Mortgage lending for many Russians is almost the only way to acquire their own housing. The bank provides a solvent borrower with a loan for the purchase of a home, which will at the same time serve as collateral for the loan.
Banks provide mortgages more readily than consumer loans for the same amount. The reason is that in case of default on credit obligations, the lender has the right to receive the pledged property at his full disposal. Real estate acquired at the expense of mortgage funds acts as a mortgaged property.
To obtain a mortgage, the borrower must submit documents according to a certain list to the creditor bank. Mandatory documents: application for a loan, a questionnaire in the form of the selected bank, passport and a copy of the borrower's passport, work book and its copy. The bank has the right to require additional documents to verify the borrower's solvency.
What is a mortgage mortgage
When registering a mortgage loan, a mortgage bond acts as a special document. It provides a security that certifies the borrower's right to property, which acts as collateral for a mortgage loan, as well as to receive funds allocated by the bank. In accordance with current legislation, this document must contain information about the borrower. There must certainly be a surname, name, patronymic, place of registration of the borrower.
If the borrower is a legal entity, the address of the organization and its full name must be indicated. The mortgage also indicates the details of the agreement with the bank that issued the loan, the date and place of the conclusion of the agreement, the amount of the mortgage loan, as well as interest.
The mortgage is the main document that is drawn up when concluding an agreement on the provision of a mortgage loan. It should contain a detailed description of the property being pledged so that, if necessary, it can be easily identified with what is indicated in the document. If a discrepancy is found between the data that is displayed in the mortgage and in the mortgage agreement, the mortgage is the priority.
How a mortgage should be drawn up
The mortgage bond is a single document - all its sheets must be attached to each other, numbered and sealed with the seal of the authority that carried out the registration. If the sheets of the mortgage are separated, the document is not valid.
Those who decide to buy a home on a mortgage should keep in mind that a positive decision of the bank alone is not enough to become a full-fledged owner of a home. You need to be prepared legally, understand banking terminology, be fully aware of when drawing up and especially signing documents. Your own financial capabilities must be calculated as carefully as possible. A mortgage loan has both pluses and minuses, therefore, before burdening yourself with a debt amount, you need to carefully study the essence of the issue in order to minimize the chances of being left without an apartment and without money.
