Acquisition of housing on credit: how to arrange correctly

If you want to use the banking service of mortgage lending at thirteen percent per annum for more than ten years, then the final amount will ultimately equal the double value of the apartment, and it is possible that more.

Mortgage is not cheap pleasure

Naturally, if you purchase, housing on credit, then you will not have to dig up for a long time for a long time, deny yourself everything, so that already at a sufficiently mature age to finally become the owner of your own housing. But from a different point of view-to pay twice, it is not very profitable.

When buying real estate on credit, there is another important point – if the housing adds to the cost over time, so it will exceed the interest rate on the loan, then the mortgage in this case will be a more favorable step. So it is of course so, but only the situation in the real estate market is not just to predict, and prices are quite likely, they can begin to move with everything in the opposite direction. This is how it happened recently in the United States, when it became clear that the broken crisis in mortgage lending would not stop for a long time for a long time. American citizens who purchased housing on credit could no longer pay at a credit rate, and now all this real estate is put up for sale. Of course, when the offer begins to increase sharply, prices inevitably become below. No one can say with confidence how the American crisis will affect the Russian residential real estate market.

The main one is the conditions under which credit organizations give out loans to citizens. They, as the rules, depend mainly on the collateral subject. If the pledge is a liquid apartment in an elite house, then the conditions in this case will not be so burdened. The inherent apartment until the loan is fully repaid, as a rule, in the ownership of the bank. But there are also other options:

The borrower, according to the contractual conditions, is considered the owner of the housing, but has no right to sell it. In this case, it turns out that without the consent of the bank, the creditor does not have the right to carry out any transactions in the real estate market with this housing. Even if he wants to rent an apartment for rent, it will still be required for the bank permission.

From all of the above, it follows that it is certainly profitable to purchase housing on credit on the one hand, you do not need to save for many years to the long -awaited apartment, especially since in the current conditions of growth in real estate prices – you will have to wait for this for a very long time, so you can owner of the housing. get out of old age. But from a different point of view: buying housing on credit is a very expensive pleasure for which you will have to pay almost double.