Building a house is always associated with large material investments that not everyone can manage on their own, so many are considering an alternative option - take a loan to build a private house. Here there are some difficulties, because of the instability of the overall financial situation, the segment of banking services for housing construction crediting is in the process of restructuring. Some of the banks refuse to issue such loans at all, others have tightened requirements for borrowers, but on the whole, taking a mortgage to build a house is a solvable question.
Self-construction of a house is always associated with a number of problems, but in the decision-making process you should always consider the pros and cons. Advantages of the mortgage:
Compared with the purchase of an apartment, the interest on the payment will be low. This is explained by the fact that in this case the mortgage is secured by land, and not the right of ownership to housing.
In terms of costs, construction is more profitable than purchasing a finished apartment or a private house.
The disadvantages of attracting a bank to construction include:
The process of building a house is costly in itself, and monthly mortgage payments will serve as an additional burden. .
Current mortgage rates are 15-18% per annum. With monthly payments it is not felt, but in fact the overpayment will be high.
If a situation arises in which the borrower can not pay the debt, he will lose his home and land.
A loan without a down payment on the construction of a house is impossible - banks see it as an additional guarantee of solvency.
To take a mortgage loan is a responsible decision, the consequences of which will be felt by the family budget for many years. Therefore, you should always carefully weigh all aspects of the issue and consult further with an authorized person or specialist who understands the topic.
Banks offer several options for which you can mortgage for the construction of a private house. Each of them is offered on different conditions, depending on the financial organization. Consider some of them.
Of all loan types offered by banks, consumer loan applications are reviewed as soon as possible. If the amount is small, then passport and driver's license are enough (if not, then student or pension). For construction, the amount is unlikely to be small, so you will have to bring to the bank a certificate of income, a copy of employment record, a military ID or pension certificate, and in some cases OSAGO insurance and a passport. The good news is that the employees of a financial institution will not clarify with the borrower the purpose for which he takes a loan.
It is necessary to take into account the negative aspects of this type of loan. The most significant of them is a high percentage of overpayment - about 20% per annum.
It is better not to take a large amount at such interest, although there are cases when banks gave such a loan in the amount of up to two million rubles for a period of 10 years.
Essence The process of issuing this loan is as follows: the bank allocates funds for the construction of a private house, and after the delivery of the finished building it will no longer be a pledge under the loan agreement. In some cases, it is necessary to provide additional collateral or participation of a guarantor. Such situations can occur if, for example, the land pledge was insufficient.
Recently, banking offers began to appear, in which funds are given out to the borrower in stages, and each of them will be recalculated interest rates.
The basic terms of this loan are as follows:
The loan term lasts up to thirty years.
The interest rate under the contract can reach 17%.
The size of the loan is directly dependent on the estimated value of the land and information about the borrower's income.
It is important to bear in mind that all financial institutions as one of the main conditions for concluding a contract require that land be registered to the applicant and not burdened with anything. Otherwise, the borrower will be refused.
You can see the various ways to get a loan in the video:
There is also the possibility of concluding a loan agreement on the security of already available living space or non-residential real estate. This type of loan is a loan on more favorable terms than a consumer loan, since:
The duration of the loan agreement can be up to thirty years.
The borrower has the opportunity to get a larger amount at his disposal, since the amount of funds allocated is calculated on the basis of the estimated value of the collateral.
The average rate starts at about 18%.
Consideration of the application for conclusion of the contract by the bank seems to be a more energy-intensive process, since it is necessary to evaluate the collateral property. This means that the decision will be made longer than in a situation with the same consumer credit.
The restriction on the issue of the amount in accordance with the value of the collateral is both a plus and a minus. In addition, there is always a certain risk of losing it, if the consumer is unable to pay the debt.
If the borrower nevertheless decided to stay on this type of lending, it should be borne in mind that all expenses related to the assessment of collateral and payment of insurance will fall on his shoulders.
At the birth of the second child, the state provides the maternity capital of four hundred fifty thousand rubles. By law, this amount can be used for housing construction, including as a down payment on a mortgage or as a means to pay off the residual payment. Of course, in fact, technically this is not the case, but with some reservations and stretchings, the use of maternity capital allows you to arrange a mortgage for the construction of a residential house without a down payment.
In this case, the applicant or his legal spouse must provide the financial institution with a certificate of maternity capital, after which the process of clarifying its balance takes place.
It is important that in order to be able to use the certificate, it is not necessary to wait for the birth of the third child, they can be fully disposed of from the moment they are received.
You should be aware that some banks offer a reduced mortgage interest in situations involving maternal capital. The well-known Sberbank acts as one of such institutions. Otherwise, the design of this type of mortgage is not much different from the usual case of lending.
About using maternity capital for building a house on video:
Conditions on which financial institutions are ready enter into a loan agreement with the applicant may vary significantly. In many ways, they depend on the consumer’s choice of the type of loan. However, the following main criteria can be distinguished:
Availability of collateral, which can be used to provide any real estate, car, garage, etc. It is important that the collateral be in the documented property of the borrower.
