Types of mortgage lending. Mortgage programs

The mortgage has already firmly entered our life, and it's not a secret. Many families, especially young ones, resort to this service, which allows you to purchase real estate at favorable conditions. The main advantage of a mortgage is that the cost of an apartment together with interest for a kind of loan is divided by 15-20 years, which makes it possible to pay an acceptable monthly amount.

For today in Russia various kinds of hypothecary crediting which differ the conditions are presented. First, we need to consider the concept of "mortgage": what does it mean and where did this word come from?

What is a mortgage?

This term goes back to the 6th century BC. E. At this time in the territory of Greece appeared the concept of hypotheca, meaning the debtor's liability to the creditor, connected with the landed property. In Roman law, mortgages were pledge of real estate.

In our country, this term first appeared at the end of the XIX century and was borrowed from Europe. Mortgage at the time was synonymous with the word "pledge." In the Soviet era, there was no law on mortgage lending, as no one needed it.

In 1998, the President of the Russian Federation signed and enacted the law "On Mortgage", which is the first to regulate the lien. Currently, the term "mortgage" means a pledge of property.

Objects and subjects of a mortgage

As already noted, mortgage lending implies that the purchased property will be pledged for the period when the loan is repaid. Mortgage is a contract, the parties to which are the object and subject of legal relations. The following are the possible objects of mortgage lending:

• Apartments, houses, as well as separate rooms;
• A land plot that does not belong to the state and does not belong to municipal property, and also exceeds the minimum allowable area;
• Garages, villas, as well as other buildings and buildings intended for consumer use;
• Enterprises that find application in entrepreneurship;
• Sea vessels.

An important role in the design of a mortgage is played by a lender. It can be a bank or other legal entity that will keep a credit report of repayment. Mortgage lending to individuals is carried out only after making an initial payment.

In addition to creditors, the subject of the contract may be an investor who buys securities that are secured by mortgages.

The device of mortgage crediting

To carry out a mortgage loan, special securities are issued, called collateral. The sale of these securities by the bank gives the funds needed to issue loans for mortgages. This is a very reliable type of securities, which brings a solid interest. In the security paper notes the property that relates to it.

Mortgage lending in Russia is becoming more popular, and people who decide on this step should clearly know how the mortgage system is arranged. In the security paper must necessarily contain a coupon book, which reflects the amount and date of payment of mortgage interest. People who take advantage of this type of loan, first pay interest, and then the main debt.

The fact that the mortgage is taken for a long time, greatly facilitates the repayment of the loan. However, if the loan debt is not fully paid, the real estate will pass to the ownership of the mortgage bank. This is how the mortgage lending mechanism is currently working.

State assistance

Since 2009, there is a program of state support for mortgages, aimed at people who do not have the opportunity to improve their living conditions due to small incomes. However, only in 2015 this program became popular. About 250 billion rubles was allocated to improve the living conditions of citizens.

The state support of mortgage lending consists in the fact that the state takes the payment of a certain part of the debt. However, it is not easy to take a loan for such a program, since not all banks agree to such conditions. You can use this program only in the largest banks of the country.

The essence of state support is the contract between the bank and the state. The bank reduces its interest rate to 11%, regardless of what it was originally. The difference between the initial rate and the final (11%) is paid by the state. To become a member of this program, it is not necessary to relate to the social category of the population. Anyone can take a loan on these terms.

Types of mortgage lending

Currently, due to the fact that the number of such loans grows, there are many different types of mortgages. In general, commercial banks are engaged in issuing loans, the main purpose of which is to make a profit.

All types differ among themselves in terms of lending, the features of their receipt. At the moment mortgage lending to individuals can be divided into two segments:

• Acquisition in the primary real estate market;
• Purchase in the secondary real estate market.

All variety of types and types of mortgages will be considered below.

Apartment in a new house on credit

This species is especially popular at the moment. However, despite all the visible advantages (a new apartment, no one had lived before), there are a number of shortcomings. Very often there is a situation when the house does not surrender on time or for a long time does not register with a certain state body.

Also, one of the main disadvantages of the new building is the long-term registration in the property. In addition, it is rather difficult to obtain a loan for the purchase of a new building, since not all banks are involved in this. If the bank has accepted the application, each case is considered separately. A lot of factors affect the final decision, including finding out who is the builder, the investor, what are the terms of delivery of the house, etc. Apartments in new buildings can be purchased quite inexpensively, and a good option in such conditions is a mortgage. A young family when choosing an apartment almost always prefers a new home.

