How to reduce mortgage payments and loan terms - expert advice. Mortgage program for young families Housing mortgage for young families

You can get a mortgage loan on preferential terms, becoming a participant in the state program of assistance to socially vulnerable categories of citizens. A mortgage under the “Young Family” program is an opportunity to receive a significant government (support) subsidy when purchasing a home.

In addition, you can use on general terms existing mortgage programs of banks for young families, which are available in many credit institutions. They certainly differ from each other, and also differ from the state subsidy program for participants in the Young Family program.

A mortgage for a young family in Russia in 2017 is practically the only opportunity to become the owner of their own home. It is very difficult to save up to buy an apartment or build a house yourself. The reasons for this are: high inflation, high cost of living (including housing), and the difficulty of finding a permanent job with a high salary for a young specialist.

Mortgage programs for young families in 2017

Now in most cases, in order to get affordable housing for a young family, it is necessary to take out a mortgage. If the spouses decide to do this, then the bank should be chosen especially carefully.

The main difference between the so-called bank assistance to young families and the federal program is that state aid - free of charge.

1. State provides a free subsidy for the purchase of housing if citizens are recognized in the appropriate manner as in need of improved housing conditions.
2. Banks, in turn, do not “give” anything to their clients, but can offer one of the following profitable options for their mortgage programs:
   • reduced interest rate;
   • no down payment or minimal down payment;
   • the possibility of deferring payment without imposing penalties;
   • preferential lending.

To join the mortgage program, a young family needs to do the following:

Few will doubt that taking out a mortgage for a young family is the same as signing an obligation to voluntarily work all your life for the benefit of the bank. Nevertheless, the majority of Russian young families decide to take this risky step.

How to get an apartment with a mortgage

Offers its own conditions for the “Young Family” mortgage program. However, several universal ones can be distinguished.

General terms for this the following:

• age limit;
• the need to pay a down payment (it is usually calculated as a percentage of the cost of housing and ranges from 10%);
• Having a stable income and a permanent place of work.

Among additional conditions receiving government subsidies, the following should be highlighted:

• age of spouses (up to 35 years);
• the need for an official recognition of a family in need of improved housing conditions;
• compliance with the condition that citizens must be registered in a certain region for at least 10 years.

How to get a bank loan for an apartment

Among the general documents usually required by bank employees to apply for a mortgage are the following:

1. Original and copy of passport.
2. Original and copy of the certificate of registration at the place of residence.
3. Copies of documents on marital status.
4. Education documents.
5. A copy of the work record, certified by the employer.
6. A copy of the employment contract (with additional agreements certified by the employer).
7. Original certificates in form 2-NDFL.
8. A completed request to the employer to confirm information about the income received.

Not many people today manage to save money for an apartment, but thanks to government support, young families can receive a preferential targeted loan for housing. A mortgage for a young family in Moscow is also on the list of state programs to support this category of the population in solving the housing problem, but not every family that wants it can receive it. The conditions for registration and requirements for applicants are prescribed by law.

How has the mortgage for a young family changed in 2019 in Moscow?

Let's start with the fact that this year you can also get a housing loan until you reach 35 years of age; after this age threshold, both spouses lose the status of a young family. Mortgages for young people in Moscow can be issued:

• if the family does not have its own home;
• if the family is solvent, i.e. at least one spouse works;
• secured by existing living space;
• at a preferential interest rate. In 2019, it became possible to get a mortgage loan in Moscow at 6 percent.

The last point concerns young families with two, three or more children. It is important that children must be born within the period established by the Government of the Russian Federation and this is 2019-2022. It doesn’t matter whether it’s Moscow or another Russian city, the requirement is the same and federal districts at the local level cannot influence the implementation of the new state program.

Mortgage conditions for a young family in Moscow under a new program

The program will be implemented with the help of a number of banks, the list still includes Sberbank, VTB Bank, Gazprombank, Rosselkhozbank, Alfa-Bank and other credit organizations. There are a few nuances that young families should take into account:

• Moscow banks will require documents about family composition, place of work and salary level, guarantors and security, and the borrower will be “checked” for his credit history. There are no concessions regarding receipt under the new program;
• if the loan was received earlier, and another child was born from January 1, 2019 onwards, you can submit documents for mortgage refinancing in Moscow and receive a recalculation;
• the preferential rate applies only to 3-5 years of mortgage payments.

