With the advent of the child in the family before each parent, the eternal question arises where to live now. Of course, a large family needs a lot more space. But where do you get money to buy a new apartment? Today you can take out a mortgage in almost every bank and live in installments.
But even under these conditions, many citizens of the Russian Federation cannot make a one-off payment. That doesn’t mean you have to despair, because today there are special conditions under which families can get a large living space at the lowest interest rates. Preferred loans for large families allow you to get money quickly and with the lowest interest rate.
What are the advantages?
Consider a large family with at least three children raised under the age of majority. These citizens can qualify for certain government benefits, including housing bonus programs. For example, there is a mortgage today that includes government support. However, there are other federal and regional programs.
In 2005, the “Affordable Housing. “If the family could line up at this point in time, a third of the housing price can now be reimbursed at the expense of the state. If another child has appeared in the family since 2005, the budget is increased by a further 18% these loans will not incur any additional fees and the interest rate will not increase annually. It should also be borne in mind that the preference program involves the use of maternity capital as a deposit or to repay a certain loan amount.
There are also numerous mortgage loans
Programs and loans to large families for construction, in which installments are provided for up to 30 years. However, under the conditions of such crediting, the interest rate will be much higher and the first installment must also be completed when documents are completed.
In some situations, partial credit can be made to repayment by receiving a grant from the local household. Sometimes the amount of subsidies can be up to 100%. However, this is only possible if the family is given the status of “housing improvement”. There are also a variety of banks where you can get large family loans at discounted rates.
In addition, many are still in line to get their own housing from the state. In this case, you should contact the local authorities to get up to 50% of the average cost of a rented apartment.
If one of the spouses is on military service, it is worth considering the design of a military mortgage.
What documents need to be prepared?
In order to receive a loan for large families, for accommodation, spouses must, first of all, confirm their current status. After that, they have to prepare documents that correspond to the fact that they really need to improve their living conditions.
To do this, you must contact the local authorities and get a job there that specifies certain parameters of the apartment. Accordingly, if too little square meters per person are available, such a family can be entitled to subsidies. It also takes into account the technical condition of the apartment.
However, it should be borne in mind that a couple and children must be registered exactly in the region in which they want to get a loan.
Before taking out a loan, a large family must prepare copies of all documents, the birth certificates of the children, and the marriage certificate. In addition, you need to take care of the documents that confirm the disposable income in the family. If you want to use the maternity capital, you must bring the original documents and make a photocopy.
What conditions should the family meet to receive a preferred mortgage?
In order to get mortgage loans for buying an apartment, you have to meet certain conditions.
First, spouses need to take out insurance for your home and life. Depending on the program chosen, you may have to make a deposit of 10 to 30% of the total cost of the selected apartment. In some banking institutions, when applying for a loan for a large family, pledging is permitted in the form of your own home.
Also worth considering, which appeared in 2015A new option for 13% mortgage loans. This program is calculated for 1 year. To become a participant, it is necessary to draw up a loan contract for the purchase of housing in St. Petersburg or Moscow, the cost of which will amount to 8 million dollars. If contracts are carried out in other regions, the cost can be up to 3 million dollars. In this case, the borrowers must pay at least 20% of the housing costs. The duration of this credit is up to 362 months.
Large Family Mortgage Loans: How To Get Them
Today, a federal law affects a preferred mortgage while it is being reviewed. Certain programs in this area do not yet exist. However, there are special government subsidies that can provide housing benefits. These conditions can vary widely depending on the residence of the spouse and the creditor bank.
As a rule, such a mortgage is issued fairly quickly (within a few days). In this case, you can bring proxies that are the parents of one of the spouses or both.
However, it should be noted that the banks themselves do not offer mortgage payments for large families. All of this happens exclusively at the expense of the state. However, there are state bank structures that have already developed their own programs to support large families.