Mortgage

A lot of people think that mortgage credit is more profitable way of solving residential problems. Mortgage has a number of important advantages; however you should be very attentive to the conditions of getting of mortgage and also decide why this credit is profitable for you. To get a credit you should render a package of documents in bank which confirms your paying capacity. Bank asks Borrowers show data about education, seniority, family, incomes and expenditure

What is it mortgage?

Mortgage is long term loan on the security of property for buying home.

Participants of the mortgage system are:
- banks (makes checking of borrower paying capacity),
- insurance companies (they obliged to insure risks occurring in a process of mortgage credit),
- evaluative companies (value the market cost of the flat).

Conditions of mortgage accordance.

To receive a credit you should render to bank a package of documents which proves your paying capacity. Bank asks Borrowers show data about education, seniority, family, incomes and expenditure. For determination of joint income of a family bank can take into consideration incomes of other adults of the family. If bank decided to give you credit, you should together with the member of the company select an accommodation. Banks give mortgage credits to able to work citizens from 21 to 60, who has seniority on the last working place not less than 3-6 months and stable income. Bank makes a decision about amount of credit.


- Credit is given for the term from 6 to 27 years.
- Sum of the credit is to 95% from the buying accommodation.
- Percentage rate of mortgage credits in rubles is from 15% annual, in dollars is from 10% (individually).
- The subject of loan is a flat which becomes property of the borrower.
- Paying off the credit is monthly by equal parts during the whole term of credit contract, which including percentages of credit and part of the main debt and do not exceed 30-50% middle monthly income of borrower.
- Payment by borrower from his own means in amount of from 5 to 40% from the cost of buying flat (first fee).
- Rendering by borrower documents which let value his paying capacity (certificate of income, family, educational documents, seniority, passport’s copy and etc.).
- By determination of the size of the credit as income of borrower could be counted salary by the main place of work, income from the combine jobs, income in a form of percentages of deposits, income from leasing and etc. for the last 2 years.

Advantages of mortgage
- An opportunity to pay for own flat and do not rent other, whereas percentages of credit comparable with monthly rent for the same flat.
- An opportunity in short period becomes owner of the property and moves to the new flat.
- Take a credit for the long term for which the size of the monthly payments does not change in case of growing prices for flats.
- Receiving tax privilege for the whole term of mortgage from the sum within the limits of 1 000 000 rubles tax deduction, and also the sum which is pay by percentages for the term of payment of credit.
- An opportunity to register (get registered) in flat buying by mortgage to borrower and his family members.
- Profitable investments (prices for the property is growing stable on 15-30% per year).