On this portal you can clarify all the details regarding the terms of registration, calculate a mortgage for a young family in Moscow, taking into account the down payment, the cost of housing and other parameters.

Many families who have decided to take out a mortgage should carefully study all the available offers from major banks. It is important to find out in order to choose the most profitable program. Some categories of borrowers can take advantage of government assistance in repaying their mortgage, thanks to which they will be able to significantly reduce the cost of servicing the loan.

What is government assistance?

Today the state is trying to take care of all its citizens. Particular attention is paid to families with children in need of improved living conditions. Special programs are being developed for them, which provide for the payment of different amounts of subsidies. Many people are unaware of their rights and therefore do not use social assistance. Those families who have already accepted assistance from the state in servicing their mortgages were able to reduce their costs by approximately 40%.

For each category of borrowers, the amount of assistance is set individually, since its amount is influenced by various factors. Before it is issued, the body authorized to monitor the allocation and expenditure of government subsidies will carefully study the composition of the family and its total income. After this, a decision will be made regarding the amount of assistance to the borrower, who can purchase housing with both a mortgage and a loan.

Throughout 2016, the state program “Housing” was in effect on the territory of the Russian Federation. It was targeted and intended specifically for young families with children. The government that approved this program set several priority objectives:

1. Solve the housing issue throughout the country.
2. Create an economy class housing market.
3. Eliminate the shortage observed in the comfortable housing market.

Advice: in parallel with this target program, similar projects were implemented in all regions of the Russian Federation. Young families with children who took part were able to purchase residential real estate from the primary and secondary markets, as well as build private houses.

The state target program provides for the allocation of funds to young families with children, which they can spend on paying for real estate purchased with a mortgage or on building country houses. The Government of the Russian Federation planned to provide assistance in purchasing housing through this program to approximately 172,000 families. Its budget is 313,130,000,000 rubles, which was formed as follows:

Who can apply for assistance from the state?

To receive financial assistance from the state to pay for a mortgage (the state pays 30% of the cost of housing, and the remaining 70% is a participant in the program), borrowers must meet the following criteria:

• the age of each spouse should not be higher than 35 years;
• the family must have at least one child (the number of children significantly affects the amount of the subsidy);
• applicants for state assistance need to document the fact that they do not have their own living space (or if the square footage of the available premises is insufficient to accommodate all family members);
• a young family must have a stable source of income or a sufficient amount of funds to purchase real estate.

Despite the main requirement of the state program (mandatory presence of children), childless couples also had the opportunity to take advantage of a subsidy, the amount of which is 35%. There is one important nuance here. A family that has no children must have a monthly total income exceeding 21,621 rubles. In this case, the amount of compensation can reach 600,000 rubles.

Those married couples who have at least one minor child and can confirm a monthly income of 35,510 rubles (financial assistance will be 800,000 rubles) can apply for a subsidy of 40%. Families raising two children must earn at least 43,350 rubles per month to receive forty percent financial assistance (the state will pay about 1,000,000 rubles).

If during the mortgage program another child is born into the family (or the couple decides to adopt a baby from an orphanage), then the amount of financial assistance will be increased by 5%. Large families may qualify for additional benefits that will cover most of the costs of servicing a mortgage loan. Analyzing the conditions of the state target program, we can conclude that the Government of the Russian Federation, in addition to improving the living conditions of citizens, actively supports the growth of the birth rate in the country.

Documentation package for receiving government assistance

To receive help from the state in repaying a mortgage, young families with children need to collect a large package of documentation:

• photocopies of civil passports of both spouses;
• application of the established form (drawn up in 2 copies);
• marriage certificate (photocopy);
• birth certificate of the child(ren);
• a certificate issued by the relevant authority confirming that the young family is in line for municipal housing;
• a complete package of documents for a mortgage or loan;
• documentation for the property that will be purchased through a mortgage or credit program.

