Mortgage for the share of an apartment - What do banks offer today?

For a significant part of the population of our country, the issue of purchasing their own housing is a problem. Not everyone is able to pay the cost of an apartment, but there is a unique opportunity, despite financial difficulties, to still become the owner of a home by using the services of banks, namely, taking out a loan for some part of the apartment.

A mortgage loan for some part of the apartment allows organizations and individuals to solve the housing problem. To take advantage of financial assistance, you need to have up-to-date information about the amount that a citizen who has made such a responsible decision will have to give to the bank for the opportunity to use a shared loan. Let's take a closer look at this issue.

Shared ownership and its types

We need to decide what types of shared ownership there are. Why is this necessary? This is important because banks are looking at housing and if it is not what is required, they will not finance it. The legislation considers the following types of ownership of part of the housing.

1. Everyone who owns housing has equal rights regarding the use of housing shares. The size of the housing share is determined by the square meters belonging to the owner, and not by a certain part (common ownership right).
2. Fractional ownership, which is essentially private property. It is necessary to add that the share is such only after it is registered in the Register. Without this procedure, housing or part of it is actually common ownership. An illustration of this type of share ownership can be the case of a communal apartment, when each tenant actually owns a section of the apartment and none of the other residents of the apartment uses this part.

As we see, problems with such a purchase can be caused by the fact that the apartment has more than one owner, and they may not like the fact that the property that belongs to them suddenly goes to a stranger. In addition, there are difficulties or even impossibility of designing this type. This is due to legal restrictions.

What is a share in an apartment

If there are several shares in an apartment, then this is called shared ownership. That is, this real estate is owned simultaneously by two or more people.

The share size is indicated as a fraction. This could be ½ (if there are two owners), 1/3 and so on. There are other relationships. Such situations arise especially often when a property is divided between heirs, when privatization or division of property was carried out. This division is conditional. In addition to the living space, each apartment also has a kitchen, a corridor, and a bathroom. In these premises, a share is not allocated to any of the owners, since these are public spaces.

By law, each owner has the right to manage this apartment, but is also obliged to bear the costs of its maintenance. The size of the investment is determined based on the share of each specific owner. Of course, such joint ownership often causes conflicts between owners. As a rule, such issues can only be resolved in court, since settlement agreements are rare.

The situation of owners is aggravated by the fact that they cannot make certain decisions alone. These are decisions that relate to the registration of new residents, even if they are minor children. In order to register a new tenant, you will need to obtain the consent of all owners of this apartment or house.

It is not surprising that after some problems arise, share owners very often have a desire to get rid of their share. Selling a share in an apartment is a big problem, since the seller is obliged to offer his share first of all to the other owners. This is approximately how things stand on the part of the seller of a share in an apartment or house. The buyer, in turn, must also know many conditions in order to buy a share with a mortgage.

How to apply for a shared mortgage?

So now we know what types of such property there are. The time has come to tell the details of this issue, to present various cases more specifically. Each case is unique. And although various lending programs are known, they are not used blindly, but taking into account the characteristics of each specific situation.

Here are the three most common situations when people need to contact a bank to get a mortgage:

1. The borrower, who already owns several parts in order to fully own the entire property, wants one more share, the last one.
2. The borrower owns one share and wants his living space to expand by purchasing another share.
3. The borrower does not own any part, but wants to purchase a share.

What does it take to start turning what you want into reality? Collateral is required; in fact, it is the housing purchased by the borrower. The financial institution will then manage not just part of it, but the entire apartment. It follows that case number one promises a greater likelihood of loan approval by the bank.

What about the second case, how much fuss and problems? Of course, there are problems, and banks may refuse, and your goal risks not being achieved. Do not despair, because with the written consent of each owner to the condition of the deposit, approval will also be granted. Disadvantages of the second case, when they acquire a second share, already having one: rather high interest rates, since the housing costs more than part of it, and it is also no easier to sell a part than a whole apartment.

And now the difficult third case. Perhaps you will be rejected. But there is still hope for success. Be on good terms with those who own the property, and then try to divide the shares. You will have to spend money on paperwork, then you will finally receive confirmation of the purchased part, go to the bank. There is no point in lying; we have to admit that it is most likely useless to take risks here and there are few chances.

Every potential borrower has the right to know that the law limits the number of meters per tenant. Those parts of the apartment that include non-residential premises (entrance hall, toilet room, storage room and similar premises) cannot be considered as shared ownership. Their area is not taken into account when dividing into housing shares.

Real estate requirements

Not every room can be purchased on credit. Firstly, it must already be allocated, that is, it must be a separate piece of real estate (isolated residential premises). At the same time, the apartment in which the share is purchased and the house where it is located must meet the bank’s requirements.

