Mortgage for a family with two children in 2020
A mortgage for a family with two children often becomes an unbearable burden - a program developed by the government of the Russian Federation allows reducing the financial burden on young parents. What changes are foreseen in 2020? Is it possible to count on maintaining benefits when applying for a loan?
In 2020, the conditions for obtaining preferential mortgages at the birth of the second child remain the same - the program proposed by the government is valid from 01.01.18 to 31.12. 22 g. Families get the opportunity to repay a loan at a fixed rate. The difference between it and market interest is paid by the Ministry of Finance. Both mother and father are eligible for benefits. Participating in the state program, you can specify close relatives as co-borrowers (the total number of co-borrowers is up to 4 people).
Program Participants and Bet Size
In 2020, as before, the subsidized mortgage rate is available to citizens of the Russian Federation at the birth of a second child from 01.01.18 to 31.12. 22 g. Its size is 6%.
Somewhat different conditions are provided for residents of the Far Eastern region. The right to participate in the program is granted to persons who have a 2 or subsequent child after 01/01/19 (the deadline remains the same - 12/31/22). The fixed rate here is lower - only 5%.
Until March 28, 19, support for families with children was provided for a limited time. The appearance of the second child gave the right to 3 years of payments at a reduced rate. If a third one was born during the period of the program, the term of the subsidy was 5 years. At the birth of the second and third child, the grace period was summed up - the family received the right to 8 years of subsidy.
03/28/19, the previously adopted document was amended. In accordance with the Decree of the Government of the Russian Federation signed by D. Medvedev No. 339, the fixed rate applies to the entire term for the payment of a mortgage loan.
As before, a preferential mortgage for 2 children in 2020 will be provided subject to the following key requirements:
- A mortgage agreement must be drawn up with the Agency for Housing Mortgage Lending AHML (since March 2018 - Dom.rf JSC) or with the bank that has submitted the relevant application and received official permission;
- the minimum amount of a housing loan is 500 thousand rubles;
- the maximum amount of a mortgage loan for the capital regions is 8 million rubles;
- maximum for other regions - 3 million rubles;
- a down payment of 20% of the cost of housing is mandatory;
- the purchase of housing on the secondary market is not allowed - a preferential percentage is provided for the purchase of apartments in a new building (the Far Eastern region is an exception);
- the construction object in which the apartment is purchased is required to meet the standards 214-FZ and pass accreditation with the Agency for Housing Mortgage Lending;
- the borrower must insure his life and housing;
- persons who do not comply with the terms of the contract and allow late payments do not fall into the program;
- at the time of full repayment of the loan, the age of the borrower must not exceed 65 years.
When issuing a loan, banks impose additional requirements on applicants. In particular, this applies to employment - experience at the last place of work should be at least six months. If an individual entrepreneur applies for a loan, then he will have to provide income information for the last 2 years. The state does not regulate the issue of early repayment of the loan - this condition is stipulated by the credit institution and is prescribed in the contract.
Refinancing an existing loan
The state provided for the possibility of refinancing a loan at a preferential 6%. This right is given to families who have issued a mortgage loan for the purchase of housing in a new building before the start of the program, provided that they have a second and subsequent children during its validity. The following requirements must be observed:
- loan payments are made for at least 6 months;
- there are no late payments (maximum period - 30 days);
- there were no calls for restructuring.
After approval of the application, a mortgage with a second child will be paid at a fixed rate of 6% (5% for residents of the Far East) - in 2020, many young parents will be able to use the refinancing option.
Prerequisites for the initiative
Reasons for the government to take a useful initiative:
- gradual stabilization of the economic situation and lower inflation;
- recognition by banks of the prospects and reliability of mortgage lending;
- the need to maintain the housing construction market (the pace of construction is falling due to the population’s focus on the secondary market);
- creating an incentive to increase fertility.
In 2020, a mortgage at the birth of a second child will allow many families to improve their living conditions with a minimum overpayment - not a single bank can offer consumers a 6% rate, therefore, the state provides long-term subsidies. In addition, the program will provide significant growth in the construction of new residential real estate. Given the large number of emergency housing in the secondary market, such a measure is of great importance.