To receive help from the state to pay off an existing mortgage, young families with children need to create a standard package of documents:

• mortgage agreement;
• title documents for the property purchased on credit;
• a certificate from the financial institution that issued the mortgage, which indicates the amount of the current debt (the loan amount and interest are indicated separately).

After the documents have been collected, the young family needs to submit them to the relevant authority, which will review them within 30 days. Applicants for state assistance will be informed of the decision in writing. If a positive decision is made on the application, the family will receive a certificate that must be handed over to the creditor bank that is a participant in the state program. After this, a separate account will be opened for the family, to which the state will transfer a certain amount of funds. The rest of the money for the purchase of housing will be allocated by a financial institution.

Advice: with the help of a state program can be issued. In order to participate in such a program, borrowers must pledge their personal apartment or house as collateral to the financial institution.

Nuances of obtaining a mortgage with government support

Currently, many Russian banks offer. Potential borrowers planning to take part in it should be aware of some nuances:

1. The subsidy funds are not handed out to the borrower; they are transferred to his current account opened with the creditor bank.
2. After receiving the status of a participant in the state program, the family receives a corresponding certificate.
3. Young families can apply for a mortgage at any Russian banks that take part in the state program. Today it is available for them in Sberbank, Raiffeisenbank, Promsvyazbank, etc.
4. Financial assistance to young families with children is issued by the state once.

In 2016, the following categories of citizens had the opportunity to take advantage of the state subsidy allocated for mortgage payments:

• young families with children;
• disabled people;
• families with disabled children;
• citizens who have the title of combat veteran;
• military (a special program has been developed for them).

Can borrowers who have lost their solvency benefit from assistance?

Conscientious borrowers who, for reasons beyond their control, have temporarily lost their solvency can count on government assistance in repaying their mortgages. Such reasons include dismissal from work, serious illness, death of a close relative. In order to apply for government assistance, borrowers need to provide the lending bank with documents that can confirm one of the following facts:

• each family member has less than two subsistence minimums;
• the total family income over the past 3 months has decreased by at least 30%;
• The monthly payment amount increased by more than 30%.

If the borrower manages to document his insolvency, he will have to write a letter to his lender asking for repayment of the mortgage debt at the expense of the state. It is worth noting that in this case we are not talking about full repayment of the borrower’s debt, but he can count on paying part of it. After the restructuring, borrowers may have their interest rates reduced and may also be given a deferment on the payment of the principal debt for up to one and a half years. By taking part in such a program, they can count on state assistance in the amount of 10% of the amount of the remaining debt (no more than 600,000 rubles).

Owners of the following real estate properties can receive mortgage compensation:

Advice: Borrowers who cannot service their mortgage can take part in a special program. For example, it provides for a reduction in monthly payments by extending the term of the loan agreement.

How much subsidy can a young family expect?

State programs that subsidize mortgage loans do not establish specific amounts of financial assistance (from 600,000 to 1,000,000 rubles). But in order to take advantage of state help to cover debt to the bank, families need to take into account some nuances:

• if there is one child in a family, she can count on repayment of the mortgage program, which provides up to 18 sq.m. living space in the purchased property;
• if after registration of the mortgage a second child is born in the family, she will be provided with an additional subsidy in the same amount;
• if a third child is born in the family, then its debt can be fully repaid by the state (the cost and square footage of the acquired property is taken into account).

Current government programs

The government of the Russian Federation regularly develops social programs for its citizens that allow them to improve their living conditions. In 2016, the country's population was offered to take advantage of the following types of state programs for subsidizing mortgages:

1. Housing for a Russian family.
2. Social mortgage.
3. For young families.
4. Mortgages using maternity capital funds.
5. Large families.
6. Military mortgage.
7. For government employees.
8. For residents of the Far North.
9. For young scientists.

Advantages of obtaining a preferential mortgage

Young families who cannot save money to buy their own home will be interested in considering the current offers of Russian banks. Today, various mortgage programs with government support are available to them, which have many advantages:

• low interest rates have been set;
• the use of maternity capital funds is allowed;
• you can get a deferment to pay monthly payments if a child is born in the family;
• The down payment on the mortgage is significantly reduced or completely eliminated;
• Early repayment of the loan program is allowed, and no penalties are applied to borrowers;
• if financial difficulties arise, debt restructuring can be carried out, reducing the amount of monthly payments, etc.

