Mortgage for a young family, the conditions for obtaining benefits
Newlyweds who have just begun to build their family nest, it is quite difficult to acquire their own housing. Given the increased costs, the unstable economic situation, expensive loans, taking even an ordinary mortgage is very difficult. And if a couple has a baby, then the multiply costs. However, there is a way out – this is a program – a library for young families in need of housing. It can be received by citizens under 35 years old who need new housing and when applying to AHML.
Who can take a preferential mortgage?
According to the federal program “Young Family”, certain categories of citizens can take state aid to purchase an apartment for personal living. It is expressed in the form of a one-time subsidy, which is permissible to spend only to pay the mortgage.
In 2016, the requirements for potential borrowers have not changed. Three conditions remain key:
- The age requirement is one of the spouses can not be over 35 years old. If someone is older, for example, a husband who is 36, and a younger wife is 33, then the family can apply for assistance from the state.
- Marriage must be officially registered. It does not matter what kind of marriage it is and whether it was a divorce or the death of a spouse. So, even a single mother can take a mortgage, provided that her income level is enough to secure loan payments. However, a civil marriage is not a reason to take a soft loan.
- The couple should be registered in the administration of the city or village in need of improved living conditions. It is for such families, who do not have their own corner, that the state program realizing affordable housing has been invented.
If at least one requirement is not fulfilled, then borrowers, wings, can not receive benefits. They will have to borrow in general terms or use another suitable mortgage program.
When participating in the program, it is quite reasonable to count on state assistance. As a rule, it is expressed in the form of a subsidy, which is transferred to the bank account for repayment of a part of the debt. However, the basic requirements of the borrowers must meet themselves. These include:
1. The need to pay a down payment. For childless families, it is at least 20% of the cost of housing, for families with a child – at least 15%. Thus, the size of the mortgage loan for the purchase of housing is up to 85% of the price of the apartment.
2. Sufficient income. The aggregate income of the co-borrowers, which necessarily includes the second half of the main payer, should be enough to service the debt. At the same time, they should have at least 40% of income plus the size of the subsistence minimum for each baby.
3. Registration and payment of insurance. You will have to insure both the borrower and the dwelling. The contract is made for one year, then it must be renewed. If this is not done, the bank will raise the interest rate by 1 point.
In addition, you should know a few more features of the program.
Purchased housing will be pledged to the bank. This means that the borrower will not be able to dispose of it until such time as he does not pay the entire debt. Then it is enough to remove the burden and deal with the apartment according to your own understanding.
Most banks provide for the early repayment of the debt, with no ends for this and no additional restrictions are imposed.
There are features in the design of housing in the mortgage when using matkapitala. So, the borrower will have to issue a special document with a notary – an obligation to allocate to share in the apartment to children. Control over its execution will be the body of guardianship and guardianship.
The preferred mortgage is subject to the same tax deduction rules as a standard housing loan. So, you can issue a tax refund on the amount of interest paid (13% of 3 million) or on the value of the property (13% of 2 million). It is better to combine both deductions.
Mortgage benefits for young
Despite the fact that the mortgage itself is quite a profitable product, the housing loan for young families has additional benefits, the main one of which is a reduced interest rate. It is really low, the lowest is 12.5% (in Sberbank). Its increase is caused by the following factors:
- the minimum installment amount – the larger the first payment, the better and cheaper the cost of a housing loan, with a contribution of up to 30% – a rate from 13% to 13.5%, with a contribution of more than -50-12.5 %;
- loan duration – the longer the term, the higher the rate, the more optimal it is to take a loan for no longer than 10 years;
- the presence of children – in different banks in different ways, somewhere in the number of children the rate increases by 0.5 points, somewhere, on the contrary, decreases;
- refusal of insurance – immediately increases the rate by 1%, but it is impossible to refuse insurance in the first year; without this, a loan can not be obtained;
- without confirmation of income – increases the rate from 0.5% to 2%, possibly if you pay more than 50% of the cost of an apartment, and then not in all banks;
- if they are a participant in a payroll project – they are usually provided for a reduction of 0.5 points.
Other benefits of a profitable mortgage that makes housing more affordable include:
- the possibility of delaying payment for 3 years after the birth of the baby – while still need to pay interest;
- the possibility of postponing the first payments up to 2 years, if the family has acquired unfinished housing – however, again, the payment of interest will not be avoided;
- the absence of any commissions;
- a number of co-borrowers whose total income is taken into account when calculating the maximum loan.
Thus, the conditions of a mortgage for newlyweds are more profitable compared to standard bank products. Borrowers can also count on special attention from a financial institution, because a large part of their debt is paid by the state. Even if the family does not buy housing, the money will remain in the bank anyway.