Apartment in the secondary real estate market

Features of mortgage lending of this type include a fairly rapid design and comparative ease of obtaining. In this matter, it is necessary to contact several banks, even in case of refusal. After all, the reason for the refusal in one bank, in another will not be sufficiently thorough.

As already mentioned, such a loan is easier to obtain than in a new building, in particular because there are few grounds for refusal. Among them:

• The seller made an apartment redevelopment and did not register this fact;
• The legal cleanliness of the house, perhaps someone lived there with an unfavorable history.

Social type of mortgage

This type of mortgage lending is designed for socially unprotected strata of the population, as well as waiting people who do not have the opportunity to buy real estate under normal conditions. There are two types of social mortgage:

• When the initial contribution is provided by the city in the form of a subsidy;
• Credit is given at construction cost prices; In six months the recipient of this loan can pay the debt without any interest.

In the future, it is planned to purchase property on the social program from the developers themselves at market prices. But waiting lists can also take advantage of this by paying subsidies for the apartment. The longer you stand in the queue, the bigger the subsidy. Also waiting lists are able to buy real estate, which was built not only by the city.

Type of mortgage for young families

The problem of purchasing real estate for newly married couples is particularly acute. Banks do not want to take risks, and interest is quite high, as the future of young professionals is unpredictable. However, recently some banks are meeting young people and creating new programs.

Most mortgage lending programs of this kind are aimed at reducing the down payment and for the maximum period of the loan. If one of the spouses is 30 years old and there is a child in the family, the initial fee may be 10%. If young professionals are already arranged for future work, the initial installment becomes 5%, and the mortgage is granted for 25-30 years.

Of course, in modern conditions, one of the most realistic options for buying a home is a mortgage. A young family is looking for different ways to improve the terms of the loan. The main problem is to prove to the bank the seriousness of the intentions. If it can be done, the bank will not refuse.

The "Build Together" program

Types of mortgage lending are very diverse, and in each of them, certain programs are created. The essence of "Building Together" is a long-term installment, which is repaid at the expense of the population.

The task of the person who is going to buy housing is to accumulate about 40-50% of the cost of the apartment, and the rest is added by the cooperative. As soon as real estate is acquired, it becomes the property of that person, but on bail. The part that the cooperative gave away should be paid within a maximum of 20 years. Then the pledge is withdrawn, and the person becomes the full owner.

The Military Mortgage Program

All mortgage programs are aimed at improving the terms of the loan, and this is not an exception. This is a funded system for providing housing to servicemen.

The specifics of mortgage lending for this program are that the military who concludes the first contract has the right to certain types of deductions. Every year, on average, about 250 thousand rubles are received by the serviceman. This amount he can use at the expiration of the old contract and when signing a new one. The amount that has accumulated over several years, goes as an initial contribution.

The rest of the loan is paid by the state, while the military serves under a contract in the army. As soon as it ceases to be military, the state ceases to pay, and the rest of the loan must be paid independently.

The project "Affordable and Comfortable Housing for Russian Citizens"

The aim of this project is to increase the availability of mortgages for residents of Russia. Everyone knows that for many people almost the only chance to purchase housing is a mortgage. Young families are no exception. They are mostly denied a mortgage.

The project participants have no problems with this. In addition, the percentage of mortgages decreases. This project is developed within the framework of the social type of mortgage lending. Its main difference from commercial is the special (preferential) cost per square meter. As part of the social mortgage, the bank undertakes to insure the borrower and the housing area itself, and also to maintain a certain rate until the end of the loan.

The development of mortgage housing loans is possible thanks to such types and programs that are aimed at improving housing conditions, both for young families and for socially unprotected strata of the population.

Advantages and disadvantages of a mortgage

Types of mortgage loans, regardless of each other have their pros and cons. This is typical not only for mortgages, but also for any loans. So, the advantages:

• For a large number of people, mortgages are the only chance for buying your own home;
• The mortgage is issued for a long period, and people have the opportunity to pay small amounts;
• In the apartment you can register your relatives, as well as make repairs to your taste, in general, give money for your potential housing.

The disadvantages are:

• Formally, an apartment, taken in a mortgage, belongs to the bank, and a person can not sell it or donate it;
• For the time of the loan a person pays the cost of 2 or even 3 such apartments, because the period is too long;
• If a person stops paying, the bank picks up an apartment and puts up for sale to cover its expenses, the rest of the sum is returned.

Most people at one stage or another in their lives are wondering whether to take an apartment on credit. Mortgage lending in Russia has many shortcomings, but still in the modern world this is one of the few chances to buy your own living space. The main thing is stable work, which will help to gain the bank's confidence, as well as improve the credit conditions. The state has recently created many programs that are designed to facilitate payments and help people to purchase housing.