Is it possible to buy an apartment with a mortgage from relatives?

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Despite fairly strict legal requirements and numerous bank checks, there are still quite a lot of scammers who “sell” their apartments only formally. In fact, their goal is to receive a certain amount from a potential buyer and then challenge the deal in court. From this point of view, purchasing housing from relatives is usually safer. Relationships can be different, but few people decide to commit outright deception.

Categories of relatives included in the exception

Taking out a mortgage is not allowed when purchasing a residential property from a close relative. Moreover, such persons are defined by law. These include:

• parents, including adoptive ones - if housing is the only one;
• spouses;
• brothers and sisters;
• children;
• Grandmothers and grandfathers.

The list is justified by the fact that the above persons (according to the tax code), when participating in a mortgage transaction, can influence its conditions. At the same time, banking companies often expand the presented list. As a rule, it adds:

• mother-in-law or father-in-law;
• brothers and sisters from either spouse;
• mother-in-law or father-in-law.

Such measures are taken because of the danger of fictitious registration of a purchase and sale transaction. In this case, the borrowed funds are not used for their intended purpose.

Which banks allow you to buy a home from your parents?

As we have already said, small banks are unlikely to allow you to buy an apartment from your parents with a mortgage. You should start your search with large, reputable organizations that have a wide range of loan programs:

• Sberbank;
• Rosselkhozbank;
• VTB;
• DeltaCredit, etc.

If choosing a bank causes you difficulties or you have problems with your credit history, you can contact a broker. Such a specialist is well acquainted with the lending conditions of various financial institutions. Just before concluding a contract and paying for services, read independent reviews of its work.