The issue of buying your own housing is very acute, especially for a young family. Many banks offer mortgage lending on different conditions and with attractive interest rates, including Sberbank. "Young Family" is a program that allows you to purchase housing on more favorable terms for yourself.
Who can use the service
Of course, the name speaks for itself, that is, young married people become participants in this program. At the time of conclusion of the contract, one of the spouses must be less than 35 years old. Moreover, the presence of children is not a prerequisite.
One of the spouses, in the absence of the second, whose age is less than 35 years, can participate in the program that Sberbank offers, "Young Family". But in this case, the family must have a child.
For those who are eligible for this banking product, you can delve into the particularities of Sberbank mortgages for a young family. Namely, consider the rates, terms and other benefits of lending.
Program description
Many banks have a program similar to the one that Sberbank offers its customers. "Young family" is a housing loan aimed at acquiring real estate. Its basic conditions:
- Mortgage terms reach 30 years.
- The down payment amount is from 10%, that is, the loan amount is 90% of the assessed value of the dwelling.
- The interest rate varies from 11 to 13.5% per year.
- The amount of a housing loan is at least 45,000 rubles.
It is worth noting that these are the basic conditions that Sberbank offers. Mortgage "Young Family" (rates, as you can see, vary greatly among themselves) has several features. For example, customers who receive wages through this bank can expect an interest rate lower by 0.5-1% per year.
Mortgage Terms for Large Families
It should be noted right away that the amount of the loan, that is, its interest rate, depends on many circumstances, including the presence of two or more children in the spouses. For them, the amount of interest depends on the size of the initial contribution.
If the client can make an initial payment for the purchase of housing in the amount of 10-30% of its value, then the interest rate will be from 11% per year. This is provided that the loan term does not exceed 10 years. If it reaches 30 years, then the interest rate increases to 0.5%.
In the event that the down payment is from 30 to 50% of the value of the property, then the interest on the loan will be 10.75% for a period of less than 10 years. The rate increases by 0.5% if the loan term is up to 30 years.
If the amount of the down payment is exactly half of the value of the property, then the rate will be 10% for 10 years and 11% if the loan term is more than 10 years.
It is worth noting that the data mortgage terms for a young family in Sberbank are provided only for those customers who receive a salary through this bank. For everyone else, the rate may increase to 1.75% per annum.
Conditions for families without children or with one child
For those families that do not have children or raise only one child, there is also a chance to take advantage of the Young Family program. Sberbank offers less favorable conditions, but nevertheless, in comparison with other mortgage products, they are more affordable.
The minimum interest rate of 11.25% for those customers who are willing to pay 50% of the value of the property and a loan period of up to 10 years. The maximum amount of a mortgage loan is 12.25% with a down payment of 10% and a loan repayment period of up to 30 years.
These conditions are provided only to salary clients of Sberbank of Russia, for other borrowers the interest amount will be higher up to 1.75%.
In general, for each client, the interest rate and the amount of the mortgage loan is calculated individually, depending on many circumstances.
Borrower Requirements
The main condition for this program is the age of the borrower, it should not be more than 35 years. But there are a number of general requirements for borrowers who decide to apply for a Young Family loan. Sberbank requires the following from applicants:
- The borrower must be a citizen of the Russian Federation.
- At the time of full repayment of a housing loan, its age should be no more than 75 years.
- The borrower must have a permanent job and experience in last place for at least six months.
- The second spouse may act as a co-borrower, or there is an opportunity to attract third parties.
Actually similar requirements for a mortgage borrower are presented by many banks. And it is worth noting that there are no strict requirements here.
Program benefits
Despite the fact that many mortgage programs are offered to its customers by Sberbank, Young Family is a profitable banking product. Here are a few arguments:
- The big advantage of mortgage lending is for those customers who receive wages through this bank, they do not need to confirm their income.
- The initial contribution may be maternity capital, which is important for families with two or more children.
- According to the legislation of our country, the borrower can use the property deduction for personal income tax, which will help reduce mortgage costs.
- The borrower's chances of getting a home loan are enhanced by the fact that he can attract up to three guarantors.
Of course, in order to clearly see the benefits of mortgage lending under the Young Family program, you need to use a loan calculator on the official website of Sberbank or contact the nearest branch.
How to apply for a mortgage at Sberbank
First of all, it is necessary to identify the fact that in our country, it is Sberbank that causes the most confidence among customers as the most reliable and stable financial partner for citizens. Firstly, the bank draws up all the documents in accordance with the legislation of the Russian Federation, they can be used for registration of tax benefits. Secondly, today many customers receive wages on a Sberbank card and, accordingly, can count on a reduced interest rate and other privileged conditions.
So, “Young Family”, a program that Sberbank offers on special conditions, requires the collection of the following documents:
- Application form in the form of a bank, it can be taken at the nearest branch of Sberbank.
- Certificate of income in the form of 2-personal income tax if the client does not receive a salary through Sberbank. In the event that the borrower is employed in several organizations, it is necessary to provide a document of income from each of them.
- Passport of a citizen of the Russian Federation.
With this list of documents, you should contact the bank and wait for a while until the credit department employees consider them and decide on a housing loan. In the event that it is positive, you can choose a home. After signing the contract of sale and registration in Rosreestr, the bank transfers the money to the seller’s account, and the property becomes the property of the buyer.
Nuances and disadvantages of the program
It's hard to say that a mortgage is the best way to get your own living space. Nevertheless, for many young families this is the only chance to buy an apartment, and it is natural that everyone wants to take a housing loan on more loyal terms.
Despite the fact that Sberbank offers quite acceptable conditions, Young Family has a real opportunity to reduce mortgage payments due to a reduced interest rate, this program has its drawbacks. For example, under no circumstances, according to the drawn up contract, the client can not defer the payment of interest on the mortgage, unlike the amount of the main debt.
In addition, for all clients, including those who participate in the Young Family program, borrower life insurance is mandatory. More precisely, according to the law, the bank cannot oblige the client to take out insurance, but in case of refusal it can raise the interest rate.
And the last drawback of mortgage lending in general is that the purchased property is pledged by the bank until the full repayment of the housing loan. In addition, it is impossible to apply for a mortgage if the loan payment is more than 40% of the spouses' total monthly income at the time of application.
Reviews
If you analyze the reviews left by users on the network, then many who fit the terms of this program do not find it particularly beneficial to themselves. Firstly, a low interest rate only for those customers who participate in salary project this organization. Secondly, judging by the reviews, the bank has rather stringent requirements for borrowers.
Positive comments in favor of the Young Family program are also present. But they are most likely left by clients who managed to keep the interest rate to a minimum, that is, to make half the cost of housing and arrange a loan for up to 10 years. In addition, it can be understood from the reviews, despite the fact that the mortgage rate in the program can reach 14%, it is extremely difficult to obtain more acceptable conditions for mortgage lending in other financial institutions.
In general, the Sberbank Young Family program is acceptable and affordable for a specific population group. Of course, it has a number of disadvantages, however, its conditions are the most favorable at the present time.
