Loans And Availability

The average mortgage terms range from 3 – 5 years, 15 – 30 years. The basic conditions on which loans are available: a period of 6 months to 30 years; loan amount of up to 95% of the cost purchased real estate; the interest rate on mortgage loans in rubles – 15% per annum in foreign currency – from 10% (determined individually); collateral – an apartment, which becomes the property of the borrower; borrower must pay out of own funds of 5% to 40% of the cost of the apartment (the initial cash contribution); in determining the size of the loan as the borrower's income may be taken into account by the basic salary place of employment, income from part-time, interest income on deposits, income from rental real estate available, and others over the past 2 years; borrower must provide documentation to assess its ability to pay (income statement, family composition, educational qualifications, employment history, copy of passport, etc.) The main advantages of mortgage: has a fairly short period of time to become the full owner of the apartment and move into it at once; Credit is given for a long period in which the monthly payments do not change in case of rising cost of apartments; the ability to pay for her own apartment and not REMOVE others, while While interest on the loan are quite comparable to the monthly rent for a similar apartment; the opportunity to register (to register) in the apartment, purchased the mortgage, the borrower and his family; profitable investment (real estate prices are growing at 15-30% per year); receive tax benefits for the entire term of the loan, with amounts in the range of 1 million rubles tax deduction, as well as to the amount paid as interest for the period loan repayment. Mortgage loans are issued by mortgage banks, commercial banks, credit agencies. Any commercial bank, usually offers a choice of several programs with a variety of mortgage conditions and interest rates. But in any case, if you arrange the loan, then immediately become the owner of the property you purchased and the loan and repay the interest is for personal, rather than rental housing. If you arrange mortgages for future construction, the owners you will only after obtaining all the documents to enter the building in operation. And now a couple of tips: 1.

On Web sites, virtually all organizations that engaged in mortgage lending, there is usually a mortgage calculator to calculate the amount of the mortgage. In order to more reliably estimate the use of a particular type of mortgage lending, pushing on your specific financial abilities necessary to take into accounts the organization in which you are employed, the calculation of the size of your income. Only after this is to use such calculator. 2. In order to find the most suitable option you mortgage, is to analyze the proposals of several lending institutions. For all your questions you can consult a specialist "hot line" of these banks (as a rule they are available). After that, compare the options available, choose the best and forth to a new apartment!

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