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Mortgage: a house or a heavy bondage?

May 26 2005

Dreamed of buying a home theater system, you may think of a more global things. Especially as a young wife, certainly suggests to you that nice of course to watch the movie with pribamabasami, but it would be good to do it in their own, rather than a rented apartment. You thoughtfully cheshesh head, counting the family budget. And then you gently smiling mortgage.

Mortgage too common type of lending. Of course, if you believe the advertising. At first glance it seems that this is indeed the most effective way to solve the average Moscow family notorious housing problem. But in reality it is almost more a bubble than to buy goods on credit.

According to the Association of Russian Banks (ARB) in 2003, Russia was granted mortgage loans in the bag colo $ 500 million. Simply put, only 2 percent of housing was bought by bank loans. Plans for 2008 include an increase in lending to housing has about 4 times. But do not forget that assessing the level of development of the mortgage market, its volume is correlated with GDP.

For comparison, the EU is an indicator of 34 per cent in the U.S. - 53 per cent, we have not traveled as far as one percent.

According to the ARB in 2003, the number of loans amounted to 27,000, their average size - 18 thousand dollars.

By the way, not the fact that we are dealing with real statistics. For example, the figure 27,000 may relate not to the actual loans, but only to the number of throwing an bank decisions about their extradition. But this is somewhat different things.

In the Moscow region and in other cities such sum to buy an apartment is extremely difficult. Maxim can improve existing housing conditions. It turns out that you are dealing not with a mortgage, but have a regular consumer credit.

Experts believe that to increase interest in the mortgage to reduce the rate on the loan below 10 percent. Psychologically, the consumer is easier to be perceived. Although unlikely to us that shines. Mortgage market follows the laws, payments are calculated on a complex formula, and the final amount could exceed the cost of apartments in half.

If you choose this path, know that in addition to interest payments you will have additional expenses. Add another 0, 2.5 per cent of the total amount of insurance of the apartment, life and disability.

Simplify the procedure for obtaining a mortgage loan will not work. Bankers masterly use of the so-called "underwriting" - assessing the probability of repayment of the loan lender. The lender must establish your creditworthiness, willingness to repay the loan and assess the value of the underlying property. For example, a gift for your wedding, the parents and giving the car "nine".

True, Russia today is difficult to determine the real capacity to pay, so that your official revision of income - a piece useless.

At the moment, the banks make it possible to get the remaining amount for the purchase of property at least a 12-15 per cent per annum in rubles. Typically, the borrower must make a lump sum of 20-30 per cent of the purchase price. The exception - the Savings Bank, where you can get into debt up to 90 percent required for the purchase amount. However, Sberbank higher rate - 18 percent. Moreover, Sberbank kind to the Borrower's records.

With regard to the maturity of the loan, it just depends on the lending bank and rarely exceeds 15 years. Although if you search, you can find other /> The worst, in order to receive a mortgage to build a solid package of documents. In addition, if you're not going to help the structure to which you work, you need two of solvent from the viewpoint of the bank guarantee. Think, if you have such good friends?

To be continued.

Константин Дятлов

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