One of the main tasks that the citizens of the Russian Federation set themselves is the solution of the housing problem. The value of real estate in the primary and secondary market is constantly growing, especially in large cities. And there is no need to talk about such megalopolises as Moscow and St. Petersburg, here prices for only one square meter of housing reach astronomical figures. But you still need to acquire your own real estate someday, and you don’t have to stick around in rented apartments all your life.
Which bank is more profitable to take out a mortgage to buy an apartment?
Saving up 20 years to buy your own home is a very difficult and time-consuming business, and taking into account the fact that real estate is getting more expensive every year, it is also useless, because in 10-15 years the amount for which you could buy an apartment today , may only be enough for a few square meters. Therefore, if you have already managed to save a certain amount, you have a stable job and a good income, then it's time to think about buying real estate with a mortgage loan.
With the development of mortgage offers in banks, the proportion of people who can afford to buy housing has increased. Banks today offer various types of mortgage programs to their potential clients. Since a mortgage presupposes a long-term business relationship between a credit institution and a borrower, then the solution of the problem of where to get a mortgage should be treated with great attention and responsibility.
The decision you make largely depends on how convenient and profitable it will be for you to pay for the mortgage loan. Therefore, the borrower has a completely natural question: "Where is it profitable to get a mortgage?" Russian banks offer a variety of mortgage solutions. But how not to be mistaken and make a really correct and profitable choice? Depends on what exactly it is to invest in the concept of "profitable".
Where is it more profitable to get a mortgage loan?
On the one hand, a mortgage is a great way to solve the housing issue, but on the other hand, it is a very important step, which imposes a lot of burdens and obligations on the borrower. Despite all the pros and cons of a mortgage, in our time it is the only reasonably justified loan. Judge for yourself: real estate will only rise in price, and by paying off the mortgage, you will not only not lose money, but you will also be able to earn money when selling an apartment.
Russian banks are ready to provide a variety of mortgage programs for a period of 1 to 30 years. Natural questions arise, and in which bank credit programs are better, where is it more profitable to get a mortgage, is there a profitable mortgage at all? These issues are especially relevant in large cities, where banks have a lot of potential clients, and the competition between lenders and even between consultants in one bank is quite high. Therefore, it is important to choose the institution with which it will be better and more profitable to cooperate for you.
Where is it more profitable and better to take a mortgage?
The concept of the word "beneficial" is individual for everyone. For example, it is more important for someone to quickly repay a loan so as not to overpay interest. For such borrowers, it is better to take a home loan from a bank that offers a minimum interest rate. However, it should be said that all mortgage programs provide for the so-called "annuity option for debt repayment." This means that the real rate on the loan will be slightly higher than in advertising. You should also not forget about a variety of bank fees, state registration of insurance and other associated costs.
Therefore, deciding to take a mortgage, while the most "profitable", you need to focus not on the low interest rate advertised in any bank, but rather pay attention to the full cost of the loan. The actual cost of the loan must be calculated at the bank and provided to the borrower before signing the mortgage, loan and other agreements. Only after a full calculation is it worth considering whether to take a loan from this bank or look for a better offer.
What to look for when choosing a bank?
There are many significant conditions to consider when choosing a lender bank. When deciding which financial institution to take out a mortgage from, pay special attention to the following criteria:
- Minimum down payment Is a very important parameter. Today it is very difficult to find a bank where you can take out a mortgage with a 10% down payment. Most lending institutions offer a down payment rate of 20% of the value of the property. And some financial institutions generally require 30% of the minimum down payment.
However, not everyone can shell out this amount right away. Therefore, if you are limited in funds, then choose a mortgage loan from a bank with a minimum interest rate on the down payment. 10% interest rates can be found in Sberbank (Mortgage for a Young Family program), Petrokomerets, Admiralteisky, Globexbank, Metallinvest, etc.
- Requirements for real estate Is another significant criterion. Since the mortgage is taken specifically for the purchase of real estate, it is extremely important to choose the lender who will issue a loan for the purchase of an apartment. That is, you need to choose exactly the bank that, without unnecessary problems, will accept the property that the borrower has chosen as collateral.
In the description of the mortgage lending program, there is always information about what requirements the bank puts forward to real estate. For example, not every lender agrees to give money for construction or secondary housing. In this regard, the European Trust Bank, My Bank, Pushkino, which agree to issue a loan for a mortgage on secondary housing, are better suited.
- Registration speed... It is very important for someone to get a loan as soon as possible. However, you will have to upset the borrower who wants to do everything quickly, since almost all banks have the same requirements for the package of documents and the terms for considering an application from a client, which usually take about 30 days. And if the potential lender is also the owner of the business, then this is an additional few days.
Of course, lenders can fulfill any whim for your money. For example, to significantly speed up the process, but at the same time the requirements for the minimum down payment will increase to 50%, and the loan rate will double. The most advantageous offer for the quick registration of a mortgage and "vtb 24".
- Interest rate Is one of the most important parameters. The interest rate on the loan determines exactly how much you have to pay each month, and how much more you will overpay in the end. Immediately, we note: its "fooled" on advertising that promises a low interest rate of 7.65% - 8.9%.
As a rule, such a rate is given only for the first year of the loan, and for the second and subsequent years it rises sharply. Therefore, read the contract carefully, and it is better to choose a bank with an average interest rate: from 9% to 12% per annum. The budget option of the mortgage at VTB-24, Sberbank, ITB, Rosenergo.
- Special programs... Sometimes there are cases when some financial institutions offer certain categories of citizens special preferential lending terms. Most often, these are government programs and subsidies, such as "Maternity capital for mortgages", "Mortgage for a young family", etc. Such persons can take out a loan for a mortgage, having received a number of benefits.
For example, Sberbank offers a reduced down payment for a young family. By finding similar preferential programs from other banks, you can significantly save money. Thus, a number of credit organizations, such as Pushkino, Admiralteisky, ITB, offer happy parents of their second and subsequent children to use maternity capital to obtain a mortgage. A particular advantage is given to clients who receive their wages at the bank in which they wish to obtain a mortgage.
- Loan amount and term... Although the loan amount is not the main priority when choosing a lender, this parameter will affect the decision of the borrower if the amount of his savings is very limited. The loan term is, of course, very important, since the longer the term, the easier it is to repay the loan, because with a long term, the amount of monthly payments is noticeably lower than with a short one.
The longest lending terms are offered by the following banks: ITB, Sberbank, Eurotrust, My Bank, Rosenergo, RIB, AHML - 30 years, VTB-24, Uralsib, Admiralteyskiy - 20 years. It should be borne in mind that a longer loan period increases the amount of the final overpayment.
Thus, the borrower needs, first of all, to determine which criteria and conditions are of the highest priority for him, and having decided, compare the banks with each other and make a choice in which bank to take out a mortgage.
