Despite the constant increase in citizens' incomes, the cost of real estate does not allow most subjects to purchase an apartment with their own funds. Due to this fact, more than 70% of properties are purchased with borrowed funds, thanks to a mortgage. But anything can happen in life, including a deterioration in your financial situation. In order to somehow protect such citizens from the loss of their own home, which, after the loan is issued, becomes collateral for the bank, a state assistance program has been developed. And further about what state support for mortgages is expressed in the event of a decrease in income and how it can be obtained.
Amounts of state aid
It is immediately worth noting that the state has developed several programs under which entities can receive government support.
For example, if we are talking directly about borrowers who have already entered into a mortgage agreement, then they can receive financial support from the state in the amount of up to 1 million rubles . How much will actually be allocated from the budget depends on the individual characteristics of the applicant for payment, as well as the availability of funds in the budget.
Are there any participants in the state support program among your friends?
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The limit of 1 million rubles is set at the federal budget level. But the regions are given the right to compensate for most of the subject’s costs. Therefore, in regions with high housing costs, where mortgages can reach 5-10 million rubles , it is possible to receive a larger payment.
Features of compensation payments for mortgage obligations in 2019:
- any foreign currency mortgage can be replaced with a ruble one. At the same time, the state has fixed the maximum possible rate for such a loan - no more than 11.5% ;
- the subsidy received can be used to pay off the debt to the bank by reducing the monthly loan payment or reducing the repayment period. The client chooses the repayment method himself;
- It is possible to write off or repay part of the debt through assistance by no more than 30% of the original debt amount.
These conditions are advisory in nature. The Agency for Housing Mortgage Lending (AHML) has a commission that can expand these restrictions in each individual case.
At the moment, the Young Family , under which participants can receive a housing subsidy in the amount of 30 to 35% of the cost of housing :
- 30% will go to young couples without children;
- 35% of the cost is compensated for couples with children in the family. The number of children does not affect the amount of compensation.
Based on the results of participation in this program, individuals receive a participant certificate. When a mortgage loan agreement is concluded, the client provides a certificate and an application to the bank. Upon request from the institution, the subsidy is transferred to the loan account as a down payment.
It is important to know: a young family can apply for such help both before and after the actual purchase of housing.
Limitation on the amount of state aid
The program does not provide for a maximum allowable mortgage payment amount. There are several nuances to covering debt obligations of a young family to the bank:
- If a child appears in the family, the spouses can count on paying off the living space per eighteen square meters.
- When another child is born, additional funds are allocated to pay for eighteen square meters.
- The family can count on repayment of the full cost of housing. But provided that the couple gives birth to a third child, and the cost of the selected transaction object does not exceed the market average.
But there are some subtleties here too. Each region of the Russian Federation has its own maximum amount for closing mortgage obligations. For example, residents of a metropolis can receive a subsidy in the amount of one million rubles. In a small province, the permissible repayment amount does not exceed six hundred thousand rubles.
Basic housing requirements
Not everyone can receive compensation, because housing purchased on credit must meet a number of criteria.
Housing requirements:
- For the borrower, such housing must be the only property suitable for living.
- The cost of an apartment should not exceed the average cost of similar real estate in the region by more than 60%.
- The living area of the collateral property under the mortgage agreement should not be larger than :
- 46 sq.m. for 1-room apartments;
- 65 sq.m. for 2-room apartments;
- 85 sq.m. for 3-room apartments.
The rules apply to absolutely all mortgage holders, except those whose family has more than 3 minor children, including a third child.
If we are talking about the “Young Family” subsidy program, then there are slightly different restrictions on housing area:
- 42 sq. m . for a family consisting of two members;
- 18 sq. m. for each family member for those whose family consists of three or more subjects (families with children).
Mortgage repayment program at the expense of the state in 2019-2019
- passport;
- the loan agreement and all available annexes and explanations thereto;
- an extract made by a bank employee, which records the repayment period and the amount of the still unpaid debt;
- an extract from the Unified State Register compiled for housing that is pledged;
- an extract from the Unified State Register indicating the rights of the borrower and his family members in connection with the lack of other residential property;
- a certificate containing data on the co-borrower’s income;
- papers explaining the reasons for the debt, which are recognized as valid.
- Borrowers are not the owners of other square meters; it is permissible for the share of real estate to belong to 1 family member up to 50%.
- You can apply for inexpensive housing. That is, if you want a 4-room apartment in the center of Moscow, you will have to buy it with your own money. Cost of 1 sq. m of housing when concluding a mortgage cannot exceed the average market price for the same housing by more than 60%.
- In 2016-2019, instead of an apartment, it is allowed to buy a house, but the area of residential premises is clearly indicated in the Government Decree. If it is a 1-room apartment, a young family is not entitled to preferential real estate larger than 45 square meters. m. If there are two children in a family, a 2-room apartment has an area of up to 65 square meters. m. Three children make it possible to take out a house of up to 85 sq. m. on credit. m.
- After the Government Decree was signed and the Law came into force, some spouses rushed to the bank to register a mortgage. But among other conditions it is stated that a real estate loan before debt restructuring must be issued for a period of at least 1 year.
