Which banks provide a mortgage loan without a down payment?

The idea of ​​getting your own home in 2021, when you cannot raise enough money even for a down payment, needs careful consideration. It’s good if earnings are high, and the lack of savings is due to previous large expenses, or if you have the right to a subsidy from the state. In this case, the question of whether it is possible to take out a mortgage without a down payment is quite appropriate and justified.

Mortgage conditions without down payment

For a “mortgage without a down payment,” some banks often issue an ordinary consumer loan secured by real estate, not purchased, but existing, and the rate can easily exceed 15% per annum, comments commercial director of Seven Suns Development Anton Barulin . In addition, the value of the collateral property should not be less than the amount of the loan issued. Therefore, you will need to prove to the bank, especially if you have a secondary home, that in the worst case scenario they can actually sell it and get their money back. Confirmation is usually an appraiser's report, for which the owner - you - will have to pay.

Another guarantor of collateral can be a plot of land, a car, precious metals, or securities. But each such asset must be highly liquid and attractive to the bank in the event of its sale.

What mortgage programs are there without payment?

Most banks will not be able to obtain a mortgage loan for an apartment without a down payment. But you can consider a number of proposals that could allow this to be accomplished without any tricks.

Conditions of the “Non-targeted loan secured by real estate” program.

One of the options for obtaining a mortgage without the availability of money is a non-targeted loan secured by existing real estate. Many banks are willing to take this step, as it serves as a safety net for them. Only certain requirements are imposed on the mortgaged living space:

• the property must be suitable for habitation;
• have high liquidity in the real estate market;
• be in the area designated by the bank.

Typically, such a loan is issued in an amount not exceeding 70% of the market value of the collateral.

Conditions for such a non-targeted loan from Sberbank:

• annual interest rate – 13%;
• credit limit – within 500 thousand rubles. – 10 million rubles;
• Installment period – up to 30 years.

A private residential building, apartment, land plot, or garage can be used as collateral.

Borrowers are subject to the following requirements:

• age – from 21 to 75 years;
• Russian citizenship;
• work experience at the current place of work - at least 6 years, total - more than 1 year;
• availability of documentary evidence of financial solvency in the form of a certificate in Form 2 of personal income tax;
• It is necessary to involve a guarantor and co-borrowers;
• be a participant in the targeted federal program to support borrowers.

Additional information
When applying for a mortgage for an apartment without a down payment from Sberbank, the client will also need to take out a number of insurances for loss of health and life, as well as for the property itself.

You can compare other banks with Sberbank, which also offer citizens preferential mortgage loans, but under specific conditions.

VTB.

Mortgages without a down payment can be provided by VTB Bank to military personnel and families who are ready to provide capital as a down payment. It is also possible to issue a loan guaranteed by the subsequent deposit of funds received from the sale of existing secondary housing.

It is worth noting that the secondary facility must be implemented within six months. And all this time the borrower pays only interest.

Promsvyazbank.

You can take out a mortgage for an apartment without an initial investment of funds from Promsvyazbank to purchase housing in a new building.

The conditions will be as follows:

• the rate for the entire loan term when purchasing an apartment in certain residential complexes (to be specified by the bank) is 10.9%, for salary clients – 11.9%, for others – 12%;
• maximum period – 25 years;
• amount issued – up to 20 million rubles.

Requirements for clients:

• permanent or temporary registration on the territory of the Russian Federation;
• age within 21-65 years;
• uninterrupted work experience – 1 year or more, at the current place of work – at least 4 months;
• for private entrepreneurs, the period of activity must be at least 2 years.

Metallinvestbank.

Here, potential borrowers are offered to take out a mortgage for an apartment without a down payment in order to buy housing in a house under construction or a finished one. No contribution is required, but a solvent guarantor and co-borrower are required.

Other conditions:

• rate – 13%;
• mortgage amount – 250,000 – 8,000,000 rubles;
• repayment period – from one year to 25 years.

Along with this, you need to take out an insurance policy for the purchased home. Borrowers are subject to standard requirements.

Special requirements

Due to existing risks, banks are placing increased demands on borrowers who want to get a mortgage without a down payment. Thus, it is necessary to have a stable income, which is confirmed by a 2-NDFL certificate from the place of work. Individual entrepreneurs and business owners are unlikely to be able to get approval for such a loan, notes Andrey Kolochinsky.

Also, to obtain this mortgage, it is important to have an ideal credit history for the last 10 years. “You must have closed loans without arrears in amounts from 500 thousand rubles and there must be no loans from microfinance organizations or frequent requests for them. Close attention will also be paid to the number of loans (if any) during the period of consideration of the mortgage application and the number of dependents in the family,” says Andrey Kolpakov, executive director of the credit agency KM Center.

How to recover from the blacklist of banks?

To whom do banks give a mortgage for an apartment, and to whom do they refuse?

Possible mortgage ban

Refusal to issue a mortgage for an apartment without a down payment is possible under the following circumstances:

• the bank questioned the borrower’s reliability, which is usually to blame for a tarnished credit history;
• providing information that does not correspond to reality;
• forgery of documents;
• short work experience, constant change of jobs;
• inappropriate age;
• the borrower does not fall under any preferential category of citizens.

Procedure and documents

The procedure for obtaining a mortgage without a down payment is no different from the procedure for obtaining a regular mortgage: selecting an object and bank - collecting documents - submitting an application - reviewing the application/approval - transaction and its closure. As for the necessary documents, there is also a standard package of papers (passport, certified copy of the work book, documents confirming marital status), to which are added a 2-NDFL certificate and documents for collateral housing. Most likely, you will need papers confirming ownership of this property, as well as a real estate appraisal report.

