There are ways to make a cheap mortgage
Although mortgage rates have been falling recently, this banking product is still not available to all families. However, not everyone knows that there are legal ways to help reduce the interest on a housing loan, to pay it in a shorter time. How can I make my loan more profitable while remaining a reliable and conscientious borrower?
Mortgage offers two types of payment schedules: annuity and differentiated. As a rule, Bank employees offer clients the first option, which obliges them to make equal contributions over a certain period of time. At the same time, managers do not mention that first interest is repaid, and only a small part of the money is used to pay the main debt.
If you choose the second option in the first few years, the amount of payments will be large, but the loan body and interest are extinguished in a 50/50 ratio
It turns out that the amount of overpayment will be less, since the interest is already calculated from the remaining debt.
Getting a tax deduction
It turns out that you can apply for a tax deduction from the interest that the lender pays on the mortgage. The limit set by the state for housing loan expenses is 3 million rubles.
Refund of property tax is carried out only once. This requires Russian citizenship and official employment (so that the person pays personal income tax).
The maximum amount of mortgage deduction will be 390 thousand rubles.
This will make significant savings if you pay off your housing loan ahead of time with these funds.
Our state provides citizens with various subsidies. At the same time, the mechanisms for obtaining such support have recently become much simpler (you do not need to collect a whole bunch of documents as before).
Therefore, those who have a mortgage should keep track of current subsidy programs on bank website.
It is quite possible to find yourself in the category of borrowers who can claim benefits.
Early loan repayment
Early repayment of the mortgage is profitable in the first half of the set term, and not at the end, as many do. At the same time, you should find out from a Bank employee how to make payments in excess of the principal amount go to pay off the body of the debt. You will probably need to write an appropriate application.
For example, by adding 5-10 thousand rubles a month, you can save up to 500 thousand rubles on interest, which is quite significant.
And the mortgage term will be significantly reduced.
It is in the borrower's interest to track offers from other banks to refinance loans. When the Central Bank of the Russian Federation lowered the key rate, mortgage products also became cheaper. This procedure is again more profitable in the first years of payments. Over time, the benefits of refinancing will become less.
It is important to check with banks not just the amount of the interest rate, but the availability of additional expenses (commissions, insurance costs, contract conclusion, etc.). All this affects the profitability of the offer.
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