Planning in the near future to become the owner of their own apartment or private house, many Russians expect to get approval from the bank for a loan. And only a few manage to get a mortgage without a down payment. How to make a desired purchase, without having for this an impressive amount of money?
Every year, financial institutions adopt more and more loyal mortgage lending programs for people, offering acceptable conditions and not requiring initial investments. Just a few years ago, housing in a mortgage without a down payment seemed like something from the realm of fantasy. Today, potential borrowers have the opportunity to choose among a number of suitable options, taking into account income, social status and existing housing conditions.
The nuances of obtaining a loan without investment
How to get a mortgage without down payment? The task becomes much easier if the potential borrower belongs to the preferential category of the population. If there are no benefits, you must first find a suitable option on the real estate market. By the way, financial and banking organizations most often approve applications for the purchase of apartments in new buildings or the construction of a private house. Without a down payment on a mortgage, it is much more difficult to take a second home.
The next task is to determine the real amount of monthly payments. When planning to get a mortgage without a down payment, the borrower needs to accurately calculate how much he can pay on a monthly basis. In addition, you need to consider the opportunity to move into the purchased home. If the new apartment is not immediately ready for living due to repair work, it will take some time to rent a house. Then the borrower will have to make regular payments on the mortgage and at the same time pay for the rented property, which significantly increases waste.
What documents will be needed
Here the rule is simple: the more documents, the more chances to issue a loan. The package of securities will depend on the program for obtaining a mortgage without an initial payment. First of all, it is worth noting the standard documents that no bank can do without. Their originals and copies are presented:
- passport of an applicant citizen of the Russian Federation;
- guarantor's passport (if the guarantee takes place);
- SNILS of the borrower.
Most lending financial institutions also require documents from the co-borrower, who always acts as a spouse, unless otherwise provided by the marriage contract.
How to get a mortgage without down payment? It is practically impossible to do this if the borrower cannot confirm the legitimacy of his income. The size and size of the client’s monthly profit plays a fundamental role. You can calculate your mortgage without a down payment, which will not become an unbearable burden for the family of the borrower, using the special online calculators on the banks' websites.
Employed citizens provide a certificate in the form of 2-NDFL, a notarized copy of the work book or employment contract. Individual entrepreneurs can also apply for a mortgage. They will need a document on state registration of individual entrepreneurs, the original and a copy of the license to carry out a specific type of activity, as well as a tax return for the past few months.
Instead of a down payment
Everyone who applied to the bank knows whether it is possible to take a mortgage without a down payment. If the client does not have the required amount, you need to find a worthy alternative to this payment. Most often it is replaced by:
- funds of maternity capital;
- state subsidies for young families;
- preferential programs for military personnel.
Each family in Russia receives a certificate of maternity capital, which can be used as a down payment for a mortgage. However, not all financial companies cooperate with clients using this method of financing the starting payment. Most often, banks accept maternity capital funds to pay off the rest of the debt.
Since 2011, the Young Family program has been operating in the Russian Federation. Its essence is to provide state support to young families in need of better housing conditions. Participants in the program can be citizens who have not reached the age of 35 and who live in a room where each family member has less than 12 square meters. m. For such families, the state compensates from 30 to 40% of the cost of housing purchased in a new building. A statement must be addressed to local authorities. The decision to approve the application or refuse to participate in the program is made within two weeks from the date of submission of documents.
The Ministry of Defense of the Russian Federation accrues money to the funded part of the pension to employees under a long-term contract. The conditions of a military loan for the purchase of an apartment or house are determined by the length of service. Mortgage without an initial contribution to secondary housing is mainly received by staff officers. They are issued certificates immediately after signing the contract. At the same time, the housing that the soldier had before the contract service is not taken into account.
Mortgage collateral
Often, customers are faced with the reluctance of financial institutions to provide a mortgage loan. This alternative to the down payment is based on the pawnshop principle: the first payment will be the amount equivalent to 70-80% of the cost of existing housing. Mortgaged property must be registered in the ownership of the client. The total loan amount that the bank can allocate is determined by the amount of customer income. As soon as the required amount of funds is paid, the property automatically goes out of bail.
Having received this type of guarantee of repayment of debt, financial companies can provide an amount for the purchase of housing in new buildings in the amount of 300 thousand to 8 million rubles. In this case, the mortgage term without a down payment can be up to 30 years at a rate of 9-10%. However, when registering property as a loan, certain difficulties often arise:
- the proposed property has low liquidity due to poor location (for example, in the historical center of a large city);
- the estimated value of the collateral is inferior to the amount necessary to make the first payment or to pay for additional services, insurance.
The easiest way to get a mortgage without an initial installment for a new building is with a developer who sells apartments a few months or years before the house is rented out. Construction companies offer favorable conditions in the framework of equity participation.
Deciding on the registration of a mortgage with the use of collateral, you need to determine for yourself all the pros and cons. If in doubt about the benefits of the transaction, it is best to contact mortgage brokers or financial advisors. Lack of basic knowledge in the field of lending can lead to bankruptcy and loss of invested funds.
Another convenient option that allows you to purchase the long-awaited home ownership, is the design of a consumer loan that does not have a purpose. The loan can be used to pay the down payment. The main disadvantage is the limited size of the consumer loan.Usually, non-targeted loans are issued in the amount of not more than 300-500 thousand rubles.
How to choose a bank
The provision of mortgage loans is one of the indicators of the high competitiveness of banking organizations. Some companies offer not just loans, but also fresh real estate options from construction partner firms. A similar phenomenon is most often observed in the primary housing market. Most developers cooperate with banking companies, so you can purchase housing in this way on more favorable terms.
