From December 1, preferential mortgages will be issued for the construction of private houses
The law on preferential mortgages, adopted in 2020, made it possible for many Russians to purchase their own housing at a fairly low percentage - 6.5%. However, this rate was valid only for real estate in new buildings. But for the secondary market, banks have also lowered rates and they have become more attractive than in previous years. From December 1, preferential mortgage terms for the purchase or construction of private residential buildings will come into force.
A bank mortgage product for private homes will be valid only for standard projects. The reason is that all projects will be included in a single database, which will significantly speed up the consideration of applications. Therefore, for persons who plan to build a private house using atypical projects, this proposal will not be valid. The register of standardized projects will be approved later.
The exact conditions for obtaining a preferential mortgage or building a house according to a standard project are still unknown. Also, the interest rate at which the loan will be given has not yet been announced.
These are not the first changes in mortgage lending that occurred in 2021. The preferential mortgage for housing in new buildings, initially accepted for one year, was extended until July 1, 2022. However, the percentage has slightly increased to 7%., as well as the maximum amount, which in the regions is 3 million rubles. The minimum amount of the initial payment is 15%. Given the large increase in real estate prices, residents of district centers can mainly count on comfortable housing within this amount. Also, changes were made to the legislation on family mortgages, which can be used by families with two or more children. The offer is relevant both for new mortgage loans and for those already taken out.
Borrowers can apply to the bank and refinance the existing loan on favorable terms.
Do not forget that if you are buying an apartment for the first time, you have the opportunity to return the tax deduction, the maximum amount of which today is 260 thousand rubles. You can also apply for a refund of 13% of the interest paid to the bank (the maximum amount is 3 million rubles).
Despite the appearance of interesting proposals, more and more young families who want to expand their living space are considering private homes. The emergence of new mortgage products makes it possible for various categories of the population to purchase their own real estate on favorable terms
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