Mortgage is one of their popular bank loans. With the help of mortgages, you can purchase your own housing (which is in the lien of the lender), while not having enough money.
However, often potential borrowers are guided by unverified information and rumors.
The first and most common myth is "mortgage is bondage"
That's what most people think. This is due to the opinion that payment of a mortgage will constitute a significant amount of the family's income. Yes, the amount is not small, it really is. Mortgage in Russia is expensive (10-12% per annum - at best) compared with the rest of the world (from 4% per annum). On the other hand, mortgages for many residents is the only possible option for purchasing their own housing, the value of which increases every year, and mortgage payments are reduced on the contrary.
When a family decides to take a mortgageThe loan must be clearly aware of their financial capabilities. It is also worthwhile to think about possible repairs in the future apartment, which also needs to be paid. In any case, the bank in calculating the monthly payment can not exceed the amount of 45-50% of your salary.
The second myth is connected with fear of losses
Borrowers are very much frightened by the possible lossAs already paid money, and the apartment itself, if the terms of the contract are not respected. Overdue payment - the bank took away the apartment. This is not quite true. Selling an apartment is the last thing a bank will do. Since the monthly payment for a mortgage for a long time is the income of the bank. Therefore, it is not profitable for a bank to sell an apartment immediately, which was bought into a mortgage.
To start, the bank will offer the borrower otherOptions for solving this problem. For example, refinancing of a mortgage loan or its restructuring. And if, after the measures taken, the debt is not repaid, then only then can the bank recover the debt by selling a real estate object. And, if after the sale and repayment of the debt to the bank there is a certain amount, then these funds will be returned to the borrower.
High interest rate due to "collusion" of creditors
Interest rate on mortgage productsDifferent banks is really high. But the bank can not work at a loss. If deposits are accepted at a rate of 8 to 12% per annum, accordingly, a rate below 12% on a mortgage loan can not be established. Also, the high interest rate is directly related to inflation in Russia.
If you look at the summary table of interestRates of mortgage products, you can see even some of their decline. This is due to the growth in the volume of mortgage loans. When there is a demand for a product, there is an offer. Accordingly, there can be no talk of any collusion.