Advice: if Russian citizens are planning to get a mortgage, they first need to find out both about all current bank offers and about available government programs. By taking advantage of government assistance, they will be able to significantly reduce the financial burden that has weighed heavily on them for many years.

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To take part in the state mortgage subsidy program, a young family first needs to find out whether it is suitable for them in all respects. After this, you should contact the relevant authority and receive a list of documents that can be submitted there both before applying for a mortgage and with an existing loan. Russian citizens can take advantage of such a subsidy only once. If they encounter financial difficulties while servicing a preferential mortgage, borrowers can contact the bank with a request for restructuring. Some categories of clients can count on repayment of part of the debt by the state if they can document a temporary loss of solvency.

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For almost all young families, the housing issue is very pressing. At the same time, few can boast of high incomes that allow them to buy an apartment without resorting to outside help. Thus, not everyone can acquire their own corner without a mortgage.

The state, taking on a number of social obligations, among other things, declares concern for young families. At the same time, not many of these families take advantage of the opportunities provided to them, for example, compensation for mortgage payments. Most often, this happens for only one reason - people are simply not aware of existing programs under which they could receive assistance in purchasing housing on more favorable terms.

State assistance in servicing mortgages offered by this program is a very effective tool that can reduce the costs of a young family by a maximum of 40 percent.

The amount of assistance will depend on several factors. When considering the issue, the relevant body will examine both the total income of workers and the composition of the family. The rules of this state program require the purchase of residential real estate on credit or a mortgage.

The Federal Target Program (FTP) “Housing” is designed for the period from 2012 to 2019. The government approved it by decree at the end of 2010. Main objectives of the state program:

• solving the housing issue throughout the country;
• eliminating the shortage of comfortable housing;
• qualitative improvement of the country's housing stock;
• ensuring the formation of an economy class residential real estate market.

Within its framework there is a subprogram - “Affordable housing for young families”, which specifically involves subsidizing young families wishing to purchase residential property or build a house. Similar regional projects have also been launched in support of this subprogramme.

What are the requirements for applicants to become a participant?

Couples who meet the following conditions can apply for assistance:

• spouses must not yet be 35 years old;
• the family can confirm that the living space at their disposal is insufficient;
• spouses have stable incomes or sufficient funds to purchase real estate;
• Having a child is also important.

The last point is not mandatory in all cases. In some situations, this is only the basis for increasing the size of the subsidy.

In general, this Federal Target Program sets its main goal to increase the birth rate in the country. The state realizes that without stimulation the demographic situation in the country is almost impossible to correct. It is also quite obvious that mitigating the housing problem will help reduce social tension and intensify the activity of the mortgage market.

Participants in the program are allocated money by the state to partially repay the cost of purchased real estate or the construction of their own home. In the period from 2012 to 2019, it was planned in this way to help 172 thousand families purchase primary housing.

The total budget of the program is 313.13 billion rubles.

• from the central budget - 28.18 billion;
• regional budgets – 65.76 billion;
• funds from the state program participants themselves – 219.19 billion rubles.

As a result, as you can see, the state takes on 30 percent of the cost of the apartment, while the remaining 70 is paid by the participants.

If before 2014 the target program only provided subsidies for the purchase of residential real estate or financial assistance in paying off a previously taken out mortgage, then later certain changes were made to it. However, those who took part in the program before 2014 will not be affected by the adjustments.

In general, the amount of government assistance is directly dependent on the number of children in a young family and the average price of an apartment in the area where she lives. In this case, we are talking specifically about percentages of the average housing price in a particular municipality.

This year, a childless family has the opportunity to receive a subsidy of 35 percent. However, her total income cannot be lower than 21,621 rubles. In total, the amount of compensation will reach approximately 600 thousand.

Couples with one child and earning at least 32,510 rubles monthly can count on financial assistance in the amount of 40 percent. Families with two children must have an income of 43,350 rubles. In the first case, the state will pay 800 thousand rubles, in the second - about a million.

In the event of the birth or adoption of another child, such couples have the right to claim an additional 5 percent increase in the subsidy. There are also certain benefits for families with many children.

