At today’s growth rates of the prices for habitation for higher parts of Russians the mortgage begins unique way to get habitation. Many consider: it is necessary to fill only the questionnaire of the borrower, documentary to confirm incomes, and then to find suitable habitation and to buy it. However in a reality not all so is simple.
What is the credit on contract?
Credit on mortgage are money which the bank gives to the client on apartment or house purchase. The client pays for using a granted credit to bank percent, and also monthly makes return of extra means.
The habitation got at the expense of the credit will be in pledge (mortgage) at bank before full repayment of a credit on mortgage by the client. The credit on mortgage usually stands out for long term.
When consist contract?
At the positive decision of the creditor and selection of the apartment corresponding to financial possibilities of the borrower and demands of creditor, the estimation of a subject of the mortgage is spent, and then the credit contract and the mortgage contract between the borrower and the creditor consist contract purchase and sale between the borrower and the seller, and also.
In what the basic maintenance of the credit contract?
In the credit contract of the party provide: the sum a credit period; the size of interests on credit; sequence of the cancelling a credit and percent on it; the bases for preschedule cancellation of the contract and collecting of the credit and percent on it etc.
What rights and duties are generated by the mortgage contract?
Under the contract on the mortgage the borrower (depositor), pawning the real estate got at the expense of the credit, loses the right to dispose of it, but keeps the vested interest and usings. The creditor becomes the pawnbroker that gives the chance to it in case of default by the borrower of obligations under the credit contract to receive satisfaction of the cash claims to the debtor from cost of the put in pawn property mainly before other creditors of the depositor. The pawnbroker has the right to check presence of the real estate and to demand acceptance of necessary measures on safety of this property. Insurance of a subject of the mortgage, and also a life, health and work capacity of the borrower at his expense is obligatory.
In what currency credit on mortgage reception is possible?
Today the increasing quantity of banks gives credits on mortgage for choice the client (borrower) in russian rubles and US dollars.
What minimum and maximum terms of a farm-mortgage lending for physical persons?
If to take into consideration an average index on banks such terms will fluctuate in the range from 3 till 27 years.
What order of cancellation of liability and payment of percent?
The amount of debt on a credit on mortgage, as a rule, is subject to repayment by instalments, according to conditions of the credit contract, throughout several years equal monthly payments. The size of monthly payment in this case should not exceed 50 % from the sum of the cumulative family income of the borrower.
Whether the guarantee of the third parties is obligatory?
More recently the requirement about the guarantee was obligatory at a farm-mortgage lending of physical persons, however now variety of banks is ready to work with the client (borrower) and without guarantors under condition of satisfaction of a concrete nominee to bank conditions.
Who can become the borrower?
The citizens of the Russian Federation having stable employment, the stable salary or the enterprise income, primary accumulation at a rate of 5-30 % of cost of habitation, persons at whom the termination date of the hypothecary contract comes before achievement of a pension age by them can become borrowers under the farm-mortgage lending scheme.
Whether the notarial certificate of the contract of the mortgage is cancelled for today?
According to the Federal law from December, 30th, 2004 №216-f3 «About modification of the Federal Law« About the mortgage (mortgage security) »the notarial certificate of the contract of the mortgage is cancelled from 01.04.2005
Whether it is possible at credit on mortgage reception in one city as maintenance to place on the security already available real estate in other city?
The legislation in this respect does not establish any restrictions; however today it is far not all banks are ready to finance on such conditions.
What consequences of a non-return of a credit on mortgage?
If for any reasons the borrower has financial obstacles and he is able not bring monthly payments in full together with the borrower the bank will try to develop the decision arranging both parties. If such decision is not possible to find, that, according to article 50, 55 Federal laws from July, 16th, 1998 № 102-F3 «About the mortgage (mortgage security)», the apartment which is in pledge, will be sold by bank from the auctions. The part of the money resources received from sale of apartment, goes on the cancelling a credit and percent on it, including all penal sanctions for non-payment on a credit on mortgage and expenses of bank on sale of the specified apartment. The Rest after satisfaction of demands of creditor, that is bank, is subject to return to the borrower. Under such circumstances habitation rent in specialised houses of hotel type or in a contingency fund of habitation for insolvent clients of the hypothecary company can be offered you.
How there is a granting of credit?
Calculations for the habitation, a credit on mortgage got with attraction, can be made in cash with use of bank depositary cells or by a non-cash funds transfer to account of the seller of the specified habitation.
Who estimates cost of apartment/house and what is the time it occupies?
The inhabited real estate is estimated by the expert from a number of the appraisers approved by bank. Estimation of cost and preparation of the written report on the average occupy 2 working days.
Whether cost of an estimation of habitation enters into an amount of credit?
The estimation of habitation and other expenses connected with drawing upon a credit, can be included in an amount of credit at will of the borrower and at the bank consent. Otherwise the borrower pays an estimation of habitation from internal funds.
Whether sale of apartment/house before the termination of action of the credit contract is possible?
To sell the habitation, being in pledge, it is possible only with the consent of bank, and the buyer thus should take up all obligations connected with service of your liability, that is:
1) or the buyer preliminary transfers you money in size, sufficient for repayment of the rest of a debt, then you pay off the debt, from habitation acts in film and you sell habitation with the account before an amount received. All procedure can occupy from a month to two;
2) or you sell habitation with all obligations which pass to the seller, and buy following habitation.
Whether the citizen of other country can receive the credit in the Russian bank?
Yes, it is possible, in Russia there is a number of banks which work with crediting of foreign citizens.