Features of a mortgage without a down payment

To contents

Mortgages without a down payment have become very popular in 2021. Previously, even the most reputable credit organization, when asked: is there a mortgage without a down payment at their bank, could hardly answer this question in the affirmative. Nowadays, buying an apartment on credit without a down payment will surprise no one

.

If for a bank a down payment is both a confirmation of the client’s solvency and a guarantee of his serious intentions, then for the borrower such conditions are often unacceptable. Many people want to buy an apartment without a down payment on a mortgage.

Recommendation! Not everyone has savings or property that can be sold. But at the same time, the desire to have your own apartment and the ability to pay off a long-term loan is no less than that of those who can make a down payment.

Of course, when a bank issues a loan for an apartment without a down payment, the possibility of risks increases precisely for this reason. But on the other hand, an increase in interest rates and an increase in the number of borrowers serves as a good basis for the stability of the bank.

You can take out a mortgage loan without a down payment under the following conditions:

1. You will have to pay a higher interest rate on the loan.
2. Checking the documents submitted by the mortgage applicant. If the bank does not require a down payment, then the bank employee will be more strict in checking documents, especially those related to the financial side of the issue. Not only the salary amount will be checked, but also the stability of the enterprise or organization in which the potential borrower works.
3. Insurance. If insurance of the collateral, that is, housing, is a mandatory part of mortgage lending, then personal insurance is not required by law. In the case of a mortgage without a contribution, the bank insists on life and health insurance. In case of refusal, the bank increases the interest on the loan ( by approximately 1% -2% ). A mortgage without a down payment is not free.

Do not forget that the bank protects its financial interests and those who do not have the money to make a down payment will have to pay all the risks themselves. For example, personal insurance in the case of the “Mortgage without payment” program. If a person is seriously ill and cannot work for a long time, then personal life and health insurance will help in this case to avoid missing payments and cover part of the debt.

Advice! If a bank client categorically refuses such insurance, then the bank cannot insist, since it is illegal. But in this case, the interest on the loan will be higher, which depreciates all the benefits of refusal. It is best to meet the bank's conditions, since personal insurance can help in a difficult situation.

"Tricky move

In the absence of savings for a down payment, some people, in order to avoid taking out a mortgage at an inflated rate, take out a consumer loan. However, the rates on it are also high, and the loan period is limited. “If the bank comes to the conclusion that the borrower will not be able to service two loans at the same time, the likelihood of being denied a mortgage is very high,” comments Andrei Kolochinsky.

The main thing about maternity capital for buying a home

Matkapital in 2021

Alternative options for purchasing an apartment without a deposit

Those citizens who belong to the category of beneficiaries can use other alternative ways of obtaining a mortgage without investing personal funds in the initial period.

Consumer loan.

You can get out of a difficult situation when there is no money for a down payment by taking out a regular consumer loan. Only then will the monthly payments be significantly higher, since the loan term is limited to five years. Therefore, the bank does not welcome such borrowers and often refuses them.

Terms of this loan:

• rate – from 11.9%;
• an amount of up to 3 million rubles is issued.

When submitting an application online, the response comes within 2-3 minutes.

Inflating the cost of housing to the bank.

Attention

This option is considered illegal and if discovered, the mortgage may be denied. In addition, the bank does not take receipts for overstatement if it concerns new buildings.

Loan from a real estate agency or developer.

Another real way out is for the real estate agency or developer to provide funds that the buyer can make as a down payment. In such a situation, the parties individually agree on the terms.

Shares from a real estate agency or developer.

If you monitor promotions from developers, you may come across ones that imply installment payments for the down payment or provide a substantial discount.

State support programs

Another maneuver for obtaining a mortgage without a “down payment” can be called situations in which the bank’s requirements are met with the help of government support, for example, by raising funds under the “Young Family” program or maternity capital. “On the one hand, this is not a zero-payment mortgage. On the other hand, the client minimizes the amount of his own invested funds. The same thing happens with the mechanism of military mortgages. Both the initial contribution and payments are formed from funds received into the serviceman’s individual account,” says Natalia Kuznetsova, General Director of the BON TON Academy of Sciences.

How to save for a down payment if no option is suitable?

Recommendations for those who want to save for a down payment on a mortgage:

• clearly define the goal;
• calculate in advance the required amount for a down payment on an apartment and withdraw a fixed amount from the general budget every month;
• open a savings account and activate the “Piggy Bank” option;
• plan your spending correctly and not waste money on unnecessary things;
• learn to save - buy goods and use services on promotions;
• Before each trip to the store, make a list of everything you need.

Social mortgage as assistance from the state

In Russia, there are federal target programs that provide assistance to families in need of improved housing conditions. In particular, a young family (spouses under 35 years of age) can apply for a government subsidy to purchase square meters in a new building or build their own home. In this case, the family must be registered as in need by the district administration. Special programs are provided for other socially vulnerable categories - disabled people, orphans, large families.

Please note that if real estate is purchased with the help of social certificates (subsidies), it is issued:

• or for all family members for whom the Certificate was issued, including children (then a notarized form of the purchase and sale agreement is required, because the agreement will contain elements of a marriage contract. Because spouses, by law, can purchase real estate as shared ownership only on the basis of a marriage contract) ,
• or it is issued only to the spouses in joint ownership, then the agreement is in simple written form, but in order to transfer the money, you must provide a notarial undertaking from the parents to the administration that when the mortgage is paid off, they are obliged to allocate shares to the children.