The expert dispelled myths about the down payment on the mortgage

The initial mortgage payment is a part of the value of the property that the buyer pays out of his own funds when applying for a loan. This amount is not included in the loan amount, but is a contribution towards the purchase of housing. As a rule, the initial payment is a mandatory requirement for banks to approve a loan for the purchase of housing, as well as a way to assess the client's solvency. Irina Sharovarnikova, Head of PIONEER's Lending and Partner Programs department, told Izvestia on July 26 about popular myths surrounding the initial payment.

Basically, the minimum initial mortgage payment now amounts to 15-20% of the cost of the purchased housing. There are offers from banks with a down payment of 10% or more, but the exact value of the minimum contribution depends on the specific mortgage program, the bank and the category of the borrower.

"For example, government programs, in particular preferential mortgages for families with children, have a minimum initial payment of 20%. Standard mortgage programs require a minimum of 20% down payment, but a number of banks have offers with a reduced contribution of 10% when using maternity capital," she said.

Sharovarnikova noted that it is almost impossible to get a mortgage without a down payment. In the standard programs of the bank, the borrower must have his own funds for the purchase. However, there are programs that allow you not to contribute your own funds, but to use other sources or mechanisms, such as maternity capital, military mortgages, and loans secured by existing real estate.

Another option is special offers from developers, when the developer, together with the lender bank, can offer a program that positions itself as a "mortgage without a down payment." This program has its own features: either the amount of the initial payment is already included in the price of the apartment, or there is an installment payment option from the developer, which is then converted into a mortgage. Such offers, as a rule, come with an increased bid.

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There are many myths and misconceptions about the down payment on a mortgage. For example, the higher the initial payment, the higher the chance of approval.

"Of course, the amount of the initial payment may affect the terms of the loan, but in general, if the borrower is assessed for solvency, the amount of the initial payment will not affect the approval in any way. Or the initial payment should be made only in cash from your own savings. In reality, maternity capital funds, government certificates, funds received as a gift from relatives and funds from the sale of other housing can act as a down payment," the expert explained.

Another misconception is that the initial payment can be formed at the expense of a consumer loan — an extremely risky and not recommended action. At the moment, banks have tightened the requirements for the sources of down payment, so they carefully check the source of the down payment, re-score the client before issuing the mortgage and check the credit history.

Sharovarnikova clarified that if there is currently no accumulated down payment, but there is real estate in the property that can be pledged to the bank, then you can choose a loan program "Secured by an existing real estate object." As a rule, banks lend up to 80% of the market value of an existing apartment, and the funds can be spent in full on the purchase of a new apartment.

"If this option is not suitable and it is not possible to use maternity capital, housing certificates, then it is recommended to accumulate funds, a strict financial plan and budgeting of your income will help, and to study financial instruments that will help increase savings: deposits and savings accounts," she concluded.

The director of Zhilfond, Alexander Chernokulsky, in an interview with Izvestia on June 27, shared that in the first quarter of this year, the average price of 1 sq.m. The cost of housing on the secondary market in all regions of the Russian Federation amounted to 126.5 thousand rubles. According to him, the growth in all regions was not uniform.

The expert stressed that three years ago, 1 million rubles seemed like a solid amount, which would be enough to purchase your own home in a small town with a population of up to 100 thousand people, but at the moment this amount is more like a start-up capital for a down payment on a mortgage.

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