Mortgage loans and their classification

Welcome! Today we will talk in detail about mortgage lending. How do mortgage loans differ from each other, how mortgages work in Russia and the rating of banks for mortgages, so that you can roughly understand where to apply.

Home mortgage – This is a form of loan in which housing is necessarily issued as collateral. It is customary to share:

Mortgage by virtue of an agreement - when a loan under the terms of a loan agreement and as a pledge is any housing approved by the bank after the transaction is registered with Rosreestr.
Mortgage by virtue of law - here the loan is issued for newly acquired housing.

102 of the Federal Law on Mortgage and Pledge of Real Estate fully regulates all relationships in this area. Read an overview of this document with available expert comments on our website.

Mortgage lending in the Russian Federation, regardless of the chosen financial institution, is carried out on the basis of a certain mechanism.

The mortgage lending scheme is as follows:

A person selects a suitable loan program and prepares documents to satisfy a loan application.
After receiving a positive result on lending, the future borrower is given 30-60 days to choose a property. It is this selected property that will be the collateral for the loan.
During this period, the borrower will be called to the bank to review the application and submitted documents, as well as to sign the documents.
After all the registration processes of the mortgage agreement and the real estate itself in Rosreestr, the borrower is credited with funds, and he officially becomes the executor of obligations.
As an additional guarantee of payments and in order to avoid the loss of the pledged property, a financial institution may oblige the borrower to issue an insurance policy.

Currently, all modern banks lend under this scheme. Each of them offers a wide range of mortgage programs. As a rule, the more of them, the higher the rating of the bank. They are intended for the general population, many of them contain various benefits.

Despite such versatility, a wide variety of programs, the mortgage sector is constantly evolving. This is due to such factors as new legislative acts, changes in the field of legislation, the development of construction, subsidizing loans from the state.

Types of mortgage programs

Mortgage loans are classified primarily on the basis of the object that the borrower plans to acquire, as well as on the basis of the installment payment procedure and interest rates.

A permanent mortgage loan is a standard interest payment scheme with standard conditions and requirements for the borrower. Here are the most popular programs that are offered to modern borrowers. Each home loan has its own features and benefits. First, relying on the rating, you need to choose a bank, and then choose the best lending option from the many offered.

Resellers

Resale housing attracts many, as it can be purchased at a relatively low cost and there is no need for major repairs. For the purchase of finished housing, the percentage is calculated from 10% or more. The size of the down payment in this case starts from 20% and can reach 80%. The interest rate is calculated strictly individually. It can increase based on factors such as:

The client does not receive salary in the bank;
Cancellation of personal insurance;
Lack of income statements.

New buildings

A housing loan for new buildings is the issuance of a loan for the purchase of an apartment in a new apartment building under construction. The main difference here is obtaining a certificate of ownership, after which the property is already considered built, moreover, it is considered a secondary property, despite the fact that no one lived in the apartment.

Quite often, a situation arises when the house has already been built and all the acts have been signed, but the certificate is not issued. This is a special case when the bank cannot provide loans for new buildings and for resale. Some banks call this period “dead”.

Important! At this time, real estate is purchased under a pre-executed contract of sale. You should not be afraid of such schemes, it is quite legal.

There are three main ways to buy a new building:

According to DDU, that is, according to an official document of a shareholder or investor.
Under an assignment agreement. This is a completely legal way to buy an apartment not directly from the developer, but from a previous buyer through DDU.
Under the agreement of the housing cooperative. A similar scheme is used by those developers who have problems with building permits.

Financial institutions, when applying for a mortgage such as a housing loan for apartments in new buildings, check the reliability of the developer and the level of readiness of the house. Each bank has its own requirements for these houses. There are institutions that are ready to issue a bank loan even at the stage of excavation, others need to close the zero cycle, and there are those for whom it will be enough to show the zero cycle.

Important! In any case, lending to primary housing is a risk. As a guarantee against unforeseen situations, the bank may require additional collateral. Read our post "" to understand the nuances.

House and land

Modern banks offer two types of land mortgages:

This is a mortgage on land.
For the purchase of land with the subsequent goal of building a cottage or house on it.

In the second case, only liquid options are considered, that is, preference is given to plots in cottage settlements, and not in the forest near the river. In this form of lending, the purpose of acquiring a plot is very important, since housing lending itself will be built on this - for a summer cottage, for a townhouse and for a house.

The primary feature of this lending is the ability to build on the purchased site, any buildings. In addition, banks can give up to 30 years of repayment for such a loan. With this form of lending, re-accreditation is provided.

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