Mortgage is one of the methods to buy real estate, which is very popular among Ivano-Frankivsk residents. It is understandable. There are many young families who want to live separately, but buying your own apartment is quite difficult. In such cases, a mortgage (a targeted loan from a bank) comes to the rescue.
Mortgages have many advantages. First, you do not need to spend money on renting temporary housing. Secondly, the mortgage allows you to buy an apartment right away without waiting. As a result, there is no need for long-term money saving which, in turn, helps to avoid the risks of inflation given that the price of real estate in Ivano-Frankivsk is constantly rising.
There are disadvantages and risks in the mortgage as well. Having purchased a mortgage, the buyer does not become a full-fledged owner until the loan is paid back in full, being deprived of the right to control the newly purchased real estate, i.e. he/she cannot sell, gift, exchange it, etc. A mortgage always means a certain overpayment in the form of interest, commissions and insurance payments. After all, there is always the risk of running into an unreliable developer.
The right choice of developer is very important for those who plan to take out mortgage to buy housing. In fact, this is the first step towards buying housing with mortgage, because mortgage is a targeted loan and the buyer must have a good idea of what and who he will buy from before receiving this loan.
So how do you choose a reliable developer? First of all, experts advise to make sure that they don’t have problem objects, namely unfinished or frozen residential complexes, high-profile lawsuits, criminal scandals, etc. You can get such information nowadays with access to the Internet and social networks.
Pay attention to developers who have entered into affiliate loan programs with banks. Participation in such programs is not only an additional evidence of the reliability of the developer, but also the opportunity to buy a mortgage on more favorable terms.
For example, blago developer company has recently joined the state program “Affordable Housing at 10%” and offers to buy apartments in already commissioned buildings in Mistechko Soborne and Comfort Park residential complex. Within this program, loans are issued by PryvatBank for up to 20 years in the amount of UAH 100k to 2 m subject to a down payment of 25% of the cost of housing. The loan rate is from 9.99% to 15.5% per annum.
Having decided on the developer and the apartment you plan to buy, you can safely proceed to the second step, namely the analysis of the family budget. This step is important for at least two reasons. On the one hand, each mortgage involves the payment of a down payment, the amount of which usually ranges from 20 to 30% of the cost of housing depending on the bank. On the other hand, we should not forget that the loan will have to be repaid despite the installments being small. In addition, there will be interest and commission to pay as well. Therefore, it is very important to properly plan your finances and allocate your budget.
The third step is choosing a bank. Choose a bank that offers more favorable lending terms, namely lower loan rates, lower down payment, favorable targeted lending programs, and so on. It is also necessary to take into account loan repayment schemes (a classic one when interest is accrued on the balance of the principal amount of the loan and payments are higher at the beginning than at the end; or annuity when payments are the same throughout the repayment process), accrual of one-time commission, monthly fees, possible penalties including those for early repayment of the mortgage, etc. Find out which banks the developer of your choice cooperates and has concluded partnership agreements with. Note that the blago developer company works with all banks in Ivano-Frankivsk.
Having decided on the bank, we move on to the next, fourth, step: we collect the necessary documents and negotiate the loan.
What documents are required to obtain a mortgage? Usually, it is a passport of a citizen of Ukraine, an individual tax number, marriage certificate (if any), as well as a passport and identification code of the wife (husband), divorce certificate (if any), income documents (salary statement for six months from the place of work or a certificate of income of an individual entrepreneur). This is a basic standard package of documents. Although, banks may additionally require various other documents.
The fifth step is applying for a loan. It can be submitted online or filled out at a bank branch. Based on the results of the application, the bank makes a preliminary decision. Nowadays, this happens within ten minutes. The future mortgagee is contacted by a bank employee who can provide advice on choosing an apartment, improving credit history or on documents that may affect the bank’s decision.
The next, sixth, step is submitting documents to the bank. The package of documents you have collected must be supported by an information letter from the developer, which contains information about the parameters of the apartment such as area, floor, specifications, and price. Submission of documents is usually accompanied by an interview with a bank employee. The questions will inquire about your credit history, income, etc. It is important to answer the questions confidently and honestly.
The bank will make its final decision on granting you a loan or refusing a loan later. Different banks have different terms, namely from 2-3 days to a week.
We would like to remind you that it is possible to buy the apartment on favorable conditions in Family Plaza RC, Mistechko Soborne, residential complexes Comfort Park, Chocolate, Main House, Avtorskyi, Manhattan, Parkova Aleia, elite complexes Parus, Royal Hall as well as the house in cottage district Franko River Club.