Вопросы и ответы
When and how will I get ownership of the apartment bought with the funds received on a mortgage loan?
- You become the owner of the apartment immediately after registration of the purchase and sale agreement and have the right to register your family member there.
Can I rent out a mortgage apartment, if the debt on the loan is not repaid?
- Yes, you can.
Who can receive a mortgage loan?
- A borrower may become a capable citizen with either Russian or foreign citizenship, at the age of 21 years. The borrower must have a stable salary or income from own business (total length of employment must be at least a year).
Can I receive an apartment purchase loan without the possibility of income proof?
- Yes, you can. It’s enough to have funds in the amount of 50% of the value of the apartment acquired or verbal proof from the employer (in this case, you can expect to receive the loan equal to 75% of the value of the apartment).
What is the mortgage lending period, and is it possible to repay the loan before the expiry date of the loan agreement?
- The mortgage lending period ranges from 5 to 25 years, with the right of early repayment without penalties, starting with the first month.
What happens to the mortgage debt in the event of one partner’s death, if the other is unable to make payments to the extent, in which they were calculated on the basis of both partners’ income?
- Here comes the insurance case and the insurance company guarantees to assume all the obligations that arise in this case.
Where can the acquired (pledged) apartment territorially be situated?
- Moscow and the whole Moscow region.
What minimum loan amount can be received?
- USD 15 000, it’s possible to receive a loan in any currency.
Is it possible to receive a loan against an apartment in a house being under construction?
- No, it isn’t.
What is insured at mortgage lending?
- Receiving of a mortgage loan is accompanied by an insurance program that includes: insurance of the property acquired against the risks of damage and loss, insurance of the customer’s life and health, insurance of the ownership of the apartment.
What laws do govern mortgage lending?
- The Federal Law No.102-FZ "Concerning Mortgages (Pledges of Immovable Property)" of July 16, 1988 - The Federal Law No.122-FZ "Concerning the State Registration of Rights to Immovable Property and Transactions Involving Such Property" of July 21, 1997
- Law of the City of Moscow of June 14, 2006 No.29 "Concerning Ensuring the Rights of Citizens of the City of Moscow for Residential Premises."
- Law of the City of Moscow of March 31, 1999 No.11 "Concerning Organizational and Financial Support of Implementation of the Housing Mortgage Lending System in the City of Moscow."
Can minor children be registered in the pledged apartment (house)?
- Yes, they can, but no more than two.
Can a council apartment be bought on mortgage or pledged?
- No, it can’t, since the apartment is owned by the state.
If you repay a loan before the lending period completion, how will the interest on debt be charged?
- In early repayment the principal debt is reduced, and the interest is charged on the remaining amount of the debt.
Is it possible to receive a loan to buy an apartment, which is situated in a five-storey bearing-wall house that is in the plans for housebreaking and reconstruction?
- No, it isn’t, since houses built before 1970 are not considered.