What documents should be prepared for submission to government agencies?

Applicants for participation in the state youth mortgage lending program should submit the following documents:

• application in the established form (two copies);
• photocopies of the passports of both spouses;
• The two-parent family also provides a marriage certificate;
• documents confirming the presence of a child in the family (birth certificate);
• a certificate stating that the family is on the waiting list for housing;
• papers on unpaid loans or mortgages;
• documents on real estate that is planned to be purchased or built.

In the same case, if young spouses intend to use government assistance to repay an already received loan for the purchase or construction of housing, they will also need to additionally submit:

• a copy of the certificate of state registration of housing;
• mortgage agreement;
• a document from the organization that provided the loan stating the amount of the outstanding balance of the mortgage and interest debt.

The relevant authority will review the submitted documents and make a decision regarding the presentation of the status of a program participant to the family and inform it of its decision. Applicants, having received the appropriate notification, are required to send all the above-mentioned papers to local authorities within 30 days.

In return, they will be issued a certificate with which the young family will be able to go to the bank, which is the official partner of this state program. Funds for partial payment of the mortgage will be transferred to an account opened there. Next, this bank will lend the remaining amount for the purchase of housing using its security. At the same time, the family takes ownership.

What has changed in 2019

The main provisions of the program have not changed. However, since the beginning of 2014, funds from the state have been issued exclusively for the purchase of primary housing or for financing shared construction.

At the same time, it is prohibited to use the subsidy to repay an already taken out mortgage; this money cannot be used for the secondary purchase of real estate.

What is the procedure for obtaining a loan for young families? Who is entitled to a social mortgage for a young family in 2018? Who can help young families obtain and repay a mortgage?

Hello, dear readers of the HeatherBeaver online magazine! Denis Kuderin welcomes you.

We continue the topic of mortgage lending. A new article is devoted to mortgage loans for young families.

The relevance of this issue is obvious: young people, like no other segment of society, need a complete and comfortable space to live.

So, let's start!

1. How the federal program “Young Family” works

For young families without their own living space, the housing issue is very relevant: people who have decided to forever link their destinies especially urgently need an isolated and comfortable space for a fruitful and happy life.

In modern Russia, young members of society do not have many opportunities to purchase their own housing. It is almost impossible to save money to purchase an apartment or build a house.

There are many reasons for this - the price level (including for the apartments themselves), economic instability, inflation and devaluation of the ruble.

In most state and commercial companies, young specialists without experience are usually offered very low salaries, which are not always enough even to live on.

In such circumstances, young families have only a few options left to acquire their own living space. More precisely, there is only one real way - to buy an apartment or house using a mortgage loan.

The site has a detailed overview of how it functions.

“Young Family” program - assistance in improving living conditions

Mortgages have many negative aspects - high interest rates in most Russian banks, harsh contract conditions, according to which borrowers are subject to monetary penalties for delays in payments, and huge overpayments for the entire loan term.

But there are also positive aspects:

• the opportunity to purchase your own home right now, and not after decades of savings and savings;
• a large selection of mortgage programs in banks;
• availability of preferential conditions for young families.

Let's take a closer look at the last point. It is useful for young people getting married to know that they can get a preferential mortgage under the federal program to help young families.

The initiative is called “ Young family". Program participants have the right to take advantage of free support from the state and receive subsidies when purchasing housing, including mortgage loans.

We are not talking about full payment for apartments and houses by the state. This means significant material support within a certain amount. The young people themselves decide how to spend this amount.

Cash subsidies can be received:

• for a one-time purchase of real estate;
• to pay a mortgage loan;
• for construction.

The project replaced a similar program that operated from 2005 to 2015 and was called “ Affordable housing for a young family».

The program will presumably operate until 2020 - during this period, anyone who meets the conditions of the project can take advantage of federal budget funds and state support.

In addition, regions and constituent entities of the Russian Federation have their own programs for young families, allowing them to take advantage of one-time cash benefits and legal assistance when applying for mortgage loans.

Banks, in turn, are also accommodating to young families. The help of commercial financial institutions is never disinterested, but young spouses can also benefit from it.

