Who will be given a mortgage for an apartment and under what conditions in 2021?

Before contacting a bank to apply for a loan to buy a home, experts advise you to figure out what you need to get a mortgage. The article systematizes typical questions received from applicants, lenders' requirements and conditions for purchasing an apartment or house on credit. Both experienced borrowers and young families will find useful information.

What is required from the borrower

This is the first thing mortgage applicants ask. The correct answer would be Russian citizenship and financial solvency. The portrait of the future borrower will consist of the following characteristics:

• age - not younger than 21, and not older than 75 years at the time of final repayment of the loan;
• sufficient duration of work of the applicant at the current place of employment;
• the amount of officially received income corresponding to the requested loan;
• availability of registration at the place of residence;
• good credit history.

Clients do not have any questions regarding age limits: 21 years is the period of majority, many of the borrowers have a decent job, their own business or are employed in the family. The upper limit is set at 75 years, which corresponds to the end of the working period in a person’s life.

How long do you need to work to get a mortgage? Attention is drawn to the five-year period of work activity preceding the loan. There is no need to explain that employment must be official, and in order to take out a mortgage you need to work continuously for at least 12 months, of which 6 months. - at your current place of work.

Solvency is an equally important indicator when assessing the capabilities of a future borrower. How much do you need to earn to get a mortgage? The same number does not exist for everyone. When assessing the financial capabilities of the loan recipient, banks compare the loan amount and the family’s monthly income, take into account the number of dependents, and regular expenses for various services.

The general approach is as follows: from the borrower’s average monthly income, the loan repayment amount including interest, utility bills, and, if there are dependent students, the cost of educational services are subtracted. The remaining family budget is divided among all family members: the resulting amount must correspond to the minimum wage. According to the Credit History Bureau, the comfortable ratio of payments to family budget as of 2021 was 1/3.

Important to know: How much mortgage can you expect with a salary from 15,000 to 100,000

An important question when lending is whether you need registration to take out a mortgage? Some banks actually declare that there are no requirements for registering a place of residence. And yet, in order to reduce credit risk, lenders prefer borrowers with registration - permanent or temporary.

Basic requirements for borrowers

To filter borrowers, banks have developed their own customer assessment system. This system was called underwriting. These are activities whose purpose is to determine the likelihood of full collateral for the loan. Rest assured, the verification will not end with just one document confirming your identity. The excessive vigilance of banks is justified; just remember the problem with mortgages in the United States, which led to foreclosure and the beginning of the 2007 crisis.

In Russia, banks carry out the underwriting procedure in several stages, each of which must confirm the financial stability of the borrower. This way the risks are checked. The following coefficients are calculated: the ratio of the amount of monthly mortgage payments to the total monthly income of the borrower; the ratio of the amount of debt to the cost of housing.

So, what does the bank necessarily take into account when checking a client?

Age

When considering a mortgage application, the client's age is also taken into account. If the mortgage is taken out for decades, this criterion becomes very important. It also determines whether the lender will need guarantors or not.

Persons who have reached a certain age are allowed to take out a mortgage loan. The age for obtaining a mortgage for most offers is from 21 to 65 years. It is believed that this interval ensures reliable payment of debt.

At the same time, some banks issue mortgages to borrowers over 18 years of age, for example, AK Bars Bank, Uralsib. Other financial organizations are ready to lend to pensioners up to 75 years of age, for example, Sberbank does this. Rosselkhozbank lends up to 75 years of age if there is a co-borrower and if at the time of execution the borrower is 65 years old and has already paid at least half of the loan term.

Citizenship

Most Russian banks impose Russian citizenship as their main requirement. Lenders are reluctant to take on increased risks when dealing with foreigners. Still, this is not excluded, but most often it is possible if the bank has foreign capital in its assets. For example, DeltaCredit Bank and Alfabank issue mortgages to foreign citizens.

If the borrower is registered in the city where the bank operates, this is among the lender’s requirements. This restriction binds the borrower to a specific territory. In case of late payment, it will be easier to find the borrower. Some people demand stricter conditions—permanent registration; others put forward more flexible conditions—temporary registration. There are also banks that do not care where exactly the client is registered.

Registration

Some banks require permanent registration, others will not mind temporary registration, and still others will not care where exactly the client is registered. Depends on the policy of a particular credit institution. It is advisable to choose a bank that has many branches throughout the country. Because if you, for example, live in Stavropol, and want to buy an apartment, say, in Ryazan, but in Ryazan there is no branch of the bank to which you want to apply for the purchase of housing, then you cannot buy an apartment in this city with a mortgage.

