Date: 3 months ago   Category: Incidents

Advantages and shortcomings of crediting as proof of the apartment


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If the borrower has a suitable real estate, then the favorable credit of the big size can be him receiving. So, today in the bank organizations the credit as proof of the apartment which has more optimum conditions in comparison with crediting without pledge can be obtained. These loans have both advantages, and shortcomings. Give we will get acquainted with them. Advantages Big size of a loan. The size of a loan depends on two factors – what cost in the market pledge and how solvent the applicant is has. When using the apartment as pledge the credit having a limit in several millions can be obtained. Standard consumer programs don't allow to receive such money. Low interest rate. For the mortgage credit banks establish lower interest rate. If the borrower isn't able to cope with payments, then the bank will have an opportunity to sell the apartment and to defray expenses. Additional financial safety in the form of the real estate allows to establish to banks the lowered rates. Shortcomings Risk of loss of the housing. It is the most significant lack of crediting as proof of the apartment. Ceasing to pay bills, the borrower will face sooner or later that the bank has put the apartment up for sale. Even if minors are registered in the apartment or it represents the inhabited property of the borrower, the bank won't commute a penalty and will take away the mortgage real estate. Existence of heavy fines at delays. Making delay, the borrower burdens himself with a penalty fee of 20% per annum from the delay sum (the law on consumer crediting). Also percent which are mentioned in the credit agreement are charged. The credit as proof of the apartment usually undertakes on large the sum therefore the size of penalties for delay in this case will be very serious. Additional expenses. The first article of additional expenses is the expert assessment of pledge which is carried out at the expense of the borrower. However this service has small cost of 3-5 thousand rubles. The second significant part of expenses is insurance payment. As the bank takes itself property as a deposit, he needs to be sure of its safety. If something happens to the real estate, then the insurance company will offset losses. Insurance pays in the course of registration of the credit, and then every year in the form of the 13th payment. Advertizing. JSC Tinkoff Bank. License of the Central Bank of the Russian Federation No. 2673. To share: As advertizing

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