Disputes over whether to borrow from a bank for the purpose of buying a house or apartment are ongoing for a long time and are unlikely to end.
Mortgage opponents argue that this type of lending in Russia is essentially slavery in which debtors fall. This is due to excessively high interest rates and, as a result, the size of the monthly payment, which tends to the total income of the entire payer’s family. In fact, they are several times lower in Europe and the US.
Well, those who think they will go to housing are well aware of all the risks and difficulties they will have to face, but they consider it the only way to solve the housing problem. In fact, few people can afford to buy property with their own funds, for the rest of the population the question is different: they live on a living or pay an “uncle” for rented accommodation in the hope that the situation will be resolved in some way or house. If we look at the situation from this perspective, the idea of getting a home loan no longer looks so bad. Trite, but the truth: everything is relative.
Lenders Bank Housing loan
One of the first to start this type of credit was Lenders Bank. Housing loan can be obtained under relatively good conditions. In addition to standard programs there are special, for example – refinancing of previously received loans. This is in demand among those who have received a mortgage loan of more than 20% per year a few years ago. Today these figures seem incredible, but at the time there were no other options.
What are the conditions for obtaining a home loan?
Lenders Bank, like other financial institutions, lends money as it is secured by existing real estate and what is acquired. Other assets held by the debtor may also be taken into account in the form of collateral.
Minimum interest rates traditionally work in foreign currency. In dollars, the most attractive conditions are offered to young families planning a home loan. So in dollars you will have to pay 10% per year and the maximum time you can borrow money is 30 years. This offer is valid for families where at least one spouse is under 35 years of age. As regards the down payment, its minimum size is only 10% of the value of the acquired property.
Speaking of borrowers whose age exceeds thirty-five years, the interest rate in dollars from the mark of 12% starts depending on the type of loan, ie, depending on the subject of the property is issued. The size of the first installment ranges from 10 to 15%. At the same time, it is usually less for apartments and more for houses under construction.
Loans for construction projects
Real estate borrowers cost more than ready housing. But there are currently special conditions at Lenders Bank under which it is possible to obtain a loan for the purchase of an item that has not yet been handed over under the same conditions as for an item accepted by the State Commission.
The case is certainly individual to accept or not to receive a loan. However, because of the constant rise in housing prices, one can save all his life to buy a house or apartment and never reach his goal.