Which bank to get a mortgage from: current rates, useful tips and selection criteria


A mortgage is a very complex type of loan with many features and general characteristics. Those wishing to apply for a housing loan often get lost in the abundance of loan program offers, visit different banks, make calculations, and find out the requirements for the borrower. A lot of effort is spent on all this; choosing a bank is a responsible step, since you will have to cooperate with it for a very long time.

Basic criteria for choosing a mortgage

Interest rate. This is not about the rate that is written in the tariffs marked “from”, but about a specific rate that will be applied to you personally. Choose a few of the best banks in your opinion and ask their employees to make you a preliminary calculation based on your data.

When choosing a bank, be sure to take into account its geographical location in relation to you. You will have to visit its branches to make payments on the loan itself and on insurance, and contact them on various issues for quite a long time.

There must be a branch of this bank in your city, or better yet several, to avoid a situation where the branch closes and you have to travel to another city to resolve issues.

These are the most extensive criteria; otherwise, you can choose a bank for a mortgage based on other credit characteristics. You can view current mortgage rates at link.

Let’s look at the conditions of several banks using the example of buying an apartment with a mortgage on the secondary market for an ordinary non-salary borrower. Initially, we will consider the Sberbank program, since it is this bank that people most often turn to for housing loans. Then it will be possible to compare with the conditions of other banks.

Sberbank:

– the maximum amount is not limited by anything;
– minimum amount – 334,000;
– issued for a period of up to 30 years;
down payment – from 10%;
– rate – from 0.1% per annum in the first year, if the “State Support 2020” program is selected and the apartment is purchased from partner developers who participate in the program, then from 6.05%

– the rate depends greatly on the program, term and down payment;
– insurance of the purchased apartment is required.

Sberbank mortgages can be issued to citizens over 21 years of age. The maximum age is 75 years at the time of repayment according to the payment schedule. You can attract up to three co-borrowers. The submitted documents will be reviewed from 1 to 5 days. Sberbank works with maternity capital and the Young Family program.

VTB Bank:

– in total you can get up to 60 million for Moscow and the regions;
minimum amount – 1,500,000;
– maximum period of issue is 30 years;
– contribution – from 10%;
– the rate is 4.3% when participating in the “State Support 2020” program for the first six months or 5.3% for the first year, then 6.5%;
– the life of the borrower, the purchased apartment and the right of ownership are subject to insurance (title insurance). If you refuse at least one point, the rate increases by 6%.

The applicant’s age at the time of registration is over 21 years old, and at the time of closing – no more than 65. The number of co-borrowers is up to 4.

It is possible to get a mortgage without proof of income.

Alfa Bank:

– maximum loan amount – 50,000,000 rubles;
– minimum amount – 600,000;
– issued for a period of 3 to 30 years;
– contribution – minimum 10%;
– rate – 5.29% -8.79% per annum depending on the term and down payment;
– if you refuse title insurance and life insurance, the rate will increase by 3%.

The age of the drawer is 21-60 years, at the time of repayment – no more than 75 years. It is possible to attract up to 5 co-borrowers.

It is possible to get a mortgage without proof of income.

Raiffeisenbank:

– mortgages are issued in the amount of up to 26 million;
– the minimum amount is 1,000,000 for Moscow and other cities;
– contribution – from 15%;
– issued for a period of 1-30 years;
– rate – 5.49% – 12.75% per annum depending on the down payment and program.

If the income is confirmed by a bank certificate, the rate increases by 1%.

The age of borrowers at the time of application is 21-50 years. The applicant must not have loans issued less than 6 months ago.

PSB Bank:

– mortgages are issued in the amount of up to 30 million for properties located in Moscow, the Moscow region, St. Petersburg and the Leningrad region;
– mortgages are issued in the amount of up to 20 million for properties located in other constituent entities of the Russian Federation;
– the minimum amount is 500,000 for both Moscow and other regions;
– contribution – from 10%;
– issued for a period of 3-30 years;
– rate – 5.45% – 9% per annum depending on the down payment and program.

The age of borrowers at the time of application is 21-65 years.

Opening:

– mortgages are issued in the amount of up to 50 million for properties located in Moscow, the Moscow region, St. Petersburg and the Leningrad region;
– mortgages are issued in the amount of up to 20 million for properties located in other constituent entities of the Russian Federation;
– the minimum amount is 500,000 for both Moscow and other regions;
– contribution – from 10%;
– issued for a period of 3-30 years;
– rate – 5.9% – 11.5% per annum depending on the down payment and program.

The age of borrowers at the time of application is 21-65 years.

It is possible to get a mortgage without proof of income.

Conclusion

When choosing the bank where your mortgage will be issued, you should not make hasty decisions; too large amounts and overpayments appear in the transaction to act without carefully weighing all the factors affecting the final cost of your home loan. Before choosing a bank, it is important to decide on the value of the property, the down payment, the ability to confirm income, and the loan term. After clearly defining all the parameters, you can choose the most optimal option for yourself. To get acquainted with all the banks and choose the bank that really suits you, click on the button below.

Calculate your mortgage



Source link