In order to properly arrange the mortgage of an apartment or your own home, you first need to apply for a loan at your chosen bank.
Most of the documents have the same form in any of the banks in Russia, moreover, they usually require the same list of them:
• Basic documents for the selected housing (house book, certificates of absence of debts, documents for land, if it is a private house, and so on);
• passport for housing (be sure to attach a plan);
• a certificate describing the premises and a certificate of form No. 9 on registration;
• documents proving the identity of the seller and the buyer;
• if necessary, a certificate of marriage and the birth of all minor children (if a young family wants to get a mortgage) and other documents that are set individually depending on the bank and type of mortgage lending.
It usually takes from three business days to a week to consider the issue of mortgage lending. Although modern banks practice the so-called "express lending", when the decision to grant a loan is made within a few hours. In addition, there has recently appeared even an online application for a mortgage. This approach allows you to make several requests to various banks at once to increase the chances of obtaining a mortgage loan.
If the bank agrees, within a month (the period may also vary depending on the bank and type of mortgage) you need to choose the right housing that meets all the requirements put forward by the bank.
This task can be greatly facilitated by the professional cooperation of your bank with the construction companies of a city or country. In this case, you can do without some embezzlement (for example, self-repayment of the difference between the price requested by the seller and the amount at which the bank employees evaluated the selected apartment).
It is necessary to give a professional assessment of housing, usually banks associate this requirement with the presence of restrictions on the total amount of lending (usually from 80 to 100% of the estimated cost of an apartment or house). Namely, focusing on the estimated value, you will be issued a loan.
In addition, when applying for a mortgage, the bank will request compulsory insurance of your home, as well as the risks of losing the borrower’s performance. Mortgage payment is a long-term process, therefore we advise you to definitely use this type of insurance.