By the way, each bank puts forward different requirements for borrowers, and the most stringent, according to customers, in Sberbank. It is quite difficult to get a mortgage without an initial payment in this bank, but it is here that the most favorable conditions for borrowers are offered. By presenting strict requirements to customers, the bank minimizes the risks of loss of assets. Sberbank only cooperates with reliable and solvent customers.
It will take a lot of time and effort to independently study all the offers on the market and find out which banks have a mortgage without a down payment. Before proceeding with a loan, you need to compare the conditions of all financial companies and analyze a lot of nuances. When choosing a bank, you should be guided by a simple principle: reliable and trusted organizations rarely change their requirements for borrowers. Next, we give an example of a few mortgage offers without a down payment.
Sberbank loan terms
Just like other banking organizations, this was no exception and significantly softened the requirements for customers to obtain a loan. At the time of publication of the article, the company offers to issue funds for the purchase of housing without an initial contribution. A mortgage from Sberbank can be issued using maternity capital funds. According to customer reviews, this offer is the most profitable. The federal allowance can be used both for the starting payment and for the purpose of repaying the remaining part of the debt.
The interest rate will depend on a number of conditions. For example, a profitable mortgage is available without a down payment to a young family. It involves the use of maternity capital and involves the allocation of a loan to purchase housing at a base rate of 8.6% per annum. However, the rate may increase by 0.5% if the potential borrower does not receive a salary on a Sberbank card, and by 1% if he refuses to insure his life and health.
In the same bank, military personnel can get a loan without an initial payment. Such a loan is provided at a rate of 9.5% per annum. Sberbank is a very popular lending organization, which is famous for the most favorable mortgage terms.
Otkritie Bank - from 9.2% per annum
Otkritie Bank holds an interesting mortgage program, Free Meters. It can be used by customers who are ready to give their existing property on credit against a loan. A mortgage from Otkritie Bank allows you to buy ready-made housing in the primary or secondary market, as well as start building a private house. In addition, everyone who would like to purchase a share in a dwelling, a separate room, applies to this bank. The main provisions of the program "Free meters":
- the rate starts at 9.2% per annum;
- you can get up to 30 million rubles on credit, but the loan should not exceed 80% of the appraised value of real estate left as collateral;
- the maximum loan term is 30 years.
- the number of co-borrowers can be increased to three.
Customer life insurance is also a prerequisite for obtaining a mortgage at a comfortable rate. If housing is purchased on bail of an existing one, it must also be insured.
How to get a mortgage without a down payment at VTB 24
This bank has many different programs, but most of them involve making a mandatory payment in the amount of at least 10% of the value of the acquired property. At the same time, it was VTB 24 that developed the program, which citizens who are unable to pay the down payment can also use. This loan scheme is designed against any real estate held by a potential borrower. The Bank offers the following conditions for mortgages:
- the loan amount may not exceed half of the cost of housing and be no more than 15 million rubles .;
- stable fixed rate from 9.1% per annum;
- the territorial affiliation of the purchased apartment (house) to the region in which the mortgage was issued;
- mortgage loan for up to 20 years;
- the property does not have to be owned by the borrower.
Mortgage programs from Alfa Bank
Unlike Sberbank and VTB 24, Alfa-Bank does not allow the use of maternity capital as an initial contribution. A mortgage for secondary housing without a first payment in this organization can be issued only in the presence of real estate. Alfa-Bank loan programs allow expanding existing housing and improving housing conditions. In this case, you do not have to make a down payment, as the pledge of the property will become a guarantee and will minimize all risks for the lender.
Features of mortgage loans from Alfa Bank are as follows:
- the maximum loan term is calculated depending on the age of the borrower, but cannot exceed 30 years;
- when applying for life insurance and collateral, the interest rate is reduced;
- the minimum mortgage amount is 600 thousand rubles, and the maximum is not more than 50% of the value of collateral real estate;
- rates start at 9.49%.
Like other banks, Alfa-Bank customers can count on a more loyal interest rate.
Making a loan online at Tinkoff Bank
Through this service, you can send an application to several banks that offer the most favorable loan conditions. The portal of Bank Tinkoff is simple and accessible. This is an online assistant who searches for the best options and takes into account the preferences of the client, including the total size of the mortgage, the possibility of making a down payment, the amount of the monthly annuity or differential payment. Customers who turn to the Tinkoff Bank service receive a selection of the most suitable solutions with the best interest rates.
The application form is submitted online on the site. After sending the application, the manager will contact the potential borrower and clarify the information left by him. If the received information is confirmed, the application is redirected to the consideration of partner banks. All that remains for the client is to choose a banking organization that offers the most favorable conditions, and select the property for purchase. At this stage, you will need to visit the bank to conclude an agreement.
The advantages of this service are that the loan approval application is submitted for consideration only to those banks that guarantee the most comfortable conditions for mortgage lending in Russia. In addition, the client will be able to save a lot of time without personally visiting a number of banking organizations.
Why do customers turn to Tinkoff Bank? First of all, because of the promising rate, which starts at 6% per annum. In addition, customers of this service are guaranteed to receive a 1.5% discount when calculating a fixed rate. “Tinkoff Bank” helps in parallel to issue a debit card, on which the borrower will be able to receive up to 5% cash back. These funds can be spent on the purchase of building materials, the implementation of repairs, the purchase of furniture, household appliances and other things that new settlers so need ...