For families in which the husband and wife are not older than 35 years, banks provide the following benefits:

• reduced interest rates;
• minimal down payment or lack thereof;
• deferment of payments without imposing penalties.

A mortgage, with all its shortcomings, is still a more reasonable and profitable option than renting a home.

If you choose between paying for a rented home and a loan, the latter will ultimately take up less money and, in addition, will allow you to purchase housing, which after all payments will be completely yours.

A rented apartment will never be yours; moreover, the owners can ask you to vacate the living space at any time.

2. Who can apply for social assistance

To take advantage of a social mortgage, young people need to become participants in the Young Family program.

This is very simple to do - you need to submit an application to the district administration and present the necessary package of documents to the employees of this organization. The application must contain a rationale for your desire to become a participant in the program.

The implementation of government programs to improve the living conditions of young families is carried out by an organization called AHML - Agency for Housing Mortgage Lending. There are branches of this office in all constituent entities of the Russian Federation.

Spouses whose age does not exceed 35 years can apply for membership in the program. By the way, it is not at all necessary to have children to join the program.

Reasons for applying for government assistance:

• the housing in which the spouses currently live is not a full-fledged residential property with sufficient space;
• the housing does not belong to the spouses, but is temporarily rented;
• applicants live in a communal apartment together with a sick citizen or citizens;
• A young family has their own savings, which are not enough to cover the mortgage payment.

Banks have slightly different conditions for lending to young families. For example, Sberbank takes into account the total age of spouses. If he does not exceed 70 years, the family is considered young.

Example

In the Smirnov family, husband Ivan is 39 years old, wife Olga is 30. According to Sberbank rules, the family falls into the “young” category and can qualify for a preferential mortgage if it meets all other conditions.

Other requirements for commercial organizations:

• the family has a constant monthly income, the amount of which is at least twice the amount of regular loan payments;
• official employment;
• The work experience of each spouse at the last place of service is at least six months;
• registration in the region where the apartment was purchased for a certain period of time.

One more nuance: if a man needs to go into the army during mortgage payments, the family must provide the bank with evidence that the income for this period will allow him to continue monthly payments in the same amount.

Read detailed material about it in a separate publication.

3. How to buy a home with a mortgage for a young family - procedure

Not all banks provide preferential conditions to young families, but most Russian cities have such institutions.

The algorithm of actions for young families to obtain a mortgage is as follows:

1. A husband and wife become participants in the Young Family program and receive a certificate.
2. Spouses find housing that suits them in all respects, including price, taking into account benefits and subsidies.
3. Documents that will be required by the financial institution are prepared.
4. The couple finds a bank that provides preferential programs.
5. A loan agreement and a purchase/sale agreement are drawn up.

Now about each step - in detail.

Step 1. Participation in state support programs

In order to take out a mortgage loan as profitably as possible, you need to try to join the ranks of participants in the federal program or regional projects of a similar focus.

Participation in the “Young Family” program does not yet guarantee financial assistance from the state, but, of course, provides a real chance of receiving it.

Participating families are first given a place in line for subsidies, and then given a certificate allowing them to take advantage of government subsidies for housing needs. Finance can be used to build a house or purchase an apartment on the secondary market.

But we are interested in another option for using the funds - using them as a down payment on a mortgage loan.

The mechanism for disposing of federal budget assets is similar to that for using maternity capital funds. Cash is also not issued in person and can only be transferred to a bank account with the permission of government authorities.

There is a separate article on the site about how to get it.

Using public funds when applying for a mortgage will allow you to take out a loan on favorable terms and quickly repay the debt to the financial company.

If you have the opportunity to take advantage of government assistance, you should definitely do so. No matter how minimal budget assistance may seem to you, this will save family funds and direct them to other pressing needs.

Step 2. Selecting a property

What should family people be guided by when choosing a property? First of all, the footage of the apartment or house. Sooner or later, most families have children, so you should count on the addition in advance.

The ideal option, encouraged by the state, is a two-room apartment with an improved layout in a new building. If your income allows you to choose a more spacious apartment, no one will prohibit you from doing so, but the mortgage amount will naturally become larger.

From time to time, banking institutions, together with developers (their partners), hold promotions under which apartments in new buildings are sold on conditions that are especially attractive to young families.