Seniority

It is important to have work experience when considering the question of who is given a mortgage. In most cases, it is required that continuous employment at the last place of work be for at least six months. But there are also exceptions. The bank will also ask what is written in the client’s work book and will pay attention to the duration of work in organizations and the period of unemployment. The size of the interest rate on the mortgage, the requirement for additional collateral, and the term of the loan may depend on how the labor bank receives the entries.

Income level

As stated by the Chairman of the Bank of Russia, Elvira Nabiullina, Russians spend 44% of their income on servicing loans. Compared to the West, the figure is high.

Very soon an indicator will be introduced that will reflect the ratio of debt to income. It will be called the debt burden indicator. It will be primarily taken into account by credit institutions.

For now, a simple rule is taken into account - no more than 40% of monthly income should be spent on loan repayment. This will allow the family not to limit themselves too much in everyday needs.

More trust in official sources of income, where there is documentary evidence of them. But there are also programs without proof of income - a mortgage on two documents or taking into account additional sources of income, for example, receiving dividends, income from renting out housing, a deposit, etc. You can confirm the presence of such sources of income using statements, contracts, etc.

An initial fee

The bank requires a minimum of 10% of the cost of housing from the borrower for the first payment. The more the client is willing to invest in the down payment, the more profitable the rate will be and the lower the amount of overpayment for the mortgage. The easiest way to solve the problem of a down payment is for families whose second child was born after January 1, 2007. They can use maternity capital as a down payment immediately, without waiting three years from the birth of their second child.

You may be interested in: “Mortgage Down Payment: How Things Are Stuffing in 2021”

Credit history

A good credit history means that the client took out a loan from the bank and paid it off on time without delays. Credit history is checked at all credit institutions. Therefore, it is difficult to hide a bad credit history; it is stored in the credit history bureau. You can find out your loan history for little money; this service costs about five hundred rubles on the market. Please note that even two underpaid rubles spoil your story.

Lenders for young families

A frequent question from young people is, what does it take to get a mortgage for an apartment? Today, lending banks operate within the framework of several social lending programs:

• Young family ();
• Housing for a Russian family;
• reduction of mortgage rates on youth loans for the purchase of residential real estate.

Youth lending involves reducing the interest rate by subsidizing from the federal or local budget the difference between the commercial bank rate and the preferential rate. The amount of state assistance is 35% for childless applicants and 40% for families with children.

First of all, we list who can qualify for such a loan:

• military personnel, employees of internal affairs bodies;
• doctors, teachers, young scientists.

What conditions must be met to get a mortgage for a young family? Spouses whose age does not exceed 35 years at the time of applying for the loan will be able to take advantage of preferential lending. And, importantly, a young family should need improved living conditions. This means:

• the available living space does not meet the maintenance standards. The indicator is set by local authorities and varies depending on the region;
• the family is registered with the local administration to improve their living conditions, for which a certificate has been issued.

What does it take to get a mortgage for a young family? The conditions for youth lending vary depending on the category of recipient. Let's note something important:

• young doctors need to work officially for at least 3 years to take out a mortgage;
• families of young teachers will need to make a down payment of 10-30% of the loan amount. At the same time, monthly loan payments should not exceed half of the family income;
• military families will be able to purchase housing under the terms of the Military Mortgage () program, under which the maximum loan amount is 2.502 million rubles.

For young scientists, in particular doctors of science, the age limit has been extended to 40 years.

Who can't take out a mortgage to buy an apartment?

Mortgage refusals come to a variety of categories of borrowers. Some do not have enough income, others are too young, others work in a profession that is considered risky.

