Mortgage for the construction of a private house. How to get a mortgage: step by step instructions

This banking concept, like a mortgage, has become a part of our life. Today, the overwhelming majority of young families can not purchase their own housing without borrowed funds. Meanwhile, some do not want to buy a cramped box in the gray walls of the city. Build your own home is a more attractive option. But the mortgage for the construction of a private house is an incomprehensible phenomenon that causes a lot of questions. Let's try to understand them.

To build a house or buy ready-made reinforced concrete meters in the city?

Change of urban housing to own house in the suburbs is a great way to save on the notorious squares and get rid of annoying neighbors with a drill behind the wall. And this is not all the advantages of a private home. Consider them in order:

• It's not a secret for anyone how matters stand with ecology in the city. It's doubly frustrating to use mortgage lending to buy an apartment to pay for daily poisoning with poisonous air and endless tobacco smoke from the stairwell. Fresh air outside the city is the main plus for those who are not indifferent to the health of the growing generation.
• Before you get to the housing market, the apartment passes a surcharge on 2-3 intermediaries. This makes the cost prohibitive. The price for a square of a country house is 2 times lower, even if you take a mortgage for construction.
• When planning a house there is where to fool around fantasies. In addition to the dwelling, it is possible to build an arbor, organize a pond or a swimming pool. In the apartment - just experiment with the repair and interior.

What if I do not have enough money?

If the young family has planned to move from urban concrete square meters to their own house, it should be ready for significant expenses. Construction is not cheap. And not every average family in our country can afford such a pleasure. How can I find money for my own home?

There are several ways:

• Take a mortgage to build a private house;
• To issue a non-earmarked loan against the security of available real estate and to use money for construction;
• Issue consumer credit.

Let us consider in more detail the first method. What are the nuances and complications of mortgages for construction? What conditions are creditors lending for borrowers?

Bank requirements

Mortgages for the construction of a private home - this is a risky event for the bank. If the facility is unfinished, it will hardly be considered liquid. In case of unsuccessful circumstances, if suddenly the borrower does not manage to repay the loan in full and the collateral is needed to repay the debts, the bank will not be able to sell the land with the construction started.

Therefore, credit institutions are distrustful of such a mortgage. They issue it only on special terms and with additional collateral in the form of bail and / or surety. Banks also set rather strict requirements for future borrowers. And also to the subjects of pledge. Most of them have similar regulations. There are only some fluctuations in one direction or another regarding the age limits or other characteristics of the client. What parameters are important for banks? Here are a few of these factors:

• For the borrower and his guarantors - age, type of employment and length of service, citizenship and place of residence.
• For the subject of the pledge - the cost, type of use, physical characteristics, legal purity, the absence of encumbrances and other restrictions on full-fledged use for its intended purpose.

Also, the bank will require documentation on the availability of the initial contribution and a report on the targeted use of funds provided on credit.

Amount and term of crediting

Each credit institution has limits on the loan amount. It depends not only on the total income of the borrower and his family members, but also on the value of collateral. As a rule, the bank finances construction costs in the amount of 20-85% of the total amount. Mortgage for the construction of a private house is issued for a period of 5 to 30 years. Some banks can offer a longer period. Then the borrower can get a very comfortable monthly payment. True, it is worth considering that the amount of overpayment in the end decently will increase.

Interest rate

It is difficult to determine the interest rate in advance, even if it is a question of a particular bank. This value depends on a number of conditions - the term, the amount of the initial installment. Some credit institutions are willing to make a discount to a customer who was once a borrower or is it at the moment. Of course, if we are talking about a conscientious person who does not allow delinquency.

Interest rate cuts can be expected by those who receive salaries on the card of the selected bank, as well as employees in the public sector. After the completion of construction, when the house is put into operation and becomes a pledge, the lender will also be ready to lower the rate. Why do banks make such concessions? The thing is that compliance with the above conditions indicates the reliability of the client and reduces the risks of the bank.

To get an approximate calculation, you need to visit the site of the credit institution. And in the section "Mortgage" choose the necessary loan program, test the so-called mortgage calculator for construction. He will tell you the approximate interest rate, the amount of monthly payment and overpayment.

Required documents

Do not be surprised at the immodest package of documents, much larger than the usual consumer loan. Mortgage involves the issuance of a large sum by the bank for a long period. And this is always a greater risk for a financial institution. Even more risky is the very purpose of such a mortgage - construction. After all, in case of unfinished business, the bank can remain with nothing. Therefore, it is worthwhile to collect the will in a fist, to get all the pieces of paper and certificates to get what you want.

