The content of the article
- What is the mortgage program “Young Family”
- Federal program “Housing 2011-2020.”
- Regional programs
- How does the state program “Young Family” work?
- One-time purchase of real estate
- Mortgage Payment
- New housing construction
- Young family – who belongs to this category
- Who can apply for state aid?
- Features of mortgage lending for young families in banks
- Borrower Requirements
- What documents are needed for a young family
- How to get a mortgage for a young family
- Mortgage Terms for Young
- Interest rate
- Monthly repayment schedule
- Delinquent Penalties
- Which banks have a mortgage program under the program “Young Family”
- Pros and cons of social mortgages for a young family
Every citizen of the country wants to acquire their own housing. The current economic situation in the country does not contribute to the immediate implementation of this desire, so urban residents turn to housing lending. Mortgages for a young family – this is the only way to get a home loan on more favorable terms with a lower interest rate and partial cost compensation.
What is the mortgage program “Young Family”
The program is designed for citizens who have recently married. The age of the spouses should not exceed 35 years. In order to count on state support, a husband and wife should stand in line for improving housing conditions. The amount of government subsidies is determined by the regional cost of housing. In Moscow, 48 m2 are allocated for a couple without children, and if there is a child, then 18 m2 per person.
Federal program “Housing 2011-2020.”
The government set out to provide affordable housing for citizens. For this purpose, the federal program “Housing” was developed. Under this project, the state is engaged in the mass construction of economy class new buildings, and then sells apartments from such complexes at preferential prices to those in need. Participants in the federal program will be able to become any citizen of the Russian Federation who need to improve housing conditions. Over 9 years of her work, more than 520 thousand families were able to purchase housing. Participants must meet the following requirements:
- The age of the spouses should not exceed 35 years.
- Family income must be at least minimum.
- One of the spouses is a citizen of the Russian Federation.
The project is being implemented in different ways in the regions. Arkhangelsk provides for the purchase of housing in the secondary market. The executive authorities of Belgorod help family members buy apartments in new buildings. Residents of Samara and Vladivostok can choose housing in any real estate market. The main problem in implementing regional subsidy programs is proof of income. Many residents receive a “gray” salary, which prevents the receipt of social assistance.
How does the state program “Young Family” work?
Project participants are given a special certificate for subsidies. Its size is 30-35% of the value of the purchased property. If the family has a child, then the amount of the subsidy increases by 5%. The remaining amount can be obtained by contacting one of the commercial banks, where there is a mortgage for a young family. Taking into account the down payment, citizens fall under soft loans.
One-time purchase of real estate
One of the options for acquiring an apartment is to pay its full cost to the previous owner. Some newlyweds, even taking into account maternal capital, cannot afford this step. In this situation, you can request a subsidy. You must contact your local government and provide information confirming the following information:
- salary at the main place of work;
- the amount of cash on deposit (if the couple will use their own savings to purchase real estate);
- income from individual entrepreneurs;
- child support (if the family is incomplete).
Additionally, documents on expenses will be required. The expenses column includes paid alimony, loan installments, rental payments, utility bills. Even if the husband and wife, instead of arranging a mortgage, decide to buy real estate with their own savings and the amount of the subsidy, they still need to collect income and expenses certificates for municipal authorities.
If the spouses have already applied for a loan from the bank, then they can apply for a grant to repay the original debt. The maximum amount of cash assistance is determined by the number of family members. Its average value is 600,000 p. Issue of housing certificates is made after approval is received from the executive bodies.
New housing construction
The amount of subsidy in this case is 30-35% of the price of the apartment. It is necessary to contact the local executive bodies responsible for providing assistance to the population. Some banks run youth promotions that allow you to get a loan online at a significant discount. Having studied the list of documents, citizens should send their electronic copies and fill out an application. Refusals on applications come in cases where certificates to determine solvency have not been submitted.
Young family – who belongs to this category
Couples in which both spouses are under the age of 35 can participate in the program. Some commercial banks allow you to get a loan on preferential terms if the husband or wife is not older than 35 years. The program for providing housing for young families can people with citizenship of the Russian Federation. It is acceptable that only one of the spouses was a citizen with common children.
Who can apply for state aid?
An apartment in a mortgage for a young family can get a preferential scheme if it officially needs to improve housing conditions. The confirmed income of the two spouses must be at least 21,620 rubles. If there is one child, then the total amount of money earned must be at least 32,150 rubles. The following categories of borrowers can participate in the program:
- couples without children, where each spouse is a citizen of the Russian Federation;
- single-parent families with children, consisting of one parent, who is a citizen of the Russian Federation;
- persons who have entered into an official marriage having 1 or more children, where one of the spouses is a citizen of the Russian Federation.
Features of mortgage lending for young families in banks
Credit organizations are happy to borrow money to large businesses. However, the question of how to get a mortgage for a young family remains relevant. Not all financial associations are ready to provide a mortgage loan right away. Most banks require guarantors or start talking about real estate collateral, as a newly formed family as a social unit is not trustworthy. An important factor is the size of the wages of both spouses.
Each financial institution evaluates citizens according to their own criteria. No exceptions are made even for couples participating in state programs for obtaining preferential housing. You can increase your rating in the eyes of a credit institution if you introduce co-borrowers to it, who can be parents or friends. The requirements in many banks for borrowers are as follows:
- age not less than 21 years;
- registration in the region;
- Work experience not less than 1 year;
- availability of documents confirming solvency;
- marriage term – not less than 1 year;
- positive credit history.
