How to buy an apartment for a young family on a mortgage?
Any family dreams of their own housing, to live away from their parents, or not to pay for renting an apartment. At this time, there is a special program for young families: “A young family is affordable housing.”
Both full and incomplete young families can join this program. Most importantly, the age of the spouses was not more than 35 years. They must officially stand in line to improve housing conditions. In addition, you must have a decent monthly income, which will allow you to apply for a mortgage loan under this social program. Just because of these conditions, many refuse this program.
It is very difficult to stand in line for the expansion of living space, because every year the rate of square meter per person is constantly decreasing. But young professionals do not often have a high income. But even if all the documents are handed over, it’s not a fact that you can quickly acquire an apartment in the property.Before social assistance has not yet been received, the mortgage loan cannot be paid. In any case, you must first wait for the payment, and then search and buy an apartment.
What to do if you can not get a social mortgage from a young family, and you need to buy an apartment. The only way out is to take a mortgage loan in a commercial bank. Many banks have special conditions for young families. For them are offered benefits.
Since young citizens do not earn much, then when registering a loan, the wages of the parents of young spouses are taken into account. There is a deferral of payment of the principal debt: the child was born - for three years, if the housing is still under construction - for two years.
If there are no children in the family, the first installment should be 20% of the market value of the housing, when the children are, then 15%. The loan can be refused if the borrower's salary is too low. Banks may also require several guarantors.
If the family decides to use the postponement, the interest will still have to be paid to the bank, since the deferral does not apply to them. Also, be sure to insure the property. And this is an additional expense.But for a young family, low interest rates are provided for mortgage lending. Some banks do not have such strict requirements, but the interest rate is much higher. Yes, and for sure they do not.
If everything went well with a mortgage, you can start looking for an apartment. The biggest demand is for new apartments. The number of new houses under construction in Russia is constantly growing. But such apartments are sold without interior decoration. And this again is an additional cost. If the apartment is rented with finishing, then it will be more expensive. Another plus of apartments in new houses is that they are larger in area than in the secondary market. But, again, the secondary housing is cheaper. It is better in this case not to wrestle yourself, but to turn to recommended realtors.
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