First of all, you need these documents:

• Papers relating to the borrower and his guarantors / co-borrowers - proof of identity, income, documents on the education received and social status. The task of the bank is to determine the solvency and responsibility of the client, so the specialist has the right to request a lot of additional information.
• Documents on the pledge. Often, most of the securities on the pledge list are not in the hands of clients, and collecting them quickly is not an easy task. Instead of pestering the thresholds of Rosreestr and BTI, many are turning to specialists for help.
• Account statements, other documents confirming the existence of an initial payment.
• Draft of the house, sketches, a copy of the contract with the construction company, a budget for construction.

Lending terms

Prior to the events of 2014, such a program as a mortgage for the construction of a private house, was more common in the country's credit institutions. Today it offers a relatively small number of banks. Therefore, consider the terms of lending using the example of Sberbank. Today it is much more often associated with such transactions:

• The currency of the loan is only Russian rubles.
• The loan amount is from 300 thousand rubles, but not more than 75% of the value of the pledge.
• The down payment is from 25%.
• The loan period is up to 30 years.
• The interest rate is from 13.25%.

How will the whole process look in reality?

Often borrowers, planning to receive funds for construction on credit, do not fully understand the whole process. Many expect to apply if they have two documents. In this case, the bank will additionally ask for a certificate of the right to use the site. And within a few hours or days, the borrower will receive money in his hands.

Unfortunately, everything is not so simple. Mortgage lending, whatever goal it pursues, requires a careful check of the borrower and the subject of the mortgage. The bank needs to minimize possible risks for both the client and the organization itself. In addition, the targeted use of funds implies the existence of reporting, and the amount itself is rarely provided in cash.

How in reality does the credit process look like a mortgage for building a house? Sberbank, for example, can offer the following scheme of cooperation between the client and the bank:

• The Borrower provides its documents and papers of guarantors. At this stage, the bank decides on the possibility of cooperation with the client.
• Collection of documents for the land. The collected information is sent to the bank for legal monitoring. In addition, the compliance of the site with the requirements of the bank for physical characteristics is checked.
• The collateral is assessed by the accredited banks of valuation companies.
• The client is engaged in ordering a house project, concluding a construction contract. The Bank will also need a cost estimate to determine the necessary loan amount. These documents are to be received by the borrower in the chosen construction company, and then transferred to specialists of the financial institution.
• If all the previous stages were completed successfully, the parties pass to the conclusion of the loan agreement.
• A loan for construction involves imposing an encumbrance on a land plot, so you will have to spend some time preparing documentation in Rosreestr. On the day the new certificate is received, the bank transfers the first part of the funds for construction.
• The Borrower shall provide a report on the intended use of the first part of the loan.
• The bank issues the second part of the amount.
• The borrower completes the construction and prepares the house as a ready-made property. After that, the mortgage is already a land plot with real estate. The interest rate on the loan is then reduced.

How can I ease myself a task?

For a more comfortable payment, some banks provide for such a procedure as deferral of payment of principal. The borrower for a long term, up to 3 years, is able to pay only interest accrued on the loan amount. This is very convenient, given the possible additional costs during construction, which can hit hard on the budget. In addition, for the payment of part of the principal debt, you can use the parent's capital. On this opportunity it is worth asking beforehand, before applying for a loan. If a mortgage for construction in some banks requires an initial payment, a certificate is also used for this.

Non-earmarked loan secured by existing real estate

This type of lending is also a mortgage, with all the ensuing consequences. After all, as a pledge, the real estate object is accepted, and, therefore, the bank must take care of the possibility of realizing the object in case of non-payment of the loan.

The advantages of such a loan include the absence of the need for a report on the target use - the borrower has the right to dispose of the funds at its discretion. In addition, like any mortgage, this is granted for a fairly long time.

From the minuses - all the same bale of documents during registration and the duration of the process of consideration of an application and the issuance of money. In addition, if there is misuse, the rate increases somewhat. In general, lenders are willing to provide for no-purpose use not more than 50% of the value of collateral.

Is it possible to solve the issue through consumer lending?

Given the above mortgage terms for the construction of a house, a typical consumer loan may seem like an easier way to get the money. First, the bank will not monitor the targeted use of funds. Secondly, the borrower will not need to collect an impressive package of certificates and pass other procedures. He will be able to receive money on the day of appeal on 2-3 documents. But this method has its drawbacks:

• The amount of ordinary loans rarely exceeds 1.5 million rubles.
• Consumer loans are granted for a short period of time, up to 5 years maximum. A large amount of credit means excessively large payments that are not available to everyone. Yes, and will become a heavy load in a difficult period of construction.
• Banks usually set a high percentage for a normal loan. The mortgage in this plan has gone far ahead. Instead of the usual 22-24% there is a chance to receive only 15% per annum.

Consumer lending seems convenient, but not the most profitable way to get the missing funds for construction. This option is suitable for those who plan to build a house in stages or already have some of the necessary building materials. In conclusion, we can add that the conditions for banks can change quite often. Therefore, before you choose your credit organization, you should personally consult each one. The loan for construction is a complex and long process, but the goal justifies the work and expectation.