Current programs, as well as requirements for the site, house and the borrower himself
Mortgages for the construction and purchase of private houses in Russia are actively gaining momentum. According to Dom.rf, in 2022 the number of loans for individual housing construction increased more than three times, to 33 thousand loans. In 2023, growth is predicted to almost double. This is due to the emergence of preferential government programs that allow you to take out a mortgage at a rate much lower than the market rate. Such programs accounted for 79% of all loans last year versus 19% in 2021. Experts from the Elite.ru portal, using data from the Metrium company, decided to tell you how to get a preferential mortgage for a cottage.
What preferential programs are there
First, you need to choose a mortgage program with state support from among the four operating in the individual housing construction market. With a preferential mortgage at 8%, you can get a loan to build a cottage – by a developer, contractor, or yourself – or to buy a finished house from a developer. You can also purchase land for further construction of a house. A family mortgage at 6% is designed only for the purchase of a house under construction or a finished one from a developer. Secondary housing is also allowed, but only in one federal district (the Far Eastern) and exclusively on the lands of rural settlements. IT mortgage at 5% applies to the primary housing market: plots with a contract, cottages under construction and finished houses.
Under the Far Eastern Mortgage program, at 2% they offer to take out a loan in one of 11 regions of the Far East. You can use the loan to build a house by a developer, a contractor, or on your own. It is possible to purchase a finished house from a developer, a plot for further housing construction, or a house on the secondary market, but only in rural areas, single-industry towns and in some regions. Last month, a fifth program was in effect – rural mortgages at 3%. It has been paused, but is expected to resume in 2024. Under this program, loans are issued for the construction of housing in rural areas, either by a developer or contractor, or on their own from ready-made house kits. It is also possible to purchase a finished house from a developer or on a secondary market.
Where can you build a house
If the issue with the program has already been resolved, let’s move on to land plots. Not every one of them is suitable for individual housing construction. Before the stage of obtaining a mortgage, you must make sure that this land provides for individual housing construction as a type of permitted use. For houses of seasonal residence, in which there is no right to permanent registration, land plots intended for personal farming or gardening are also suitable. In addition, residential buildings can be built on agricultural lands that belong to peasant farms, but with one condition: it is necessary to engage in agricultural activities on the site. It is possible to take out a mortgage for the construction of a cottage on rented land, but it is necessary to have permission for individual housing construction in the agreement with the owner of the site. The category of land can be found on the Rosreestr portal – rosreestr.gov.ru.
What cottages can be built and bought
Not every cottage can be built or bought. Individual housing construction involves the construction of houses with a height of no more than three floors or 20 meters. However, the house cannot be divided into several real estate units, for example, townhouses. Other requirements depend on the specific bank. Often a cottage under construction or ready must be equipped with the most important communications: electricity, water supply and sewerage, heating. Also, most banks issue mortgages only for houses built no earlier than 2000 and not requiring major repairs, with an area of up to 300 square meters. meters.
Requirements of banks for borrowers
Let's move on to the list of requirements for borrowers. Each bank has it individually. And if a client does not meet the criteria of one bank in terms of the amount of collateral, the amount of the down payment, or age, this does not mean that other banks will also refuse. To apply for a mortgage, those who buy a ready-made cottage will need a passport, a certificate of income, withheld amounts of taxes, and an extract from the Unified State Register of Real Estate. To build a house, you also need a response from the local administration on construction approval.
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