What documents are needed for a young family
Without the collection of certain certificates, participating in government projects will not work. They are represented in various municipal authorities in order to confirm their status. Together with copies of documents must be originals. When applying, the presence of both spouses is required. To take part in the program, the newlyweds must collect the following documents:
- application of a special form, completed in duplicate;
- copies of the personal account (opens free of charge in the bank where the spouses are going to take a loan);
- extract from the house book;
- copy of marriage certificate;
- passports of both spouses and birth certificates of children (if any);
- copies of documents for the acquired property (obtained from the developer or owner of the apartment);
- documents on special registration or other papers confirming the right to participate in the state program (issued free of charge when applying to the MFC);
- income statement in the prescribed form (drawn up free of charge by the employer).
How to get a mortgage for a young family
You can receive money from the bank for the purchase of real estate on ordinary and preferential terms. The first option is disadvantageous for young people, because loan rates will be high. There is a certain order of actions that must be completed in order to become a member of the state program. Having completed them, the newlyweds will be able to get a loan on concessional terms:
- Registration in the program “Young Family”. Contact the city administration or the MFC. Get a list of documents. Present the issued paper of the MFC or the administration. Wait for notification of registration in the queue for improvement of living conditions.
- Real estate market analysis and selection of suitable housing. You can use lists from government sites where economy class complexes are collected.
- Choosing a bank and applying for a mortgage loan. A list of suitable financial institutions can be found at the organizations responsible for the project..
- Conclusion of a mortgage loan agreement on preferential terms.
Mortgage Terms for Young
The state is trying to help the newlyweds improve their living conditions. For these purposes, the authorized bodies issue a certificate for obtaining mortgages on favorable terms. Get a loan to citizens who have officially married, not just with state help. Mortgages for a young family can be granted on the following conditions:
- Down payment must be at least 10-15%;
- it is necessary to introduce co-borrowers who guarantee repayment of the loan;
- at birth, there is the possibility of deferred payments for a couple of months.
The amount of overpayment is set by each bank separately. If down payments make up 50% of the value of the property, then interest will be less. If the deposit along with the subsidy is only 10-20%, then the overpayment will be maximum. In accordance with the state program, a mortgage is issued to a young family at reduced interest rates. The minimum rate is 8.9%, and the maximum is 14%.
Monthly repayment schedule
Mortgage for young families provides preferential conditions for the return of funds to the bank. The size of the contributions depends on the terms of the loan. It is beneficial for many financial institutions to repay a mortgage loan in equal parts. The borrower pays equally interest and a loan amount. At the birth of a child, participants in the state program may receive an additional subsidy designed to repay the loan.
The borrower’s property may be seized if a citizen evades monthly installments. With constant delays, a penalty is charged for each day. It is set at 1%. Some financial institutions may arrange a deferred payment if the family provides documents confirming financial problems. If there is a delay in insurance, then:
- loan bank rate may be increased;
- if insurance payment was made with borrowed funds, then for their untimely return penalties are charged.
Penalties can significantly affect the payment of the initial debt. In order to avoid changes in the loan amount or mortgage agreement, the borrower must contact the credit institution and inform it of financial difficulties. With a preferential mortgage, bank employees will be able to develop debt restructuring options, including credit holidays.
Which banks have a mortgage program under the program “Young Family”
Sberbank offers a loan to the newlyweds on several preferential projects. A mortgage for a young family from Sberbank can be arranged taking into account the income of the parents of the spouses or with the involvement of co-borrowers. Overpayment can be calculated with a mortgage calculator or on your own. The table shows the banks engaged in the issuance of loans under this state program:
Features of the loan program
The borrower can early repay the main debt or part of it with the help of a certificate of maternity capital. Mandatory attraction of guarantors. The property remains a pledge to the bank.
Attractive interest rates. Mortgages for young families can be arranged for up to 600 months. Simplified document requirements. High earnings requirements.
Russian Agricultural Bank
There are no commissions. The borrower can choose between an annuity and a differentiated form of loan repayment. Early repayment of the loan amount is allowed. High interest rates.
You can borrow large sums of money without attracting co-borrowers. Interest rates are high.
Early repayment of the loan is possible. In case of difficulties, borrowers are granted a deferment. The interest on the loan is greater than in other banks.
Pros and cons of social mortgages for a young family
The main goal of this state program is to improve the living conditions of citizens who are not able to afford it. Both couples with children and childless newlyweds can take advantage of the help. The state program has its positive and negative sides. The main advantages of a mortgage designed for recently legitimized citizens:
- There is no need to save money for years.
- The borrower receives the status of the owner of the apartment, can register in the housing of their loved ones.
- The program is suitable for large families and citizens with very limited incomes..
- The rate is about 10%, which is less than when participating in other loan programs..
- Risk insurance is provided, which ensures complete transaction security..
- Small Payments.
Mortgage program under consideration A young family has one serious drawback. It consists in the amount of overpayment for housing. In some cases, it can reach 100%. The overpayment includes not only the interest paid on the loan, but also the contributions of compulsory insurance. The list of disadvantages include stringent requirements for borrowers..