Most modern people who dream of owning a home decide to apply for a mortgage. And this is not bad, because loyal interest rates and flexible terms are offered today. But a certain part of Russian citizens first of all asks the question of how many years they give a mortgage. What are the requirements for the borrower, what can banks offer in general? Well, this will be discussed now.
Age minimum
It is possible to register an individual entrepreneur and conclude an employment contract, which in both cases indicates the presence of a steady income, from 16 years. But no young bank considers such young citizens as borrowers. The level of income and responsibility is too small, and even the experience is not enough.
At 18, a person gains full civil legal capacity. It becomes available to him the opportunity to conclude any agreements, including credit ones. But just not mortgage.
The fact is that banks are a separate structure. And 18-year-olds also see them as not particularly reliable. They are even given consumer loans for a short period of time, at a large percentage, and for modest amounts.
So, how many years give a mortgage? From the age of 21. More often - from 23 years. It already depends on the bank. Specific cases will be examined a little further. But for now, it’s worth explaining why the age minimum is just such.
Experience, length of service, salary
These are three criteria that banks take into account when considering the next customer as a borrower. This should be taken into account for everyone who is interested in how many years they have been giving a mortgage. If you look at the situation from the other side, then everything is objective:
- At the beginning of a career (and many are officially employed at about 20 years old) very low incomes. Mortgages are expensive “pleasure” with high rates. In whatever city a person buys an apartment and no matter how much it costs, half the salary will have to be paid. So income should be above average.
- Little experience. Theoretically, a young employee can be out of work at any time. Therefore, most banks are willing to consider as a borrower only those who have at least three years of experience. Some organizations set the bar lower.
- Army or decree. Periods when potential borrowers do not receive a salary. So no one will approve their application.
And it turns out that in practice the bank gives money to buy real estate to people who are already under 30. Therefore, after finding out how many years they have been giving a mortgage, you do not need to think ahead and start looking for an apartment - you first need to soberly assess your chances of approving the application. What are the requirements? This will be discussed now.
Sberbank Example: Amounts and Interest
Since this organization is in the first place in the rating of banks in the country, it’s worth examining the situation using its example. So, from how many years they give a mortgage for an apartment - clearly. But what are the conditions and requirements?
Suppose a person looked after a finished apartment for three million rubles. He will definitely have to pay the down payment, which Sberbank currently has at the indicated program for 15%. That is 450,000 rubles.
It is decided to issue for 10 years. The result is the following: 2 550 000 rubles at 9.4% per annum. The monthly payment will be 32 857 p. If a person does not receive a salary on a Sberbank card, then a little more (33,558 rubles). In the first case, a person for the entire term will pay the bank 3,942,840 rubles. Of this amount - 1,392,840 rubles as interest.
Given that the payment on the mortgage cannot exceed 40-50% of the salary, then the borrower should receive per month from ~ 65-75 thousand per month.
Customer requirements
Since how many years can I take a mortgage at Sberbank? From the age of 21. What is the maximum threshold? 75 years old. But this is the age to which a person should already repay all debts.
The requirements for experience are as follows: a person must be employed at least 6 months in the current place and have a total of one-year experience over the past five years. However, in a separate paragraph, it is indicated that for customers who receive a salary on a Sberbank card, this requirement does not apply. It is allowed to attract co-borrowers. But at most three.
And what about the situation with other organizations? In Rosselkhozbank the conditions are identical, only there the age maximum is 65 years old (as in VTB-24). And the stakes are a little lower. In general, well-known banks issue mortgages to customers from 21 years old. But the less popular (RNKB, Rosevrobank, etc.) are usually from 23 years old.
Documents
It was said above how many years and to what age they give a mortgage. And what documents must be presented in order for the application to be considered? A lot of them. The list includes:
- Application form.
- Passport with registration.
- The second document that can confirm your identity (driver’s license, passport, military ID, etc.).
- A document demonstrating the financial condition of the client (income statement).
- Real estate loan paper. They can be delivered within a month and a half after the organization makes a positive decision.
- A document proving the availability of the amount for the down payment.
If a person plans to attract a co-borrower, then the same documents will be required from him.
How to get a mortgage “right”?
An important question. And since it has been ascertained how many years they have been giving a mortgage, it will not be superfluous to talk about this. Here are a number of recommendations:
- Even tenths of a percent should be taken into account. The difference between 10% and 10.5% may turn out to be enormous, because the loan is taken for many years, and as a result, the overpayment will be hundreds of thousands.
- You need to take a mortgage only in the currency in which a person is paid. The course is a very unstable phenomenon.
- It is theoretically worth calculating the overpayments. Play with numbers, so to speak. This motivates to search for the most favorable rates and conditions. And the selection of more affordable apartments.
- No need to "buy" a tempting offer for a floating interest rate. Yes, if the Central Bank reduces it, then the% on the mortgage will decrease. But the keyword is if. After all, the rate may begin to grow.
- We must try to beat out such conditions that payments do not exceed 30%. Maybe at first it will turn out to survive half the salary, but after some time you will get tired of denying yourself everything.
- If you take a loan, then the maximum possible amount. What for? Then, that buying an apartment entails additional costs. You need to make repairs, buy furniture, appliances ... you will need a lot of money.
- No need to immediately swipe at a luxury multi-room apartment. Studio, odnushka, dvushka ... normal options. It’s better to pay 20 thousand a month than 50. And then, paying faster, you can sell it (maybe more expensive - the real estate market is unstable) and make a substantial contribution for a more spacious option.
Limitations of different banks
So, it was told how old they give a mortgage. Terms and conditions are also considered. Finally, you can list some banks and indicate their age restrictions. Here is a short list:
- From 18 years old: MTS Bank, Admiralteysky, Vozrozhdenie, Uralsib, Nordea Bank.
- From 25 years old: AK BARS.
- From 22 years old: Gazprombank.
The upper boundaries of all organizations are almost identical. The lowest are AK BARS (up to 60 years old) and Alfa-Bank (up to 59).
In general, if you have experience, a sufficiently high salary for stable work, as well as funds for a down payment, it is quite possible to apply for a mortgage at a young age.