A mortgage for the poor is the provision of a mortgage loan, part of the cost of which is paid by the state.
The purpose of this mortgage is to improve the living conditions of certain categories of citizens.
The mortgage rate for the poor is 18 sq.m. housing per person, if the person is unable to purchase property through a commercial mortgage.
Under the mortgage program for the poor, people who are in line to buy housing are offered housing at a reduced cost.
This program is open to budget workers, military personnel and young families.
Social mortgage is divided into several types of state assistance:
-Low interest on mortgages at the expense of the state;
-Partial subsidy for the purchase of real estate;
-Provision of state-owned residential space on a mortgage on preferential terms;
-Regional social mortgage loan programs.
At the moment, the most common mortgage options for low-income citizens are two. The first provides for the purchase of housing, built at cost, which means that prices for it are two or more times lower than market prices. The second option is to issue a subsidy for the purchase of housing on a mortgage at the market price.
Of course, the options presented make the purchase of real estate much more affordable compared to market conditions. However, this type of mortgage has its own characteristics. For example, you cannot buy a private house or living space on the secondary real estate market. State aid applies only to the purchase of an apartment in a new building.
In addition, before getting a mortgage for low-income citizens, you must prove that you have the right to do so. To do this, you will need to collect documents that must be submitted to the municipality. It will take a lot of time and effort to get a mortgage for the poor. This is due to the fact that the state cannot provide real estate to everyone. In addition, not all borrowers are trustworthy.
Mortgage loan for youth
The essence of this mortgage is the acquisition of real estate at cost using a mortgage. Young families with children have the right to receive a mortgage subsidy of up to 40% of the cost of an apartment. The subsidy in this case will depend on the age and number of children.