Requirements for real estate share:

• area of ​​at least 12 square meters. m (that is, at least one room);
• notarized refusal of neighbors to purchase;
• absence of illegal redevelopment;
• availability of all communications (heating, water supply, light, etc.);
• absence of encumbrances, for example, pledge, arrest.

The age of the house where the apartment is located in which the rooms are being purchased should be no more than 48-50 years, and its wear and tear should not be more than 60-70%. The room must have doors and windows, in normal living condition.

Five top banks providing share mortgages

Do you think that all the relevant institutions are willing to help you with your mortgage? You were very mistaken. The reason is the unprofitability of working with part of the housing, even if all of it is collateral. We present to your attention financial institutions that will take on this type of loan.

1. Sberbank will offer you the opportunity to purchase residential real estate by paying off your debt within 30 years. Loan conditions are general. The minimum you will pay is 300,000 rubles at 11 percent, which indicates the stability of Sberbank. The fact that he works with pensioners also speaks in his favor.
2. Gazprombank allows borrowers to take advantage of a loan program to purchase the last part of an apartment or room. Amounts – starting from 500,000 and up to 45,000,000 rubles. They offer to repay the loan over a fairly long period of time, 30 years. Rate – from 11%. PV - 15% and above, and in the presence of maternal capital - five percent. For those who work at gas industry enterprises, state employees, as well as large partners of the named bank, discounts.
3. Tinkoff Bank gives clients the opportunity to get a mortgage for a separate share, which cannot be said about other Russian banks. The minimum percentage is 13.35, the smallest contribution is 25% of what the housing costs. Mortgages are issued by partners, not Tinkoff Bank. This bank helps with paperwork. But prepare for possible difficulties with documents, namely their transfer and collection.
4. The private bank Otkritie Financial Corporation allows the borrower to purchase the last share of an apartment with a mortgage. The minimum rate is 12%. The first time you can deposit 20% if you have a 2-NDFL certificate, and if you don’t have it - 30%. This largest financial institution is strict with its clients.
5. Deltacredit offers services for any share in housing. Pay off by age twenty. The minimum is 10.75%, which attracts the borrower, while a commission of up to four percent of the entire loan is a condition for the minimum rate. In addition, the rate depends on the size of the down payment (from 15%). At 50% there is a maximum discount, so DeltaCredit is ready to change and adapt to the client.

Reasons for refusal

When considering the application, the bank may make a negative decision. Possible reasons include the borrower’s negative credit history, insufficient solvency, etc. If you understand that your income level does not allow you to obtain a mortgage for the property you are interested in, involve co-borrowers, their income will be taken into account when considering.

The reason for refusal may be the share itself. For example, if it does not meet the bank’s criteria, is located in a dilapidated house, the lender doubts its legal purity. If the client is satisfied with the lender, but the property is not, you can simply choose another purchase option.

If you have any questions or need help applying for a mortgage loan for a share of an apartment, please consult the Rosbank Dom specialists.

Procedure for obtaining a shared mortgage

To start applying for a mortgage from a bank, get its decision. They provide the following (standard) set of documents: passport of the borrower and co-borrowers (when necessary), SNILS, income certificate, copy of the work record book, marriage certificate, birth certificate (of the child or children). The documents concern the borrower, and if required, then the guarantors.

The bank studies the application from two to five business days. After this period, when the decision is received, the borrower collects a package of documents for the share that he wants to purchase in the apartment. For a specific case from those described earlier, you need your own list of documents, but the registration procedure is the same.

Here's what it looks like: first, prepare the documents that are considered by the bank to decide on granting a loan for a mortgage; the required documents are always the passport of the person selling the share, and also an extract from Rosreestr stating that the housing has been registered.

If we are not talking about the last part of the housing, then the co-owners must write a waiver of their right (they have the so-called primary right to this territory). The bank also needs facts that will indicate that the borrower and co-owners are not related to each other; the borrower provides documents confirming the housing’s compliance with the standards prescribed by law. Anyone who sells a home collects the following documents for the bank:

• Extract from the house register;
• Certificate of ownership;
• Receipt agreement;
• Confirmation that other co-owners or spouses (if any) have been notified.

After providing all these documents, the bank considers the possibility of providing a mortgage. If there are no violations of the conditions, an agreement is drawn up with the borrower. So, in general terms, we got acquainted with the algorithm of actions, and we understood that it depends on many factors, a specific case, these features are also related to the fact that documents are submitted at different times. Sometimes the co-owner is absent from the city, simply leaving the country. And this also slows down the process of working with documents.

What alternatives are there to shared mortgages?

Suppose the bank refuses to issue funds for a mortgage. Then here is an alternative option that may suit you. This is a registration of a consumer loan, which is characterized by a higher rate, and also cannot be done without registration using a gift agreement. People do this quite often, because the owners do not want to mortgage their home so that someone else can buy a share.

There is still an opportunity when a mortgage is issued on the security of real estate that the person who applies to the bank has.