Loan features for large families
Large families with three and more children are entitled to certain benefits in the case of registration of mortgage. But, in order not to lose those rights and benefits in General, before placing it is important to know and remember those requirements and conditions that many ignore, without considering the consequences.
First of all a mortgage for a large family implies a loan with lower interest or financial help as debt payments as a duty of the State to a large family. Moreover for families with more than three children, exceptions are made in some banks, for example, the loan for a period of up to thirty years.
In the case of such discharge all relying privileges are preserved, including the low price of one square meter of the dwelling, no more than 10% down payment and low interest rates ranging from 10% to 12%. In case of taking credit for up to 10 years, the maximum rate must not exceed 10% p.a. Also for large families are entitled to preferential prices of apartments in new buildings, i.e. at below-market prices. Sometimes they can be reduced almost twice-in cases of force majeure, for example.
In order to formalize the mortgage, the parent of a large family it is necessary to provide a package of documents to the financial institution. What documents will be required, it is best to clarify in the credit Department, where credit is issued.
When arranging preferential mortgages, many banks require a down payment in the amount of 10% to 30% from cost of an apartment. It is worth to remember that there are always a number of financial institutions willing to provide a loan without fees. These conditions should be checked in the first place!
As a repayment mortgage or is permitted to use maternity capital, or these same means you can pay the initial fee. So, when the birth of a new child, the family gets a new State grant, which she can use tents for repayment of debt.
To date, the minimum loan that family has a right to issue is 10000 dollars. Restrictions are examined only the borrower’s income and the value of its housing, but can not understate the minimum amount.
When the deal is at a certain stage of conclusion, the Bank may nominate an additional requirement to the purchased housing. For example, options to the apartment on the ground floor is always undesirable, or if the building is, in fact, already lived your 21 and should be demolished-such examples. But the most important requirement, which can be made is that the amount of the loan and the value of the collateral in its ratio within certain rules.
As reliable guarantees may provide either already existing or future acquired real estate housing. You may need a bank surety of a spouse.
Evaluate the accommodation space which will serve as a basis for obtaining credit, becoming a kind of guarantor in case of non-payment, should an independent appraiser. All costs associated with the services of a professional evaluator must pay the borrower. What’s more, the borrower is obliged to pay all registration services agreement between borrower and holding. If the borrower is older than 65, mortgage agreement should be further verified by the notary according to the valid price list.