Everyone can have a situation when money is urgently needed. Consumer loans are issued at high interest rates. But urgently needed funds can be obtained from the bank. Then you should draw up a pledge of real estate to obtain a loan. In this case, the overpayment will be less, the property will still remain its own, and the funds will be issued within a few days. But this procedure has its own characteristics, which we will consider in the article.
What are the nuances to consider
A pledge of real estate for a loan will be the best solution if you urgently need money. Such services are provided by many banks in our country. Moreover, they are issued to almost everyone, since this guarantees a refund.
Even if the borrower does not pay the debt, after the court the lender gets the property in the property. He has the right to dispose of property at his own discretion: sell, lease or use for other purposes. According to Art. 1 Federal Law of 07.16.1997. No. 102 “On Mortgage”, a loan or a loan secured by real estate is a procedure for transferring funds from a bank to a client for a specific period in which the latter transfers real estate to the lender. If the terms of the contract are not fulfilled, then the property becomes the property of the creditor. This nuance must be remembered when deciding on such a crucial step as obtaining a loan secured by real estate.
Mortgage concept
A pledge of real estate for a loan is called a mortgage. It has 2 basic concepts:
- Mortgage relationship. The bank gives the borrower money, and the latter transfers the property to the lender.
- Mortgage as a security. This applies to a special mortgage - a special instrument that satisfies the lender's right to property located under a pledge.
Now in our country there are 2 laws that establish actions with mortgaged real estate. This is the Federal Law “On the pledge of real estate” and “On the mortgage”. The documents say about the need to perform the installations indicated in the loan agreement. Facilities include rental, inadmissibility of property damage, purchase and sale rules.
The Civil Code of the Russian Federation outlines the features of mortgage relations. The main principles include the following principles:
- A mortgage is a pledge of property.
- Mortgages are issued in the prescribed period - usually from 15 to 35 years.
- The mortgage must exist throughout the mortgage term.
- Procedures are executed on the basis of the security law (Civil Code of the Russian Federation).
- Mortgages are issued by banks that have permission to carry out such activities.
What can be laid?
What real estate can be mortgaged? Under article 5 of the aforementioned law, a pledge of real estate for a loan may be as follows:
- Plot of land.
- Room, apartment.
- House.
- Commercial objects.
- Cottages, garages, garden buildings.
Article 7 states: the pledge of real estate for a loan may be jointly owned, if the other owners agree to this. But, for example, real estate, located in shared ownership, is mortgaged and without consent.
What property is not accepted?
A pledge of real estate for the purpose of obtaining a loan is not accepted if it does not meet certain criteria. Not to be accepted:
- Emergency real estate or objects to be demolished.
- If minors or people who are serving their sentences are registered in the housing, they are in the army for psychiatric treatment.They will not take as collateral those premises where elderly dependents live.
- If during the privatization the interests of children were not taken into account.
- The presence of such an encumbrance.
Benefits of Real Estate Collateral
The real estate collateral for a loan has the following advantages:
- Approval of the application - 100%.
- The mortgaged object is owned: it can be rented out, registered relatives, used for other purposes. An exception is sale and re-pledge.
- When paying a debt, real estate continues to be its property.
disadvantages
Such transactions have disadvantages:
- You will need to pay for property valuation services - approximately 3-10 thousand rubles, except for basic expenses.
- The amount provided by the bank will be equal to about 60% of the market price of the object.
- There is a risk of property loss if the conditions of the contract are not fulfilled.
Bank Requirements
The provision of a loan secured by real estate is possible only subject to the requirements of banks:
- Solvency and excellent credit history.
- Satisfactory condition of the property, no encumbrance.
- Drawing up a loan agreement.
- Submission of documents and applications.
Only with these requirements, the bank will consider the application. After that, a decision is made.
Required documents
In addition to the application, the client must provide:
- Your passport.
- A copy of the work book certified by the employer.
- Marriage or divorce certificate.
- The consent of the spouse or other owners (everything is confirmed by a notary).
- Real estate papers.
Depending on the bank, the list of documents may vary. Getting a loan for a single housing is considered a risky step, as there is a risk of losing it in case of non-payment of debt.
Contract
After completing a transaction to obtain a loan with a pledge, the client receives a contract. What should be in it? The subject of the pledge is registered there. It can be real estate legally registered and suitable in accordance with all the norms of the Russian Civil Code. An assessment is carried out on the security that allows you to determine its liquidity.
After the conclusion of the contract, you cannot make changes to it. So established by law. But during the design period, small changes can be made. For this, an agreement is drawn up in 4 copies:
- For the bank.
- Notary public.
- Pledger.
- Other authorities.
The document must contain information about the property that was pledged, as well as an assessment of the property, terms, prices, and executive sizes. Mandatory information includes data on the debtor, creditor, information on the use of collateral. After registration of the contract, the mortgage relationship will be valid.
Where to go?
The leading place in such lending is Sberbank, which offers favorable conditions. Clients need to have proof of income, as well as security papers. They will need to pay the initial payment. The loan rate starts at 12%. A person who is at least 21 years old may be a borrower. Loans in rubles and in foreign currency are provided. The minimum amount is not limited.
Secured loans are also issued at other banks:
- Gazprombank. Property valuation takes place at the expense of the institution. In real estate there should not be registered persons.
- Quick Bank. Gives loans in small amounts. The rate is 20%. If the loan amount is less than half the value of the property, then it is not necessary to indicate personal income and extract from the apartment is not required.
- Raiffeisenbank. It provides loans from 11.5%, but confirmation of the expenses of the issued amount is necessary. You can spend them only for their intended purpose.
- OTP Bank. In this case, you do not need a statement of residents in real estate.
- VTB 24. The rate is determined by the term and amount. There is no commission for providing a loan and its servicing.
Each of the banks has its own proposals. Before registration, it is important to familiarize yourself with the programs, and then choose the most suitable for all conditions.