Nowadays, commercial banks have various lending programs. They offer more favorable conditions depending on the purpose, loan term, and also on the category of the borrower. The most popular are loans for young families, which involve the direction of funds for the purchase of housing.
Instructions
Step 1
It is quite natural that young people, having created a new unit of society, wish to acquire their own housing. However, not everyone is able to buy it with cash. In this case, a mortgage loan is simply not replaceable. It involves the mortgage of housing acquired in the future. And this is a huge plus. Young people do not need to look for guarantors for the entire loan period, which in this case is quite long. Most banks offer mortgages to young families under 30.
Step 2
Another positive point associated with lending to young families is the lower down payment. It can be no more than 10 percent of the cost of the purchased housing. If the family has a child, then the share of their own funds may even be 5 percent. In addition, at the birth of a child in the process of lending, the borrower has the right to write an application to defer the repayment of the principal debt, for example, for 3 years. Then during this period he will only pay interest.
Step 3
The procedure for obtaining a loan for a young family is practically the same as for other categories of citizens. First of all, you need to contact the bank for advice, as well as analyze the existing lending conditions (terms, interest rates, commissions, insurance, down payment, benefits in the presence of children, etc.). You also need to confirm that your family is really young, namely, the age of one or both spouses does not reach 30 years.
Step 4
After that, you need to collect the necessary documents. They are usually the same in all banks and include passports of spouses, birth certificates of children, copies of work books, salary certificates, documents for the purchased housing, as well as information about the seller and the amount of the down payment.
Step 5
The application is considered in the bank within 7-10 days from the date of submission of all documents. They are screened by the security service, the legal service, as well as in the credit sector. If there are no complaints about the potential borrower, then the lending specialist invites clients to obtain a loan. This procedure includes signing a loan agreement, obtaining a payment schedule, as well as other documents related to a loan.
