Mortgage under the state program for a young family in 2020

2024 Author: James Gerald | [email protected]. Last modified: 2023-12-17 14:00

In 2020, young families still have the opportunity to take advantage of the state program and queue up for a housing mortgage.

The general meaning of the program and the conditions for granting a subsidy

The relevance of obtaining their own housing remains constantly high for residents of Russia. But buying real estate for a young family is often an almost unattainable dream. It is for this purpose that the corresponding government program was created, which was extended through 2020 inclusive.

Housing for Young Families is an identified version of the main Housing program launched by the State Duma in 2003. It is, in fact, a government-backed mortgage loan. Its meaning is to provide preferential conditions for subsidizing young families by the state when registering a mortgage for primary and secondary housing. The amount of cash assistance is 30-40% of the cost of housing.

At the same time, financing comes from the state budget and from the regional ones. A mortgage for a young family with 2 children or more in 2020 according to the program is a win-win option. It is worth noting that young families with 3 children have a priority right when they are included in the lists.

To participate in the program, you need to submit an application to the administration authorities at your place of residence.

To receive a subsidy under the state program, and then a mortgage for a young family in 2020, you need to get on the lists of families requiring better housing conditions. A family can be with or without a child. According to Russian standards, each person must be provided with 18 m².

If these conditions are not met, then the housing commission is called to inspect the housing. Based on the result of the check, families can qualify for expansion. This procedure is mandatory, since only families on the list for improving their housing conditions can count on receiving a subsidy.

The next step for obtaining a mortgage for a young family in 2020 under the state program is to collect the necessary documents. If all papers are filed correctly and the requirements are met, you will be eligible for a subsidy from the state and issued a corresponding certificate.

After that, you should choose a commercial institution and find housing of interest. If the owner of the apartment, the house is satisfied with the terms of payment, you go to the bank. After the conclusion of the mortgage agreement, an account is opened in your name, to which the money will be received under the subsidy. And the bank itself will transfer them directly to the owner of the property.

Consider the moment that the property must be registered for both spouses.

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Conditions and required documents

Participants in the state program and receive a mortgage for a young family in 2020 can be:

• families with 1 child or more;
• families without children;
• incomplete young families with one parent and 1 or more children;
• families where one of the parents is not a citizen of the Russian Federation.

To be eligible to participate in the program, at least one of the spouses must not be over 35 years old. The family's total income must be able to pay monthly payments.

The received social assistance can be used to pay for a part in contracts for housing construction, sale and purchase, shared construction, services of the organization-owner of the housing. Also, the subsidy applies to the payment of mortgages, home loans and loans, shares. A list of the package of documents can be obtained from the youth affairs office in your regional administration.

And now what size of the subsidy can you expect:

1. A young family without children can count on at least 30% payments of the cost of housing.
2. A young family with 1 child or more, an incomplete family with 1 child or more can count on 35% of payments from the cost of housing.

The amount of payments depends on the area of the apartment, house. Lists of young families are formed by the date of issue of the certificate for the extension of living space.

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Bank mortgages for housing

It will briefly outline how to get a mortgage from a banking institution. With or without a subsidy, your way is to the bank. Many of them provide mortgages for young families with different conditions. On average, the interest rate ranges from 15 to 9%. At the moment, Sberbank is the most popular. This institution provides the lowest interest rates on loans in 2020.

Sberbank highlights the conditions favorably. Lending rates range from 2 to 8, 8% percent. On a mortgage with subsidies for the purchase of housing under construction, loans are provided for 6%.

Credit conditions are as follows:

1. The minimum loan amount is at least 300,000 rubles.
2. The maximum amount is no more than 85% of the value of the living space, issued on credit, or 85% of any other real estate, pledged.
3. Payment terms - up to 30 years.
4. The first installment is from 10 to 50%, depending on the client's ability to pay.
5. The applicant is at least 21 years old.
6. Total work experience - at least 1 year over the past 5 years and at least six months at the current place of work.

You will be consulted in more detail about the conditions and types of mortgage programs at the nearest branch of the bank.