possible and without investments (initial). Situations are different, so we dwelled in detail on both the “mortgage without a down payment” program and on a non-targeted consumer loan, which allows you to quickly get a loan for the purchase of any real estate under quite adequate conditions.
However, this loan also has its drawbacks. Not a very convenient term, a low ratio of loans to the cost of mortgaged housing, the need to insure your life. All this can become an obstacle on the way to obtaining an easy mortgage.
How profitable to get a mortgage in Sberbank?
As a rule, the amount of the down payment for a mortgage at Sberbank is set in such a way that the bank receives confirmation of your solvency, and you, in turn, can influence both the approval and the total cost and term of the loan. Many people choose to make a larger down payment to make it easier to pay off their mortgage later. However, not everyone can afford it.
Please note that in order to apply for a mortgage without a down payment, you will need to meet much more serious requirements of the bank. You will need to confirm your official employment, your official level wages, as well as additionally attract co-borrowers and guarantors to obtain the likelihood of approval in your case.
Separately, it is worth mentioning a good credit history. If an ordinary mortgage can be issued with a damaged credit history, then a mortgage without a down payment will not be given to you with such a CI. Therefore, it is extremely important to make sure that everything is in order with your credit history in a timely manner. To do this, you can make a request to the credit bureau (CBI) and get a report on the status of your credit history. Once a year it's absolutely free. Or you will have to submit documents to a large number of banks, hoping that one of the banks will credit history will miss. True, there are not so many banks that are ready to approve a mortgage for a good amount without a down payment.
In our article today, we tried to consider in as much detail as possible the possibilities of obtaining a mortgage without a down payment at Sberbank, and also found out what affects the size of the down payment. If you liked our article, rate it and tell your friends about it in in social networks. Well, we will continue to delight you with new interesting and detailed articles!
Categories ,