How to choose a loan

Currently, almost 70% of the population over 20 years old have debts on loans.Most people take personal loans - for its own needs.But more and more turns of gaining a mortgage as the primary means to get an apartment in the property.This contributes to a lot of federal and regional programs for public housing.At the same time the funds for mortgages can be provided in two forms: a loan (bank) loan (non-credit institutions) - differences of principle is not so in the article, we will use these terms interchangeably.

Despite the fact that this kind of relatively young, it is already on the market can find various types of mortgage product.In this article, we will tell: what are, how they differ and what their development trends.This article was prepared based on the data Agency for Housing Mortgage Lending under the Government of the Russian Federation.

  1. Classic
    It implies a standard issue of credit secured by property.What does the object of pledge can be either re-buy housing, and is alrea
    dy available.It is strictly targeted and can not be spent on something else.The interest rate varies from 10 to 17% depending on the bank, period, amount of down payment.
  2. New
    Participants House of primary real estate market.Unlike classic that are registered in the judiciary contracts equity and burden in the form of mortgages, "hung" when received permission to enter the facility.The rate varies depending on the availability of housing - before putting the house from 12 to 17%, after putting about 11% per annum or less.

  3. Maternal capital
    issued only administrator of the parent capital or his wife (then necessarily Souza).The rate is usually set uniform for the whole period of the loan.Children are included in the number of owners of the acquired property.You can make a notarial obligation that highlight their share within 6 months from the date of removal of encumbrances (mortgages).

  4. Military Mortgage
    available only servicemen - participants accumulating mortgage system of housing for military personnel.These members receive contributions to a personal account and can purchase a house within three years from the beginning of the program.According to the program is purchased apartment the secondary housing market.

  5. Mortgage for young teachers
    program provides for the issuance of mortgage loans by 8.5% per annum and is designed for young teachers.At the level of the subject of the Russian program is specified by defining the conditions for selection of participants, coordination of the loan from the federal level.In attendance will be final year students of pedagogical universities and teacher of 35 years.

  6. Variable Rate
    feature of this program is that the interest rate is tied to the refinancing rate of the Central Bank. At the same credit terms provided for the upper and lower limit of the interest rate on the loan (less than 5% and not more than 20% per annum).Final rate is determined based on the amount and term of the loan.It is very competitive in terms of sustainable economic development, especially in recent years reduced the refinancing rate only.

  7. Low-rise housing
    feature of the program is that instead of the high-rise apartment house you get to the ground.Land will also be included in the mortgaged property subject to assessment and .We single out another advantage: the possibility of buying land for the construction and received funds to build, for example, the cottage.

aware that many of the "intertwined" with each other.For example, the purchase of land for construction of houses falls under the rules of Buildings, and the purchase of apartments in the city center (Resellers) using maternity capital will lower your interest rate.

Useful information:

1. housing market is divided into primary and secondary.The first includes objects of share construction, investment projects and the house put into operation after 2007, provided that in the chain of owners were not individuals.All the rest - a "classic."

2. initial payment varies from a minimum of 10% of the price up to 70%, but not less than 300 thousand loan amount.

3. Among the programs to improve the living conditions of release:

3.1. maternity capital: For reference : the sum of the parent (family) capital on 1 January 2012 is 387 640, 30 rubles , indexed each year.To use, you must provide a certificate to the bank, it is included in the loan amount, iethe initial payment is made from its own resources.

3.2. state housing certificates under the federal program "Housing": the size of up to 600 000, can be considered as an initial payment or if received after the conclusion of the credit agreement, as early payment (unless a moratorium on early quenching).

3.3. Governor subsidy: up to 300 000 rubles.Mandatory approval of the contract of sale (equity) with the state authorities.

4. Mortgage necessarily accompanied by property insurance.The same can be added to personal insurance of borrowers (only those who show income), Insurance of property rights (required if the seller has more than 70 years, is at once the entire term of the loan), insurance risk of default of loan obligations (when the initial payment less than 30%the program "Classic", 20% under the "New").

5. Currently, the refinancing rate is 8%.

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