Mortgage from the developer: conditions and design options

Where to start designing

Banks, trying to take into account possible risks, put forward requirements for potential borrowers. The client should evaluate his financial capabilities. Attention should be paid to the following factors:

• Age

  . You can take out a loan for real estate from the age of 21. Banks rarely sign contracts with students who cannot yet fully devote themselves to work. Also, financial and credit organizations are wary of pensioners. With rare exceptions, banks strive to ensure that the borrower is no more than 65 years old at the time of repayment of the mortgage.

• Financial situation

  . The minimum down payment amount is usually 10 – 15%. It is also important for the bank to make sure that the client’s income is enough for monthly payments. It is more profitable for a financial institution to provide loans to families in which both spouses have a permanent job.

• Seniority

  taken into account when purchasing an apartment or house with a mortgage. The client must work in one place for at least six months.

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It is advisable to repay previous loans in full in order to increase the chances of approval of a new one.

Mortgage conditions from the developer

The developer himself cannot dictate the terms of the mortgage loan; they are created by the bank. But within the framework of partnership agreements, special programs with extremely competitive rates can be created.

The main conditions are:

• availability of a down payment of at least 10-20%. Without a down payment, a mortgage from the developer will not be issued. An exception is that some banks allow the use of maternity capital as investment capital;
• The borrower has an official job, with at least 3 months of experience. The level of income and the fact of employment are confirmed by certificates;
• the borrower has reached 21 years of age. Each bank has its own age limit at the time of full repayment of a mortgage; look at the requirements for the borrower; sufficient solvency to repay the mortgage;
• you can apply all the required subsidies, complete a Family Mortgage transaction, and use maternity capital;
• The purchased object must be insured for the entire loan repayment period.

If a mortgage from a developer is taken out by spouses, they become co-borrowers and bear identical responsibility for repayment. The second party to the transaction also carries documents, but there is no requirement for mandatory employment.

Bank selection

If you meet the criteria described in the previous paragraph of the instructions entitled: “Where to start buying an apartment with a mortgage,” you can begin to study the conditions of banks. It is important to consider the following points:

• interest rate;
• maximum mortgage amount;
• an initial fee;
• availability of preferential programs;
• insurance.

Experts advise submitting a package of documents to several banks at once. Get three or four or more approvals, and then make your own choice of the most suitable conditions.

How are calculations made when purchasing a mortgaged apartment with a Sberbank mortgage?

The buyer may use part or all of the down payment to pay the deposit under the preliminary purchase and sale agreement.
The rest of the money is paid to the seller by the bank after registering the transfer of ownership in any of several ways, depending on the terms of the program:

1. Secure payment service. The buyer transfers money to a special account. Sberbank sends them to the seller within 3-5 days from the moment of registration in Rosreestr.
2. Letter of Credit. Similar to SBR, the seller takes the money after registration.

Wire transfers and safe deposit boxes for mortgages at Sberbank are used quite rarely.

We collect a package of documents

So, you have decided to take out a home loan. But how to get a mortgage, where to start? The standard list of documents is the same for different banks, but there are some peculiarities. It is necessary to study the requirements of a particular institution on the website, by phone or during a personal visit. Here's what's included in the basic package:

• borrower's passport;
• insurance certificate;
• data on marital status;
• information about the borrower’s income (certificate 2-NDFL);
• a copy of the work book.

Often financial and credit institutions ask to provide evidence of additional sources of income and profit. Documents confirming income to the family budget will only be a plus.

Lawyer's answers to popular questions

What is better to take out a mortgage from Sberbank: for an apartment in a new building or on the secondary market?

It all depends on the amount of the approved mortgage. Under equal conditions, secondary housing will cost less. If you need to move in quickly, you should choose a secondary property. If a DDU is concluded, you will have to wait for the completion of construction and commissioning of the house.

How is a mortgage paid at Sberbank?

The schedule is drawn up before signing the mortgage agreement. It indicates the total amount, the amount of overpayment and monthly payments. Differentiated payments are not currently used, only annuity payments.