Targeted use of funds. Considered mortgage for construction is a target loan, which is always prescribed in the loan agreement.
This means that the funds issued cannot be used for anything other than the construction of the house. The borrower will be obliged to report to the bank for the money spent and the stages of building a house.
Payment of the down payment. This will serve as a guarantee that the borrower plans to build not only through the use of bank funds, because under the terms of the loan agreement, he will be paid about 80% of the amount calculated in the estimate.
Availability of a building permit. The land plot indicated as the place of construction of a private house must have the status suitable for this purpose (IHR).
To take a mortgage on a house, the borrower must also meet the following criteria:
Citizenship of the Russian Federation.
At least twenty-two years of age by the time the contract is made.
On the estimated date of final repayment of the loan, the borrower's age should not be more than sixty-five years.
Hours in the current or last place for at least six months.
Total work experience of at least one year.
A constant and stable source of income - at this point, banks pay special attention, since the loan term is 10 years or more.
There are also special requirements for a mortgaged land plot. Firstly, it must be located in an area where there is at least one branch of the bank selected by the borrower. Secondly, by type of land should be defined as "land settlements" in the inventory. Finally, there should be no legal burdens on it, and the applicant must act as an owner.
It is important to start collecting and preparing the necessary documents before starting a mortgage loan , because of this process, which is already stretched in time, can last even longer or even get up.
During the decision to grant a loan, the bank has the right to require the borrower to provide a schedule that includes the stages of work, the time and amount needed to hold each of them, and the total period for the construction of a country house.
Among all the offers, there are two financial institutions offering a relatively profitable loan for building a house - Sberbank and Rosselkhozbank. More we turn to the proposed products of each of them.
"Construction of a dwelling house" in Sberbank of Russia offers consumers loan processing on the following conditions:
The term for concluding an agreement is up to thirty years.
Making a down payment in the amount of 20% of the loan amount.
The minimum amount of borrowed funds is three hundred thousand rubles.
The size of the maximum loan disbursement is within 75% of the estimated cost of the future home.
Rate of payment in the amount of 12% per annum
Clearly about the conditions for granting mortgage from Sberbank and the Agricultural Bank to the video:
It should be noted that Sberbank offers its customers to make payments without a fee and to provide special conditions for borrowers with a current payroll project in the same bank.
You can get more detailed information on credit offers from banks (rate, min and max amounts, terms, requirements, documents, etc.) in the appropriate section "Credits" on our website. There, in this section, you can apply for a loan calculation for building a house.
In addition, relatively recently, Sberbank introduced a new product called “Rural Real Estate”. Its rate ranges from 11 to 14% per annum. The rest of the terms of this project is similar to the above, except for the amount of the initial payment, which is 25%.
A mortgage on a private house at the Agricultural Bank is issued on slightly less favorable terms:
The contract terms do not differ from those offered by Sberbank and are thirty years.
The size of the issuance of loan funds starts from one hundred thousand rubles to twenty million, subject to the provision of equivalent collateral.
The loan rate in this case will be from 17 to 20% per annum.
The size of the down payment must be at least 15%.
Also, financial institutions like Unicredit, Forabank, DeltaCredit, etc. offer their services in providing mortgages for the construction of a private house. The main requirements for the borrower are not very different from those listed.
In order to take out a loan for building a house, the applicant must be ready to go through a number of stages in drawing up a loan agreement. Schematically, the whole process can be represented as follows:
Bring into a proper form all the documents for the land plot. The borrower is obliged to provide the bank with a building permit and documents confirming that the land is in his ownership: contact of purchase and sale (donation or exchange), cadastral passport, extract from the USRR.
Prepare personal documents: passport, certificate of income (2-NDFL), employment contract and book. If necessary, references of guarantors should be available.
Make a technical plan for the future home and budget, approve the documents in the housing commission.
Implement the conclusion of an agreement with the working team.
Fill out an application at the selected bank, attach a package with the above documentation to it.
Wait for the decision by the bank. Sign a loan agreement.
Pledge a land plot by signing a mortgage paper.
Fix the flow of funds to the account.
Some important nuances in repaying already taken loans and receiving subsidies for video:
The average time for consideration of an application is carried out Bank from five to fourteen days, and the process of registration of the contract may be delayed for a month and a half.
There are also some nuances of this process, which consist in additional expenses.
A mortgage loan for building a house is different from the usual type of loan, so the consumer will be required to participate in matters related to the creation of a construction project and cost estimate, as well as to issue a building permit. The bank does not take upon itself these expenses and will not count them as targeted ones.
As a result, building your own home is a time consuming and costly process in terms of resources, and you can only rely on bank assistance if a person fits the requirements for receiving a loan. If there are no problems with this, then the borrower needs to decide on the type of mortgage lending that is suitable for him, and after agreeing on the details, you can start building a house.