If you track such events on the websites of financial institutions, there is a chance to find an even more profitable option than lending with government support.

Step 3. Preparing documents

Each bank has its own conditions for concluding an agreement. However, the list of documents that need to be completed and prepared in advance is approximately the same everywhere.

Most likely, you will be required to:

• originals and copies of passports;
• Marriage certificate;
• document confirming registration at the place of residence (stay);
• educational documents;
• birth certificates of children (if there are children);
• a copy of the work book;
• a copy of the employment contract certified by the employer;
• income certificates in form 2-NDFL (originals);
• certificate of government subsidies.

Other documents are at the discretion of the specific bank.

Step 4. Selecting a bank and program

With or without government support, the mortgage will have to be obtained from a commercial financial institution. This means that the event will require cash investments from the borrower.

It’s good if the initial payment or part of the principal debt can be paid with funds from the state budget; if not, you will have to be content with the benefits of the banking institution you have chosen.

Experts advise being careful and studying mortgage programs thoroughly - as they say, “with a magnifying glass in your hands.”

Some organizations create social credit offers solely to attract new clients, but in reality, the conditions of preferential loans and conventional loans differ only on paper.

The reasons for loan refusals are often the following:

• lack of stable income for one of the spouses;
• maternity leave for the wife;
• husband's draft age;
• low level of total family income.

In some situations, it will help to attract co-borrowers - the parents of a spouse with a stable high income.

A number of banks do not serve clients who have lived in the region for less than 10 years.

Step 5. Execution of a mortgage agreement

Let me remind you of the basic terms of a mortgage - the bank provides borrowers with money to purchase housing, the client purchases the property and becomes its owner.

Rights to living space are limited to residence and proper care of housing. The apartment remains pledged to the bank until the loan is paid in full. This means that the borrower has no right to sell real estate or change it without the bank’s permission.

In the agreement, all rights and obligations of borrowers are described in as much detail as possible. Before putting their signatures, I advise both spouses to study this document step by step. If difficulties arise in understanding the conditions, it is better to ask for clarification from bank managers in advance.

Focus on:

• interest rates;
• schedule and procedure for monthly payments;
• sections dealing with late fees.

As mentioned above, banks provide young families with preferential conditions on these points.

Simultaneously with the signing of the loan agreement or immediately after it, a document for the purchase/sale of housing is drawn up.

The method of transferring money to the seller is negotiated individually. Property owners can choose to have funds deposited into their bank account or use a safe deposit box.

Watch a useful video about banking programs for young families:

4. Pros and cons of social mortgages - expert opinion

The benefits of social mortgages for young families are obvious, but not all wives and husbands manage to take advantage of real government assistance. Some borrowers confuse commercial bank programs with federal projects.

To avoid mistakes, you should cooperate only with those banks that are official partners of AHML. It is these institutions that provide programs with government support.

In this case, funds from the federal budget can be used in different ways:

• through direct repayment of the down payment;
• by subsidizing (reducing) the interest rate.

However, if you use programs “for young people” in other banks that are not associated with AHML, you can’t count on help from the state. True, you will still be provided with some benefits - for example, an annual deferment of payments in the event of loss of basic income or upon the birth of a child.

Financial analysts do not advise young families who are unable to obtain government subsidies to rush into obtaining a mortgage.

This issue should be approached strategically. It may be more profitable to take out a mortgage a little later, when some changes occur in the family’s status.

Example

A child is born into a family. In some regions of the Russian Federation (for example, in Kamchatka) this is enough to obtain regional maternity capital. Child benefit, in turn, can be used as a down payment on a mortgage immediately after the birth of the baby.

Even more opportunities will arise after the birth of your second child. Taking out a mortgage using federal capital is allowed in all regions of Russia.

Another important question is how can young families who have no experience in financial planning understand whether their income will be enough to both repay the mortgage and live a comfortable life during the entire loan repayment period?

I advise you to conduct this experiment: open a replenished bank account and, every month for a year, transfer to it an amount approximately equal to deductions on mortgage rates. I think that in just six months it will become clear whether the family is able to withstand such burdens on the budget for 15-30 years.