The following characteristics almost always mean failure:

1. Lack of citizenship. Domestic banks provide mortgage loans to applicants with Russian passports. At least temporary registration is required.
2. Debt load. Even credit cards with existing debt are affected. The lender accepts any payment to another financial organization as an additional burden, which greatly increases the chances of refusal.
3. Debts. The BKI reflects the timeliness of payments. Information about unfulfilled financial obligations cannot be hidden. If you have had loan debts in the past, your chances of getting a loan are low.
4. Criminal record. The legislation of the Russian Federation does not indicate anywhere that mortgages are prohibited from being issued to citizens with an outstanding or active criminal record. However, lenders consider such clients to be “undesirable.”
5. Problems with bailiffs. For banks, this means that potential clients do not pay their loans. A person convicted of fraud or whose debt was handled by collectors will not be given a mortgage.
6. Lack of official work, low earnings. A citizen becomes an undesirable borrower if the payment on a potential mortgage exceeds 40% of his monthly income.
7. Untidy appearance. A mortgage for an apartment is not given to citizens in an inadequate or intoxicated state. This rule works for potential clients whose appearance indicates low social responsibility. Look neat and tidy when you go to the bank and your chances of getting a mortgage will increase.
8. Students and pensioners. Citizens under 21 and over 65 are considered financially unstable. The first lack work experience, the second lack income and health.
9. No military ID. Men under 27 years of age must explain why they cannot provide this document.
10. Bad credit history. The big disadvantage is late payments and a large number of existing debts.
11. Unstable income. Certain professions fall under this rule: freelancers, waiters, taxi drivers, sales managers. Artists, musicians, writers, and anyone who receives a fee for their work are also of little interest to banks.
12. Dangerous profession. Firefighters, bodyguards, rescuers. Banks are wary of cooperating with such borrowers and classify them as a high risk area. To protect themselves, financial institutions insist on life and health insurance.

We are preparing a package of documents

To speed up the approval process, you need to pay close attention to the collection and preparation of the package. We list what documents are needed to take out a mortgage:

• application form;
• passport of a citizen of the Russian Federation with a mark on the presence of registration;
• a second document confirming the identity of the borrower is provided at choice. This could be a driver's license, international passport, military ID or insurance certificate for compulsory pension insurance. Military personnel can submit an identity card, federal employees can submit an employee ID;
• documentary evidence of the applicant’s work activity and income;
• documents for the collateral;
• confirmation of the availability of the down payment.

Important to know: Validity period for mortgage certificates

Mortgage according to bank certificate

This is a typical composition of documents for obtaining a loan. Each bank has developed its own lending standards and requirements for the list of documents.

Sequence of actions during registration

The process of obtaining a mortgage for residential real estate is carried out in stages:

• preliminary approval of the application by the bank;
• collection and submission of documents to the office, obtaining final approval for the loan;
• choosing a mortgage or lending object;
• providing the bank with the seller’s documents for the purchased housing and agreeing on the collateral;
• conclusion of a preliminary purchase and sale agreement (its content is regulated) and payment of the down payment;
• obtaining a bank loan and final settlement with the seller.

To save time, banks offer to obtain preliminary consent online. To do this, the future borrower registers on the institution’s website, fills out an application form and sends the online document for approval. Within 2-3 business days, the bank manager contacts the applicant and informs him about the result of the preliminary review of the application. If the decision is positive, they suggest moving on to the second step - collecting and submitting documents.

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Which banks provide mortgages against maternity capital?

If you want to use your maternity capital certificate to purchase housing with a mortgage, then you need to contact those banks that have developed special loan programs. Among these banks the following can be noted:

1. Unicredit . This bank has developed many mortgage programs with maternity capital. You can learn more about the conditions for obtaining a mortgage on the website.
2. Sberbank . The largest banking organization in Russia. A large share of shares is controlled by the state. Therefore, there are many programs using maternity capital.
3. VTB 24 . Another state bank. Here you can also get money for housing using a maternity capital certificate.

More information about certificates

Let's look in more detail at what certificates are needed to take out a mortgage. The borrower documents his/her work activity to the bank. To do this, provide one of the documents:

• certified copies of the work record book or contract with the employer;
• an extract from the employment record or a certificate from the place of work about the period of employment and the position held, certified by the seal of the enterprise.

The income received will be confirmed by the following types of certificates:

• from the place of work about the wages received and deductions for the 6 months preceding the loan, the so-called. . For employees of budgetary organizations and military personnel, a certificate is drawn up in the form provided for by internal administrative documents;
• in the form established by the bank. It also contains a request for information about income paid to the applicant and deductions from salary for the six months preceding registration. It is filled out at the enterprise, confirmed by the signature of the responsible persons and the seal;
• from the bodies of the Pension Fund of the Russian Federation, about the assigned pension or monthly maintenance.

Material security

This parameter occupies a priority place in the list of requirements for potential clients. It is difficult to dispute the fact that timely loan repayment directly depends on the client’s solvency. At the same time, the fact of material security must be proven with official papers. It is worth considering that the higher the level of permanent income, the larger the loan amount the client can count on.

