Loan for the purchase of a garage. Mortgage for a garage or parking space from Sberbank Preferential loan for the purchase of a garage

Today banks offer various mortgage options, including for a garage. Buying real estate today requires a lot of expenses and you don’t always have personal funds for it.

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It is possible to purchase a garage with the help of a mortgage; banks have developed special programs for such loans.

Bank programs

Financial institutions offer several to choose from.

The garage can be purchased as a new building, on the secondary market or in an underground complex. Some banks are also ready to issue a loan for the construction of real estate of this type.

Only the garage must be unfinished; most banks do not provide mortgages for individual construction.

However, the conditions for each program will be different.

Conditions

Depending on the chosen program, the bank puts forward requirements. One of the main conditions is that some banks require at least 30% of the cost of the garage.

As for the timing, it all depends on the specific financial organization:

• some banks provide a mortgage loan for the purchase of a garage for up to 10 years;
• others may stretch out the debt payments by 50.

The maximum amount in almost all financial institutions is limited to 3,000,000 rubles.

Almost all banks provide only mortgage loan repayments.

Sometimes a financial institution may require a subborrower or collateral. Interest rates depend on several factors.

Interest rates

The annual rate on a mortgage loan is affected by the size of the down payment and the terms of the loan.

Almost all banks have a scheme - the higher the required payment, the lower the rate.

Eg:

• if you take out a loan for a period of up to 10 years and invest 15-30% one-time, then the rate will be from 14%;
• if the down payment is more than 30%, then the rate is already lower - from 13.75%.

But if you take out a loan for a longer period, you should count on a rate of 13.75% only if you make a contribution of at least 50% of the cost of the garage.

Requirements for the borrower

All banks offer almost the same to the borrower:

• age – not less than 21 years and not more than 75 years at the time of the last loan payment;
• mandatory condition – the potential client must be officially employed;
• total experience of at least 1 year, at the last job for 6 months;
• the salary must be at least average so that the borrower can pay the mortgage on time.

If the client is married, then all requirements apply to the spouse:

• the husband or wife will be under a mortgage loan agreement;
• the only exception is if there is one that defines the property relationship between the spouses.

Mortgage for a garage

The cost of garages today can reach or even be higher than the price of a car. A garage mortgage is a fairly new product on the lending market. Many people have already taken advantage of the opportunity to obtain a loan to purchase this type of real estate.

No down payment

In principle, there is no such thing as a mortgage. There is only a loan secured by existing real estate; in this case, a mandatory payment may not be required.

But it’s worth taking into account all the risks: if the client stops paying the mortgage, the bank will take the collateral for subsequent sale.

In Sberbank

A mortgage for a garage in Sberbank is provided on favorable terms. Interest rates are low, requirements are standard.

It is worth noting that Sberbank is the only financial organization that provides loans for individual construction.

In addition, the bank provides a deferred payment or an increase in the loan term if the borrower can document an increase in construction costs.

It is acceptable to attract sub-borrowers, guarantors or provide real estate, securities, or precious metals as collateral.

The conditions are as follows:

• if the down payment is 15 - 30%, then the rate will be from 14 to 14.5%;
• for clients who have made a one-time payment of 30 to 50% of the cost of the garage, the bank gives a rate of 13.75 - 14.25%;
• the most favorable conditions are provided to those who can contribute at least 50% of the price - 13.5 - 14%.

Depends on the loan term.

In VTB 24

This bank issues money for the purchase of a ready-made garage or for an unfinished one. The program has its drawback - the initial payment is too large.

In VTB 24 you can immediately apply for 2 mortgages:

• for housing;
• to the garage.

But there are certain conditions, for example, if the garage is located in an underground complex, then the amount of the mandatory contribution must be at least 30%, in the case where the property is located on the ground - 40%.

There are some points to consider:

• up to 2.5% is added to the basic rate if the garage is purchased in a new building and there is no registration in the bank’s favor;
• is added up to 3% if insurance is taken out exclusively for the loan object itself.

The conditions are as follows:

• if the mandatory contribution is from 30 to 40%, then the rate will vary between 15.45 – 16.35%;
• when the client is ready to contribute from 40 to 60% of the cost of the garage, then the bank is ready to offer 14.95 - 15.85% per year;
• with a contribution of 60%, VTB 24 gives the most favorable rates - from 11.9 to 15.05%.

In other banks

In addition to the 2 largest banks in the country, there are financial organizations that also provide favorable mortgages for garages.

Below is a table of bank conditions:

How to get a?

The provision of a mortgage for a garage depends on the results of an analysis of the client’s credit history and solvency.

An integral part of the procedure is. Sometimes the bank can conduct such an examination on its own, which significantly reduces the client’s expenses.

In order to get a loan, you need to insure not only your garage, but also yourself - in case of job loss or death.

List of documents

In order for the bank to consider a mortgage application, it is necessary to collect the following documents:

• passport;
• income certificate;
• sometimes a letter of guarantee from a guarantor;
• registration certificate for the garage;
• document from the Bureau of Technical Inventory;
• confirmation of ownership of the object from the seller.

What to do if refused?

