Few compatriots can afford to buy an apartment, even on credit. A banking product such as a mortgage for a room in a communal apartment or in a dormitory is offered to citizens. Such real estate is popular not only among those who immediately intend to settle in it.
Those who intend to rent it out or raise funds for the subsequent purchase of the home also decide to take out a mortgage for a room. To find out how to get a mortgage for a room, experts reveal all the intricacies of the process.
Main requirements for the borrower
All clients who are looking to purchase a small living space will have to meet established requirements in relation to:
- Age – at the time of lending, the bank client must be over 21 years of age. At the time of expiration of the mortgage agreement, the borrower should not be more than 65–75 years old.
It is important! Some credit institutions have even higher requirements. They relate to the maximum age of the borrower at the end of the contract - it should not be more than 50-55 years old!
- Experience - the client must be employed for at least six months in one place. The total experience cannot be less than 1.5–3 years.
- Guarantors or co-borrowers. The risks of financial institutions that issue a mortgage for a communal room are quite high. Guarantors may also be required, who, in the event of the borrower's insolvency, will assume obligations under the loan.
Important! If a marriage contract is drawn up between spouses, they cannot act as guarantors for each other!
Room requirements
If the home meets all the parameters and requirements of the buyer, you can contact a credit institution to apply for a mortgage. Banks put forward requirements for housing to be:
- suitable for habitation and not in disrepair.
- with a bathroom, water supply, sewerage, and other utilities.
- to be heated;
- with power supply;
- more than 12 sq. m.
Important! Loans for the purchase of a room are issued only for housing that was built no earlier than 1970 and does not have wooden floors.
Each bank can change the conditions - soften or tighten them. Before signing the contract, an analysis of the condition of the property will be carried out and the risks from such lending will be calculated. Previously, a potential client can collect information and decide whether it is possible to buy a room with a mortgage from a certain bank or whether it is worth looking for another property.
A little about bank risks
Banks are reluctant to agree to issue a mortgage loan for the purchase of a room in a communal apartment or dormitory, since the liquidity of such housing is called into question.
Even if, when assessing the real estate, compliance with all conditions is established, the bank is unlikely to receive much benefit from such a transaction.
And if the borrower fails to repay the loan, the sale of such real estate will be quite difficult.
Therefore, banks often dissuade clients from purchasing part of the housing in a communal apartment, even if they have such a right and meet all the requirements.
Package of documents
To draw up a contract, you will need not only a standard package, but also additional documents. Among the conditions for a mortgage on a room in Sberbank is the following list of documents:
- An application drawn up in a specific form.
- Passport, a photocopy will be required.
- Certificate of income drawn up in form 2-NDFL.
- Guarantee from husband, wife, other people.
- Military personnel present a certificate of contract duration, pensioners - a certificate.
In 2021, lending conditions have not changed. The state has extended social programs for another two years, so some groups of the population can receive funds to buy a room using maternity capital (used as a down payment).
List of documents
The package of documents for obtaining a mortgage for a communal apartment is determined by the creditor bank. Most often, the borrower will need to provide:
- passport;
- SNILS or other additional document (for example, TIN);
- certificate 2-NDFL;
- a copy of the work book.
Under some programs or for certain categories of borrowers (for example, salary card holders), they offer a mortgage without documents on income and work activity.
To approve real estate, you will need to submit all documents confirming the seller’s ownership of this property. Typically, you need to provide a certificate of ownership, a supporting document, and a technical (cadastral) passport. Additionally, they may request documents confirming the establishment of the procedure for using a room in a communal apartment and paper stating that other owners of rooms in a communal apartment do not want to use the right of first refusal.
Registration procedure: step-by-step instructions
Drawing up an agreement to purchase a room on credit in a communal apartment or in a hostel is quite a troublesome task that takes a decent amount of time. To quickly complete the procedure, it is recommended to follow the step-by-step instructions:
- Search for housing.
- Search for a bank with optimal conditions.