Any officially certified income papers can be accepted as evidence of the client’s financial security. As a rule, most lenders require a certificate in form 2-NDFL. Some banks ask you to fill out the data on their own forms.

Also, when assessing the client’s solvency, information about official debts is also taken into account. These indicators will be summed up, and then the resulting amount of existing debts will be subtracted from the client’s total monthly income.

If there are unclosed loans, a mortgage can be issued. Only the borrower needs to assess his financial capabilities to close all debts that have arisen.

Loyalty programs

Banks are more loyal to some applicants. For example, clients receiving wages from a bank. Often, to obtain a mortgage, they require a minimum package of documents - filling out an application form, a passport. The Bank is fully aware of information regarding the work activities and income received of such applicants. It is better to check with the credit manager how long you need to officially work to get a mortgage for participants in salary programs.

Holders of debit, deposit, and savings accounts also have no difficulties with what salary they need to take out a mortgage, or how to prove their creditworthiness. The amounts entrusted to the bank clearly demonstrate the client’s financial capabilities.

But there is a category of clients who cannot always confirm income or official employment. Banks have also prepared loans with favorable conditions for them. Therefore, the questions of how much experience is needed to take out a mortgage or salary sufficient to obtain a loan have also been resolved for them.

Recommended article: Is it possible to get a mortgage without official employment?

If, after all, finances do not allow for credit

This obstacle arises for young or single job seekers. What income do you need to get a mortgage? As already noted, there is no definite figure for sufficient earnings. Moreover, the indicator will differ depending on the region. Today, according to research, for Moscow the amount of income should be 107.0 thousand, for St. Petersburg - 86.0 thousand, in the regions - less.

If the borrower does not have the necessary finances, he is given the right to improve his creditworthiness with the bank by documenting additional sources of income:

• on social security;
• from part-time work;
• from renting out real estate;
• proceeds from the use of copyrights or other sources.

In addition, the solution in such a situation would be to take out a mortgage with a co-borrower. The applicant is given the opportunity to attract no more than 3 co-borrowers, whose income will be taken into account when calculating the minimum loan amount. The requirements for co-borrowers are similar to those for the main borrower.

To preliminarily assess your own solvency and determine what salary you need to receive in order to take out a mortgage, banks have posted mortgage calculators on their websites. Calculations can be carried out in two ways:

• the user deposits the amount of monthly income - at the output he receives the amount of the potential loan and the payment schedule;
• or enter information about the required loan amount, in response the calculator will show how much you need to receive to take out a mortgage.

Recommended article: Procedure for registering ownership of an apartment with a mortgage

Who can take out a mortgage - 9 factors that influence the bank’s decision

The bank makes the decision to issue a mortgage after checking the potential borrower.

Banking organizations take into account:

1. Age.
2. Citizenship.
3. Place of residence and registration.
4. Place of work.
5. Seniority.
6. Income level.
7. Credit history.
8. Client's debt.
9. An initial fee.

The order of the items varies; their importance is determined by the lender after receiving the application.

Factor 1. Age

Citizens aged 21 to 65 can take out a mortgage to purchase an apartment. According to banks, at this age people have stable income and good health, and can distribute funds wisely. The favorite group of lenders is 25-40 years old. The older a person is, the less likely they are to get a long-term mortgage.

Expert opinion

Alexander Nikolaevich Grigoriev

Mortgage expert with 10 years of experience. He is the head of the mortgage department in a large bank, with more than 500 successfully approved mortgage loans.

There are banks that provide mortgages to citizens over 18 and over 65 years of age. Thus, Uralsib, Globex, Vozrozhdenie provide loans from the age of 18. Transcapitalbank lends up to 75 years, Sovcombank - up to 85 years. See the table below for more banks.

Factor 2. Russian citizenship

The vast majority of domestic banks cooperate only with citizens of the Russian Federation. However, in some financial institutions, persons with foreign passports can obtain a mortgage. Among them are Bank of Moscow, VTB24, Raiffeisenbank. They are loyal to potential borrowers from former Soviet republics.

Factor 3. Permanent registration

The standard requirement of financial organizations is permanent registration in the Russian Federation. The chances of approval increase when the city of registration is within the bank's presence area. If the borrower plans to purchase real estate in a region other than his place of residence, temporary registration will help.