Banks do not always provide a mortgage for a garage.

This is due to the fact that such an object is not reliable security in the event of non-payment of the debt; it will be very difficult for a financial organization to sell the garage. There are cases when such buildings are simply demolished.

A targeted loan for the purchase or construction of a garage cannot be obtained from any bank. However, the main financial institution of the country provides this opportunity even at reduced rates.*

Lending terms

The loan is issued against a garage or other real estate (including the plot of land on your property on which your garage is located). A prerequisite is to insure the object for the entire loan term.

At the time of registration of papers for the mortgage of the premises, the bank must be provided with another property that it agrees to accept as collateral, or (no more than three). The co-borrower is always the spouse of the borrower, regardless of income and age. An exception is a concluded and valid marriage contract.

Loan amount and usage fee

Sberbank issues a loan for a garage only in national currency. The maximum loan period is 30 years. The amount does not exceed 85% of the cost of the object.

The cost of the loan varies depending on the share of the down payment and the term of the agreement. For clients who receive income (salary and/or pension) on a Sberbank card or account, they are:

-from 13% to 14%

• For employees of enterprises that have been accredited by Sberbank (a list of them is available in any branch), rates increase by 0.5%, for all others - by 1%.
• An increase of a certain rate by 1% is also provided for the period of registration of a mortgage.

Who can apply for a loan

Citizens of the Russian Federation aged 21 to 75 can take out a loan to purchase a garage. In this case, the loan repayment period must fall on the working age or retirement age of each solvent co-borrower.

When considering an application, work activity is taken into account. It should be:

• from six months - at the last place of work;
• from 1 year – “total” experience over the last 5 years.

Required documents for consideration of the application

If you want to buy a garage on credit, you need to prepare an impressive package of documents:

The amount is provided in one lump sum or in installments. A non-personalized credit card with a limit of up to 150,000 rubles and a personalized one with a limit of up to 200,000 rubles can be issued.

The loan is repaid in equal payments on dates determined by the payment schedule. For each day of delay, 0.5% of the debt amount is charged. The loan can be repaid ahead of schedule in any amount without fees.

Important nuances

• at Sberbank, if another residential property is registered as collateral before issuing a loan, the bank does not increase the interest rate by 1%. In addition, there is no need to provide other property.
• If the facility is being built taking into account borrowed funds from Sberbank, the down payment is at least 10%.
• No other security is required to purchase a garage.
• Within 24 months from the date of issuance of loan funds for the construction of a garage, you can increase the term of the contract or take advantage of a deferred payment of the principal debt if the estimated cost has increased. This fact is documented.
• When applying for a loan for a garage, personal insurance of the borrower is not required.

* Sberbank provides a loan for a garage not in every branch in Russia, but in a number of regions. It is recommended to check the current data on the official website and/or with the bank manager.

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Buying a car is a pleasant event in the life of any person. It would seem that such problems as waiting in line, dependence on public transport schedules are already behind us and all that remains is to enjoy your purchase, but a number of inconveniences still cannot be avoided. So, after returning home from a trip, many car owners are faced with a problem such as a lack of parking spaces.

As a result, parking a car turns into a kind of ritual, which consists of driving around the local area, then searching for free spaces is carried out at neighboring houses and shops, and if this does not bring results, the car is abandoned anywhere.

Today, in order to buy a parking space, you will have to pay almost as much as for a golf car, which not every car enthusiast can afford. The solution to this problem is quite traditional - go to the bank and get a loan. An innovation of the last few years is the so-called garage mortgage, the cost of which is significantly lower than a standard cash loan, and the repayment period for such a loan is much longer. We will talk about it in our article.

How it works?

As you might guess, a mortgage on a garage works exactly the same as its traditional housing option: the bank provides you with a loan in exchange for either collateral for a parking space or the rights to a garage that will just be built. In some cases, the lender may introduce requirements such as the mandatory involvement of a co-borrower and the provision of additional collateral. Despite the fact that the range of banks working in this area is relatively narrow, today you can easily find offers not only for the purchase of a parking space in a residential building, but also options that involve purchasing in a separate garage complex.

If we talk about objects under construction, then the choice of the borrower will be somewhat narrower, since the practice of banks involves working exclusively with those that have received accreditation from their side. In addition, the degree of readiness of such an object must meet the requirements of the bank. Today, many credit institutions allow you to purchase a garage in a house under construction, the degree of completion of which is at least 30%, or in a garage complex where at least 80% of the project area has been built.

Basic conditions for a garage mortgage.

Receipt procedure.

Just like in the situation with housing loans, obtaining a mortgage for a garage includes checking the creditworthiness of a potential client by the bank, approval of the selected object, its assessment, insurance and subsequent registration of the mortgage agreement. It is worth noting that, unlike housing loans, in some cases the appraisal can be carried out by the lender, which will be somewhat faster and cheaper than contacting an appraisal company. Many banks want to see risks such as death and disability as mandatory insurance coverage. In addition to them, in exchange for a lower interest rate, the client is also offered to insure the property against damage and destruction. The total duration of the procedure is largely determined by the object you have chosen: if it is accredited by the bank, then the process of applying for a loan will go a little faster.