- Submitting an application to the bank.
- Providing a package of documents.
- The credit expert begins to analyze the property and evaluates the collateral.
- After receiving a positive decision, an agreement is concluded between the bank and the client and the borrower makes an initial payment.
- The amount specified in the contract for the purchase of housing is issued.
Important! To purchase a room in a communal apartment, you will have to obtain the consent of all residents of the apartment. The document must be notarized!
Is it possible to buy and sell housing in a communal apartment?
According to clause 1, article 5 of Federal Law No. 102 “On Mortgage”, a room can be the subject of mortgage lending. However, applying for a loan is associated with a number of difficulties. The first is the bank's position. Not all lenders are ready to provide a loan for the purchase of such housing, since concluding this transaction is a risk for the bank. A room in a communal apartment or dorm has little liquid value.
If the borrower stops paying the debt, the room becomes the property of the bank, and it will be extremely difficult to sell it in order to return the money lent. In connection with these possible risks, banks are tightening lending requirements and conditions.
The difficulty of obtaining a mortgage for a room located in a dormitory or communal apartment is also due to the fact that the borrower and the seller will have to collect written refusals to purchase from the owners of the rooms in the neighborhood. In paragraph 6 of Art. 42 of the Housing Code states that the owners of neighboring premises have a preferential right to purchase a room in a communal apartment.
Note! If the owner of the room wants to sell his home, he must first offer it to his neighbors.
If none of them wants to purchase living space, then each must sign a waiver of their right. These written waivers must be attached to the borrower's documents.
Another feature: the borrower will have to provide the bank with other housing owned by him as collateral. It is not possible to issue a purchased room as collateral. Thus, those who want to take out a mortgage will have to undergo quite labor-intensive preparation:
- collection of documents;
- searching for suitable real estate;
- collecting written refusals from neighbors;
- registration of property as collateral.
Problems with a mortgage will not arise only if a person wants to buy a room in an apartment where the rest of the living space belongs to him. In this case, the registration procedure will be no different from the process of obtaining a mortgage for an apartment. The entire apartment is pledged; no additional property security is required.
Additional nuances
There are certain nuances that the buyer should consider:
- After purchasing the room you can use it immediately .
- Even after one late (or even more so several) payments, the bank has the right to file a lawsuit and seize the apartment.
- The chances of a positive decision from the bank after submitting an application increase many times over if the borrower has a positive credit history in the past .
- Banks are more willing to issue loans to their regular customers (including those who receive wages using a bank card).
Attention! Banks are more willing to cooperate with those borrowers who receive an official fixed rate. Potential clients whose salary is calculated as a percentage of the work performed find it more difficult to obtain loans to purchase a room.
Video: How to get a mortgage for a room in a communal apartment
Is it possible to take it without a down payment?
Banks rarely offer mortgages without a down payment, even for full-fledged housing. There are no such offers at all for rooms in communal apartments. As an alternative, the client may be offered to take out a consumer loan without collateral to pay the down payment. But this is a risky step and you need to calculate how profitable it will be.
An alternative option for purchasing a room in a communal apartment with a mortgage without a down payment could be to pledge real estate that the borrower already owns. In this case, the amount of the approved loan will depend on the collateral.
The most common scheme for purchasing a room in a communal apartment without a down payment is the option of taking out a mortgage with an inflated cost.
Which banks can I get a mortgage for a room from?
Having found out which banks provide a mortgage for a room, you can study the proposed conditions. Some examples of banking programs:
- Sberbank - up to 30 years for an amount of up to 15 million rubles. at 10%–17% per annum.
- Zenit - up to 25 years for an amount of up to 10.5 million rubles. at 20% per annum.
- SKB-Bank - up to 25 years in the amount of 250 thousand rubles. at 17.5% per annum
To avoid any difficulties during the application process, you should first communicate with a credit expert and outline the situation. To increase your chances of purchasing a long-awaited home, you should have a down payment of 10%–40% of the cost of the home.