With temporary registration credit:

• VTB.
• Raiffeisen.
• Opening.
• Rosselkhozbank.
• Uralsib.
• Sovcombank.

These financial organizations do not tie the issuance of mortgages to the region of circulation, but offer less favorable conditions to citizens without permanent registration.

Factor 4. Employment

One of the most important criteria for assessing creditworthiness is work activity. The potential borrower must provide proof of employment. A work book, a contract from the employer, and a 2NDFL certificate will do. Many banks offer special mortgage programs for salary clients. Thus, Rosbank reduces the rate for its clients from 10.74% to 7.49%.

There are situations when a person is employed, but is not able to provide official documents. To increase the chances of approval of the application, it is recommended to attach certificates of income from real estate and deposits.

Expert opinion

Nikolay Shpedt

I run a real estate agency. I have extensive sales experience, helping clients obtain mortgages.

Approval will help you get any assets that show solvency: cars, real estate, securities. List only properties with minimal maintenance costs. If you have several cars, indicate the one that was less likely to be involved in accidents, etc.

Factor 5. Work experience

Each financial organization sets the minimum length of service individually. Standard requirements are from 6 months in a new place, from a year in total. There are exceptions:

• VTB, DeltaCredit and RosEvroBank approve a mortgage with an experience of at least a month at the last place of employment.
• AK Bars Bank and Uralsib require 3 months of total experience.

Down payment

The next question that concerns future borrowers is whether a down payment is required to take out a mortgage? The essence of the initial deposit of funds is to make sure that the applicant is truly solvent and serious about lending. The size of the starting tranche ranges from 10-30% depending on the bank and lending program.

But to take out a mortgage, a down payment is not always needed. Lenders offer programs without it. Then you need to be prepared for possible nuances: the interest rate on the loan will be slightly higher, or the loan term will be reduced compared to a traditional mortgage program.

Recommended article: Where is it more profitable to get a mortgage without a down payment?

Who doesn't get a mortgage?

There are two main obstacles to getting a mortgage. The first of them is associated with the absence or insufficient level of official income. Freelancers, workers who receive wages under gray schemes, as well as entrepreneurs and the self-employed often find themselves in a similar situation.

The second problem is having a bad credit history. This situation is quite common today.

It can be further complicated by the presence of previously taken out and yet unpaid loans.

Is there an alternative?

An alternative to mortgage lending may be to obtain a consumer loan. The requirements for this category of clients are much less serious, although the interest rate is usually higher.

Another viable option for receiving funds is to contact an MFO

. However, in this case we are talking about small amounts and a short loan period. Obviously, purchasing an apartment in such a situation is unrealistic.

Buying a house

What do you need to get a mortgage on a house? Taking out a loan for a house is not much different from buying an apartment. They follow the same algorithm:

• submit an online application and receive pre-approval;
• collect a package of documents that confirm the borrower’s income and ability to work;
• select a country house under construction or a building plot, obtain approval from the lender;
• draw up a preliminary agreement for the purchase, pay the entry fee;
• enter into a final purchase and sale agreement and pay the seller with borrowed funds.

After execution of the purchase and sale agreement, the ownership is registered in Rosreestr and a mortgage on the property is issued.

Related costs

A mortgage comes with costs associated with the application. And in this part, banks use cunning, not particularly disclosing the upcoming costs for the borrower. So, let’s calculate how much money you need to take out a mortgage:

• analysis of the application form, study of the submitted documents to obtain preliminary and final approval, the loan is issued by the bank without commission (according to);
• Expert assessment of real estate is a paid service, the price depends on the region. In the capitals it starts from 2.5 thousand rubles;
• Registration of a transaction in Rosreestr and encumbrances is carried out for a fee - 2 thousand rubles. Sberbank offers clients electronic registration () of a transaction, the cost of which is from 5,550 thousand rubles. At the same time, the bank reduces the interest rate on the loan by 0.1% p.p.;
• Insurance costs are also set as a percentage of the value of the mortgaged property. According to information from individual sources - from 4 thousand rubles. in year. In addition, the borrower's life and health insurance is paid annually in the amount of 1% of the loan amount;
• the cost of a letter of credit, if such an operation is required, is 0.2-0.5% of the transaction amount, which is determined by the tariffs of the bank where the letter of credit is opened.

As a result, according to specialists’ calculations, in order to obtain a mortgage, the applicant needs to have free from 23.0 to 28.0 thousand rubles for 1.5 million rubles. loan.