How to save on mortgage

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In the Russian Federation is successfully operating several programs of social mortgage, allowing significant savings when purchasing a property. However know about them and use them not all, and only 1.7% of all borrowers. Today let's take a look how you can reduce the interest on the mortgage or to receive subsidies from the state.

Who can get social mortgage

Social mortgage – is a set of state programs. In addition, some banks offer programs that intersect with the state. The programs differ depending on the region, so to get the most accurate information please contact your local authorities. Categories of people who qualify to receive social mortgage, are many. Therefore, even if you feel that you are not eligible for social mortgage, it is still worth checking out.

We can distinguish several groups of people who fit certain programs and promotions.

  1. People who need better housing conditions: if you reside in uninhabitable premises are registered as requiring housing, or simply not provided with a sufficient amount of living space.

The family recognizes the need of housing if each member of the family is not more than 18 m2 of total area of residential premises.

2. Families with children.

In this case, there are some issues: if the family has one child, the age of parents should not exceed 35 years. If two children or more, not limiting. Holders of the parent capital within the framework of the social mortgage program may use their certificate, but this is not mandatory.

3. Military and combat veterans.

Military rely some of the most favorable conditions of social mortgage, but you will need within 3 years to be a participant in the savings and mortgage system of housing for military personnel.

4. People working in certain organizations: employees of government authorities, state and municipal educational institutions, research organisations, sport and culture, as well as people, workers at major employers.

Social mortgage can get workers of enterprises of the military-industrial complex and scientific organizations involved in "priority areas" for the development of science, engineering and technology in Russia.

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The social mortgage is intended for the purchase of housing on the secondary market and in new buildings, including those under construction. There is a Federal program of social mortgage, which housing can be purchased in any region and there are regional programmes.

If the borrower is using the regional programme, housing he can purchase only at the place of residence.

The conditions of the social mortgage

There are 3 options for obtaining a social mortgage: a loan on concessional terms, grants, buying a home at below market price. Consider in more detail each of them.

The first option is getting a loan on favorable terms.

Rate on social mortgage program of the Agency for housing mortgage lending, which was created by the government to increase the availability of social programs for the population, ranging from 10.6% (if initial fee is 30%) to 11.1%. The difference is paid to the Bank by the government from budget funds. The minimum down payment is 10%, the maximum loan term is 30 years. The longer the loan term, the lower the monthly payment and the greater the overpayment.

Along with the programs of the Agency for housing mortgage lending are private banks offers. Rates and conditions for these offerings may differ depending on the region. In order to participate in such programs should contact the Bank branch in your city.

The second option grants.

The budget has allocated a specific amount by which the portion of the amount of the mortgage loan is repaid citizen. This amount can be paid as a first installment or go on regular payments.

A third option is buying on credit the price of housing far below market value

For such programs are allocated housing from the state housing Fund, mortgage issued through the Bank-agent.

Restrictions when choosing a Bank, normally no, but in practice, with social mortgages there are only a small number of commercial banks.

The most stringent conditions for those who wish to participate in the program of military mortgage, but there are more bonuses–, you can get an apartment for free.

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Servicemen who entered into the mortgage system, receive a subsidy from the Ministry of defence: contributions are accumulated every year their indexing. The resources can be used as a down payment. The remainder of the loan not repaid at the expense of the soldier, but at the expense of the subsidies it receives to your account. Alone to repay the loan serviceman will have only in case of dismissal from the army.

The bet on the program of military mortgage varies from 9.4% to 11.05%. Typically, the minimum interest rate is used for properties under construction.

The maximum loan amount on military mortgage is 2.4 million rubles. If this amount is not enough, the soldier can add their own funds or to take a consumer loan. Experts note that the average cost of property that is sold on military mortgage, is 4.2 million.

Military mortgage works for a limited number of banks. Requirements for banks, borrowers, developers and real estate defines Rosvoenipoteka.

For 2014 was issued about 7.5 thousand mortgage loans for social borrowers, the total amount of such loans amounted to 15 billion rubles. Most of them – loans for military personnel. About 25% issued by social mortgage loans falls on the young teachers.

In General for 2014 was issued about 448,5 thousand mortgage loans for the total of 769.5 billion rubles. Thus, participants in the program of social mortgage began only 1.7% of borrowers.

Experts believe that the performance could be better if borrowers informed. "Unfortunately, our population is little informed about various social programs. The majority don't know many of their rights," the expert said.

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