How to get a mortgage from Sberbank if you need to buy out a share in the property?

Housing loans for shares are issued by Sberbank extremely rarely and in exceptional cases due to the high risks for the lender. If the mortgage is approved, registration proceeds according to the standard procedure.

We take out a mortgage on an apartment through Sberbank. The seller is 70 years old. Is it necessary to obtain a certificate of legal capacity and absence of mental illness from him?

The bank does not require a certificate, but it is better for the buyer to play it safe and request it from the seller. It is registered at a psychoneurological dispensary.

Do I need to take a receipt from the seller for the down payment as a deposit?

Yes, for your own safety. The receipt is signed at the time the money is received. receipts confirming receipt of down payment on mortgage

Application to the bank

Buying an apartment with a mortgage is not a quick process. As soon as you have collected the necessary documents, immediately submit them to the bank. This can be done in person at the office or through the website of a financial and credit organization. Try to provide accurate information. Remember that the lender will verify the information.

At Rosbank Dom you can calculate and get a positive decision on a loan without visiting the bank. The mortgage rate in a financial and credit organization is from 6.80%. A preliminary decision is issued within 10 minutes.

The bank will launch a data verification procedure. A response to the application is issued within five days. Having received a positive response to your application, you can begin searching for real estate. Up to 3 months are allocated for these purposes.

Mortgage lending programs at Sberbank

You can buy an apartment with a Sberbank mortgage on both the primary and secondary markets. The main thing for the borrower is to choose the most profitable program, because after completing the documents, the housing loan will have to be repaid for several years.

What programs are available in 2021:

Important! All programs require an initial payment. For Sberbank clients, its size is usually equal to 10% of the value of the property, for other citizens – 15%.

Property selection

Many people answer the question “Where to start the mortgage process” that the main thing is to find suitable real estate. At this stage, the borrower needs to start choosing an apartment or house. Both the client and the bank should like the housing, because it acts as collateral. The selected property is assessed and the cost is specified in the mortgage loan agreement. The bank will provide a list of appraisers it trusts. The client has the right to choose another organization.

As part of the assessment, the liquidity of the apartment is determined. It almost always differs from the market value. This takes into account the location, year of construction, and availability of infrastructure. The liquidity of an apartment in a building under construction, a new building and secondary housing will differ.

Step-by-step registration process

If a future borrower chooses a specific property and housing, he must go through the following steps:

• collects all necessary documents for obtaining a mortgage;
• submits an application for a loan (either himself or through a mortgage broker from the developer);
• signs the agreement with the developer (after the bank approves the procedure);
• signs mortgage documentation at the bank;
• registers the transaction;
• pays the down payment to the developer;
• the bank transfers the money to the developer.

If you purchase an apartment in a building under construction, the bank always pays attention to the completion date of construction. The home remains the property of the financial institution as long as the borrower pays off the mortgage.

Read more about how the purchase takes place below.

More about the process

The future borrower has chosen the property that he is going to buy under a mortgage agreement. Next you need to decide on a developer.

The closer the property is to the completion date, the higher the cost of the apartment. That's why many people buy apartments that don't actually exist yet. As mentioned above, the most dangerous deal is when only a foundation pit has been dug.

According to many realtors, the most profitable investment is purchasing real estate in a property that is already 70% ready. This means that the house has been built, but is not yet ready for delivery, and finishing work is underway.

The risk of construction freeze is reduced. Also, at this stage, the cost of apartments has not yet risen to its maximum.

You need to book the option you like with the developer by concluding an agreement. The document specifies the characteristics of the property, the presence or absence of certain problems, the terms of purchase, and the amount of the down payment. When applying to a bank for a mortgage, you must show this agreement.

Documentation

The developer must be required to provide all the following documents:

• certificate of ownership of the land plot and the facility being built on this land;
• a construction permit issued by a government agency;
• act of distribution of apartments;
• investment contract.

