Concessional home loans or social mortgages are one way to avoid endless queues for free housing. This program was launched by the state in 2005 within the framework of the federal project "Affordable Housing" and is designed for socially vulnerable groups of the population. Everything seems to be clear about what soft loans are for the purchase of housing, but what types they are, who has these loans and, most importantly, what is needed for this is known to few.
It is necessary
To obtain a social mortgage, you must first of all be patient and persistent, run around a bunch of authorities and stand for long hours in queues, but if this does not stop you then, proceed
Instructions
Step 1
First, you need to know about the types of concessional lending. Residents of our country have access to 3 types of social mortgage:
1. Subsidizing the interest rate on the mortgage loan. This type of lending involves payment by the state of your mortgage interest - in whole or in part. This is quite beneficial if you bear in mind the fact that the interest on the loan in some cases is up to half of the total amount borrowed.
2. Subsidy for a share of the cost of housing taken out on a mortgage. The subsidy is issued to pay the initial fee, but does not always cover it. The amount of these subsidies is most often regulated by the region of the budget in which housing is purchased.
3. Public housing on credit at preferential prices. This type of social mortgage is not yet available in all regions. Its essence lies in the fact that the region builds housing and sells it without extra charges. This type of mortgage is designed for low-income families waiting in line to improve their living conditions.
Step 2
Secondly, you need to decide whether you are among the citizens who have the right to concessional lending. This program is aimed at people waiting in line for housing, as well as young families, public sector workers, military personnel and youth. Various categories of the population can use social mortgages. It is only necessary that the relevant authorities recognize a potential borrower in need of better housing conditions.
Step 3
Thirdly, you need to carefully study the requirements of the bank issuing this loan. In addition to the authorities, the requirements for a potential borrower are also set by banks issuing a mortgage loan. Basically, their requirements boil down to the fact that the borrower has Russian citizenship and a permanent residence permit in the region where the housing is purchased, a certain length of service in the last place of work. Also, the bank may oblige to insure the purchased property for its own money. The list of requirements for a borrower may vary depending on the bank.
The maximum term of a soft loan for a social mortgage reaches 30 years with an interest rate of 10%, and with a conventional mortgage - 16%.
