For borrowers with low incomes, buying a room or a share in an apartment is almost the only way to find your own roof over your head. However, the answer to the question of whether banks provide mortgages for a room is not obvious.
It is necessary
- - identity documents;
- - documents confirming income;
- - documents confirming the ownership of the share in the apartment;
- - the consent of the tenants of the apartment for the purchase of a room by you;
- - documents confirming the design of the room as an independent real estate object;
- - an application in the form of a bank for a mortgage.
Instructions
Step 1
There are two types of mortgages for purchasing a room. It can be assigned to the last room in the apartment. This means that the borrower owns the rest of the rooms. Less commonly, a mortgage is provided for the purchase of a room as a separate property. Such offers are quite rare on the market, but they do exist.
Step 2
It should be borne in mind that you can get a mortgage loan for a room only on the secondary market. Such offers do not apply to new buildings. Also, for a partial mortgage, a prerequisite is the presence of an initial payment, it can be from 10 to 40%. Therefore, if you do not have your own capital, it will be unrealistic to get a loan for a room.
Step 3
Before proceeding with the preparation of documents for obtaining a mortgage for a room, you need to contact the bank and clarify whether they provide such loans. A loan for the purchase of a room for banks is less profitable than for a separate apartment. This is due to the fact that the room is an illiquid collateral. But if the mortgage is issued for the last room in the apartment, the approval will be higher, since in this case the bank can receive the entire apartment as collateral.
Step 4
Making a mortgage for the last room is not much different from a classic loan. The borrower will have to provide the bank with documents confirming income, seniority, and ownership of a share in the apartment.
Step 5
The procedure for applying for a loan for the purchase of a separate room differs in that the bank requires the consent of the owners for you to buy a room. This document must be notarized. But if you buy a room in a hostel or in a small family, there will be no such restrictions. It is only necessary that the purchased room be designed as an independent real estate object. The rest of the documents requested by the bank are standard - a passport, a certificate of income, a copy of the employment, documents confirming the presence of other property, which can act as collateral.