- The age of one of the spouses is up to 35 years.
Registration procedure
Expert opinion
Natalya Ponomareva
Senior credit inspector at a TOP-50 bank, 11 years of experience in the banking industry
Apply for a loan
Each region has its own rules of the game. But it is better to start the application by directly contacting the bank where the loan was opened. It is necessary to document the fact that there has been a decrease in income over the last 3 months . The lender will tell you where to apply. Possible options:
- the bank itself will issue the subsidy through AHML;
- you will need to contact AHML directly;
- documents will need to be submitted to the department under the executive branch.
The design is quite simple. The client submits a list of documents to the authority (it is different in each case). The application review period is 10 days . Upon the decision being made, the applicant receives a certificate of state support participant.
How to get additional mortgage payments from the state
Young families can count on government assistance in paying off their mortgage. As part of the “Young Family” campaign, banks offer loan products at reduced rates. You can borrow an amount equal to 80% of the cost of the purchased housing or 80% of the estimated value of other housing provided to the bank as collateral. The loan is issued in rubles for a period of up to 30 years. Primary payment – from 20%. Parents of spouses can act as co-borrowers.
You can borrow up to 3 million rubles from the bank. For the purchase of real estate in Moscow, St. Petersburg, Leningrad, Moscow regions, the maximum loan amount is 8 million rubles. A mandatory condition is annual life and health insurance of the title borrower and his co-borrowers.
We recommend reading: Mortgage for a young family in 2020, Sberbank state program
How is it paid?
Compensation is never paid in cash. The bank always mediates the payment process.
Upon presentation of the certificate, the state transfers the due amount to a specially opened bank account. And the bank independently transfers funds to the real estate seller. This is the procedure for the Young Family program.
If we are talking about paying compensation to pay off a mortgage, then through the mediation of AHML, the money is transferred to the mortgager’s credit account. Part of the debt is written off.
Why repay your loan early?
It would seem, why complicate your life - there is a loan agreement, there is a certain schedule that specifies the dates and amounts that need to be paid. You can simply make contributions until the designated date and be sure that everything is going according to plan, you do not need to do any additional movements.
You don’t even have to visit a bank branch, because today there are so many ways to replenish your credit account - ATMs, payment terminals, online payments from other cards and electronic wallets. You can even set up automatic payment from your salary card, and then the money itself will be used monthly to pay off the debt.
However, if you treat money wisely, then you understand that this method of repayment does not bring any benefit. It is suitable only for hired workers with a small, stable salary, more than which a person cannot earn.
If you work for yourself, or you have an additional source of income, the money from which you can use to repay the loan without damaging the family budget, then this is exactly what you need to do. The faster you pay off your debt, the less you will have to overpay, because the overpayment consists of interest and additional paid services, such as insurance.
If we are talking about a credit card, then there are also paid services added - plastic service fees, SMS alerts, etc. If a person withdraws cash, then these are additional commissions.
Accordingly, if you want to save money and overpay as little as possible, you need to repay the loan early. The lower the principal amount, the less interest will be charged on it. The same applies to the card - the sooner it is closed, the less you will have to pay for the plastic itself and its use.
Advantages and disadvantages
It is not good to talk about the disadvantages of such a program, since it provides an opportunity for mortgage holders with financial problems to repay part of the accumulated debt. The disadvantage is the fact that each region has its own rules of the game . But, regardless of this, the program really helps ordinary citizens.
The main advantages of participating in the programs:
- the opportunity to reduce your current obligations to the bank;
- at the birth of a child, there is an opportunity to receive additional support from the state;
- it is possible to combine simultaneous participation in several programs;
- prompt decision-making based on the submitted set of papers.
Thus, if financial problems arise and it is impossible to fully fulfill your mortgage obligations to the bank, you can turn to the state for help. An impressive amount of support will help solve the problem.
How does the state pay off a mortgage?
There is another reason why it is possible to repay the mortgage at the expense of the state. This is a loan in foreign currency. State support is provided if, after a change in the exchange rate, the payment increased by 30% without an increase in income. An increase in costs equals a decrease in wages.
Housing must meet space requirements. If the borrower lives there alone, then the object should not be more than 50 square meters. m. For 2 people, the limit is 35 meters per person. The entire area is no more than 70 meters. If there are three residents, then the requirement for the property is up to 100 sq. m. m.
We recommend reading: Mortgage at the birth of a child Sberbank
What is mortgage restructuring and how to do it with the help of the state in 2020
Important point. The loan will be recalculated from the date of filing the application for restructuring. It may be a pleasant surprise for you that this month you will have to pay the mortgage amount significantly less than according to schedule. In our example, a family from Novosibirsk had a mortgage payment of 24,148, after restructuring 19,478, and in the current month only 660 rubles. Use our mortgage calculator to find out what your mortgage payment will be once your application is approved.
During the holidays, you can pay only the “body” of the loan, without interest to the bank or not make payments at all. The bank may even write off penalties and fines for late payments. Each case is considered individually and in most cases you can significantly improve your loan conditions.
06 Jul 2020 piterurist 291
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