How to get a mortgage for buying house

Today, borrowers have the opportunity to take mortgage lending for the purchase of the apartment, but to buy a private house loan. However, to the approval of the Bank in this case will be more difficult, since such lending is associated with increased risk.

Initially you have to determine the property and the best mortgage program. Today offer on mortgages for private house nearly every major Bank.

Requirements of banks to the property

With respect to the credit facility, the main criterion for the approval of mortgage liquidity is the construction, i.e. the possibility to sell it at any time without a serious loss in value.

Assessing the term of the loan for the purchase of private homes, banks take into account a number of parameters. Among them - the material of the Foundation and load-bearing walls. It is assumed that the brick house made of brick or concrete blocks are more durable. Therefore, to take credit for the wooden house will be quite problematic. Difficulties with the approval of a home loan can occur and those wishing to purchase housing economy class.

It is desirable that the house was equipped with the necessary for accommodation of utilities shall be suitable for permanent residence and to be in the region of presence of Bank.

It is also important that the borrower had the right of land ownership. It must be intended for individual housing construction.

The terms of the mortgage for buying house

To purchase the apartments, banks give out mortgages for a term of 5-25 years with an initial contribution from 10% to 40%. Interest rates are 11-13%.

The size of the down payment when you purchase private house loan ranges from 40 to 60%.

In this case, the terms of mortgage loans when purchasing a private house less profitable. The average rate of 14-15%, an increase of 2-3% compared to a classic mortgage.

Thus, often these loans require collateral in the form of other property.

The list of documents for obtaining a mortgage on a private house

For a mortgage on a private house banks require two sets of documents related to the property, as well as confirming the income and solvency of the borrower. Indicative list of documents includes:

- title documents;

- cadastral plan and passport;

- technical passport;

- original extract from the unified state register;

- a report from an independent appraiser.

- proof of salary under the form 2-NDFL (last 6 months);

- certificate of pension, INN;

- passport of the guarantor;

- statement of account of the borrower, confirming the existence of the down payment.

The list of requirements and requested documents may vary depending on the Bank.