List of banks
Having fulfilled all these requirements, the borrower can count on a positive decision from the lender regarding his loan, but no one can guarantee this. However, there are a number of credit institutions that are most willing to take these risks and will issue a loan to purchase a share in an apartment or room. Let's consider which banks give a mortgage for a room in a communal or regular apartment most willingly.
Sberbank
Sberbank was one of the first to issue mortgages for a room, coming to the aid of clients who wanted this opportunity. To obtain a mortgage, you must make an initial payment of at least 10% of the cost of the home being purchased.
The maximum period for issuing such a loan is 30 years, and the base rate ranges from 9.5% to 14%.
The interest rate is affected by the completeness of the documents provided by the borrower, guaranteeing his solvency, etc.
This bank issues loans in amounts ranging from 45 thousand rubles to 15 million rubles. Another requirement of the bank will be to register the purchased or existing housing as collateral, as a guarantor in case of non-payment of the loan. To apply for a mortgage, you need to complete a survey and read the loan agreement. If necessary, you must present a certificate documenting your income, completed in accordance with the bank's requirements.
One of the conditions for obtaining a mortgage for a room is making a down payment
Zenith
This bank can also provide a loan to help you buy a room. This loan is a targeted loan for the purchase of real estate on the secondary market. Issued in rubles or US dollars or Euros. There is no fee for issuing a loan, and the loan term can be up to 35 years.
The loan is issued for a minimum of 270 thousand rubles, and its maximum amount is 10.5 million rubles. The initial contribution amount cannot be less than 20% of the cost of the purchased housing, and the guarantor for the fulfillment of loan obligations is any collateral real estate.
The loan must be insured. It is possible to repay it earlier without imposing penalties. The interest rate directly depends on how quickly the loan is repaid; it can be from 14 to 18% per year.
SKB-BANK
This bank provides a program called “12-12-12”. It provides a guaranteed loan to anyone who wants to buy a room in an apartment or dormitory. The bank's requirement is compulsory insurance of life and collateral. You can repay the loan ahead of schedule; in this case, no sanctions are imposed.
Age restrictions apply. The bank client must be at least 23 years old and no more than 65 years old. In addition, the bank will require a voluminous package of documents. The amount of the down payment will be only 12%, which is lower than that of competitors. The loan is not limited, and the initial loan amount is 350 thousand rubles.
AK BARS
AK BARS provides a loan for the purchase of a room for a period of up to 20 years and a minimum amount of 300 thousand rubles. The minimum base rate is 13.5% per annum. The down payment ranges from 10 to 70%, with the possibility of using maternity capital.
The collateral fully secures the loan; no guarantors are needed.
Banks are considering a separate program for lending the “last share” in an apartment
TRANSCAPITALBANK
There are 2 options to get a mortgage for a room through this banking institution. They differ in their conditions. The first option is when the room being purchased is owned by another person, and the second is a share in the apartment, part of which is the owner of the borrower.
The most attractive condition is that you do not need to provide many documents. All you need is an ID card. However, this simplified scheme only works with a down payment of 40%.
There is no down payment required and the interest rate is variable and can be changed during the loan repayment process. It is also possible to use maternity capital as a down payment.
ROSEVROBANK
This banking institution issues loans for the purchase of a room in the amount of 350 thousand rubles to 20 million rubles for a period of up to 20 years. Depending on the size of the initial investment, the annual percentage may vary.
Mortgages are issued in both domestic and foreign currencies. The purchased apartment is pledged to the bank, which is its guarantor for repayment of the borrowed funds. It is possible to repay the loan ahead of schedule. It appears from the moment the housing is put into use by the borrower.
Few banks offer the opportunity to buy a room. First of all, due to the fact that the rooms are illiquid and can become burdensome. If the borrower stops fulfilling the terms of the loan, bank employees will find it difficult to sell it. However, some banks meet their clients halfway and provide similar programs. These programs have different conditions and each person can choose the one that suits him best.
