When the realization comes that buying property under such circumstances will happen at least in 10 years, or even more, spouses tend to participate in one of the state programs, thanks to which many Russian families have become happy owners of real estate. First, it is important to clarify what criteria the concept of 'young family' meets. Standard lending implies young people from 18 to 25 years old, very rarely up to 30 years old. For mortgage lending, the age limits are somewhat higher.
So, before purchasing an apartment, buying a townhouse or a house, young spouses must calculate their total age – it cannot exceed 70 years, with one of the spouses not being older than 35 years. And you also need to check the age limits at the bank where you plan to get a mortgage – some financial institutions lower the upper age limit to 30 years. A single-parent family before the parent reaches 35 years is also considered young.
One of the most common types of purchasing property on credit is social mortgage. This is an ideal solution for those who belong to vulnerable segments of the population, that is, persons who cannot take a bank loan or apply for a state subsidy. Today, many young couples, military personnel, budget workers, people on waiting lists have ideally resolved their housing problems thanks to social mortgage.
It is important to understand how this type of lending differs from the usual one. Social mortgage is based on financial support from the state. This may be a state subsidy, through which partial payment for the purchased property is made. Or the state may sell its own housing at reduced prices. Subsidizing may also be applied, which reduces the cost of the loan (essentially, a reduction in the interest rate).
Of course, there is a fly in the ointment in this offer – a strictly regulated area norm – 18 m2 per person, provided that the family has at least three members. Therefore, an average family with one child can apply for a social mortgage for an apartment of no more than 54 m2. Nevertheless, many families believe that it is better to have a small but own home than to pay monthly rent for large but someone else's apartment.
PR