Documents submitted to the bank:

• passport of a citizen of the Russian Federation;
• a copy of the work book;
• income certificate;
• investment agreement drawn up together with the developer;
• copy of the tax return;
• a copy of the developer's decision to sell the apartment.

Each credit institution may require any additional documents . The bank reviews the application and documents, and then contacts the client, informing about the approval of the application or refusal. Then a mortgage agreement is drawn up.

As soon as the mortgage is issued, the apartment will become the property of the borrower under a purchase and sale agreement. The transaction is formalized in Rosreestr.

Typically, a mortgage is issued within a month. During this period the money is transferred. If the mortgage agreement is concluded, but the house has not yet been rented, the reservation agreement will remain in force for some time.

But what to do after receiving the keys? Receiving the keys to a new apartment is a joyful moment, especially if the apartment was purchased in a new building during the construction stage. But the full owner of the home will be the one who registers ownership of the apartment.

Obtaining a bank decision

After a positive response to the transaction is received, the period of settlement with the seller and registration of ownership of the apartment begins. After the registration procedure, money is transferred. Until then, the entire amount is stored in the borrower’s account or in a safe deposit box.

The time frame for the purchase and sale of real estate to be completed depends on several factors:

• deadline for collecting papers;
• the time during which the bank verifies documents;
• internal procedures for obtaining a mortgage.

The services of a realtor will help speed up the process of purchasing an apartment with a mortgage. You can search for real estate on your own, through friends and acquaintances, on specialized websites or at a real estate agency.

Purchase option #1. Through the developer

Every major construction company has an office to accept applications for mortgage programs. Representatives of the developer work there, trained by banks and given access to the program for accepting mortgage applications.

If a company works with a large number of banks at once, it can create a special single brokerage form for accepting applications. As a result, for example, if a buyer has chosen an apartment in a building that has been accredited by Sberbank, VTB and PSB, the application will be sent directly to these three banks. It's comfortable.

How is such a mortgage obtained from the developer:

1. Studying the property, choosing an apartment, booking it.
2. A visit to the brokerage department of the developer with primary documents (only a passport or passport + certificates, the manager will tell you exactly). Applying for a mortgage.
3. An automatic response from the bank or banks may occur almost immediately. If there are several approvals, the buyer chooses the best option.
4. The developer prepares a package of documents for the bank, which includes the client’s documents and papers for the property being purchased. The bank conducts an inspection within 2-3 days.
5. If there are no complaints, final approval is given for the purchase of a specific object, and a payment schedule is drawn up.
6. The borrower visits a bank branch, signs a loan agreement, and buys mandatory insurance. Next, the transaction is registered in Rosreestr. If the property is still under construction, ownership will arise after the delivery of the house.

This method of obtaining a mortgage from a developer can be called the most convenient, since the paperwork and dialogue with the bank is taken over by the construction company.

Purchase terms

Let's get acquainted with the basic conditions that must be met in order to become the owner of housing in a new building.

1. Very often , a credit institution requires that you contact only those developers who have an agreement with these credit institutions. The fact is that banks also take a lot of risks when issuing mortgages. The house may not be delivered, construction is frozen, and you can refuse mortgage lending through the court, thereby leaving the bank at a loss. Therefore, the credit institution enters into agreements with certain reliable development companies, from which the purchase of real estate is offered for mortgage lending.
2. The second condition concerns the timing , which we discussed in the paragraph above. You can purchase real estate only if its construction is at least 70% complete.
3. You will need to be prepared to put down a substantial deposit to purchase the property . It can be accrued in the form of cash, and you can also provide your property in the form of a car or apartment as collateral.
4. The mortgage term cannot be less than 1 year.
5. In addition, you must be a citizen of the Russian Federation and have a residence permit in the region where mortgage lending is issued.
6. If possible, you must have a permanent job in order to provide proof of income. But some banks turn a blind eye to this point, because many citizens in our country prefer to work without official employment.
7. Also, in addition, each credit institution puts forward its own individual conditions . Therefore, before applying for a mortgage loan, read them carefully; perhaps in some cases you will not meet the bank’s criteria, no matter how hard you try.