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What you need to know before making a loan secured by real estate
Mortgage loans have become more popular. First, they allow you to immediately get a large amount needed for a major purchase, for example, housing, and secondly, the interest on them is offered less, because lenders receive a money back guarantee. Two types of real estate can be pledged as collateral: commercial and residential. Any property of a person: a house, a land plot, a garage or a storage room - can be used to obtain a loan from a bank.
When you make a mortgage loan participation of the guarantor is not required. If the loan is not repaid, the property will be sold, and from the amount received the lender will be able to repay the entire debt with interest. Business Development Loans for LLC can also be issued without a guarantor, but with a pledge. Some entrepreneurs use their residential real estate for this purpose. Of course, there is a risk, but it is justified if a person is confident that his business will grow and bring profit.
Now the task for those who want to get a large loan has been simplified - many banks on official websites offer services, including loans. As a rule, they do not even require proof of income. They reason like this: if a person has calculated his strength and requested a loan, then he knows how he will repay it. And in case of failure, there is always liquid real estate, which can be sold to obtain the amount that the borrower owes to the lender.
At the same time, both individuals and legal entities are in almost equal rights. The contract prescribes all the details - from the loan amount and interest to the term and its repayment order. And if loan to legal entities without collateral will be issued on the same conditions, then in the provision of property as a guarantee, they can be mitigated.
There are several requirements for pledged property: the state of the property must be decent - dilapidated, objects requiring major repairs may be rejected by the lender as unpromising; the data in the technical passport must correspond to the real situation, for example, if redevelopment was carried out, it should be reflected in the documents; real estate should be legally “clean”; it should not appear in court proceedings or be under arrest. In addition, the value of the object is also important: it must exceed the loan amount by 30-60%.
The borrower also has several requirements: he must be a citizen of the Russian Federation or have permanent or at least temporary registration on the territory of Russia; its age must be from 18 to 65-67 years (at the time of debt repayment it should not be 70 years).