Are there any alternatives?

Today, a product such as a garage mortgage occupies a special position in the product line of banks. On the one hand, it is somewhat cheaper than standard consumer loans, on the other hand, it still remains more expensive than housing loans, despite similar procedures for preparing documents and guarantees for the borrower. As an alternative to the bank, those who have planned to purchase a parking space in a complex under construction can resort to a mortgage from the developer, which is an installment plan at approximately the same interest rate, but does not require a deposit. Its only drawback is the shorter time frame during which the loan must be repaid, which rarely exceeds several years.

Unfortunately, an unconditional attribute of a comfortable life for a car owner has become the presence of a place where you can safely leave your iron horse at any time of the day. To pay for it, like for any other item of beautiful life, you have to pay a lot of money, which you can either earn yourself or get in the form of a loan intended specifically for these purposes.

Most often, bank clients take out loans and mortgages to purchase real estate such as apartments, houses, etc. Lending for the purchase of a garage or parking space is not the most common type of mortgage lending.

Mortgage for a car space

It is for the reason stated that not every bank offers a mortgage for the purchase of a parking space. Most often, people have to take out a loan on a general basis. Unlike its competitors, Sberbank provides targeted mortgages for the purchase of specific real estate. But it’s worth knowing that if you receive a loan, you can spend money on buying a garage only on its purchase and nothing else.

Separately, I would like to note several more programs from Sberbank, which it offers on favorable terms to its clients. These are lending programs for purchases of secondary real estate, apartments in new buildings, and country real estate.

Due to the fact that the range of different types of loans provided is quite large, Sberbank is attracting more and more clients. In addition to the above, services are also provided for refinancing loans from other banks, and also, in case of temporary financial difficulties, it is possible to get financial holidays and defer loan repayments.

It should be noted that there are very favorable lending conditions for other Sberbank programs. For example, loans with a small down payment are very popular among borrowers. The down payment amount in such programs starts from 15%.

Getting a mortgage or loan to buy a garage

If we talk about the benefits of loans from Sberbank, we should specifically focus on the conditions for obtaining a loan under a targeted program for the purchase of real estate.

When applying for a loan to purchase a garage, check whether you are satisfied and satisfy these conditions:

• A loan for the purchase of a garage can be taken out for a period of up to 30 years.
• The down payment can be from 15%.
• The annual interest rate for the use of borrowed funds is from 15% (details should be clarified on the official website of Sberbank, as conditions may vary depending on the size of the refinancing rate or ongoing promotions)
• Real estate owned by the borrower is secured as collateral.
• There are also conditions for deferring loan payments. They apply if the loan for individual construction was issued no more than 2 years ago, and you have submitted the necessary documents about the increase in the cost of real estate construction.

Loan rates for the purchase of a garage

Interest rates in rubles:

Additional special mortgage conditions for the purchase of a garage

In order to take advantage of a loan for the purchase of a garage and take advantage of additional preferential conditions, you must be the owner of a Sberbank salary card. If you decide to use such a lending program, you will be offered conditions for loyal customers, and this, for example, means a reduction in the rate on the down payment by 5%. In this case, it will be equal to 10% of the purchase price of the property.

The bank can also issue a loan specifically against the collateral of the purchased property (in our case, a garage).

Requirements for borrowers

The borrower must be at least 21 years old and not older than 75 years. Also, the borrower must have an officially confirmed source of income from the main place of work. Work experience, in this case, must be at least 6 months.

If the borrower is married, his/her spouse is involved as a co-borrower and guarantor.

What documents are required to apply for a loan to purchase a garage?

Now let's go through the list of required documents:

• Initially, you need to fill out a borrower form at the nearest bank office.
• You will also be asked to fill out a form for a legal entity mortgagor.
• Documents for collateral property.
• Passport of the borrower and guarantor.
• Documents confirming your official income from your main place of work.

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Mortgage for a garage Not provided by banks to all borrowers, but in some cases you can still get it.

​Today it is not difficult to buy a car. A considerable number of offers, the availability of various credit and leasing programs have made it possible for a fairly large number of people to purchase their own car. As a result, one can observe a huge accumulation of cars parked in the courtyards of residential buildings and overcrowded parking lots. The cost of a good garage is quite high and therefore not everyone can purchase it at once for the full amount.

Possible, but difficult

The price of a garage can sometimes equal or even exceed the cost of the car itself. Naturally, many car owners need borrowed funds.

The number of institutions that are willing to issue loans for the purchase of a garage against its security is very small. This is primarily due to the high risk of losing collateral. A detached garage has a greater risk of being demolished for one reason or another, and is more likely to be damaged than a residential property. Not only the garage building, but also the land on which it is located should be private property.

There are often offers to purchase a parking space on credit in an underground parking lot in apartment buildings. Loans for parking spaces in unfinished houses, as a rule, are issued only when receiving a mortgage for an apartment. Its cost can also be included in the price of the apartment and the mortgage is drawn up in one agreement.

Banks compensate for high risks with not very favorable conditions for the client. Firstly, the down payment will be at least 30-40%. Thus, the bank wants to guarantee itself a refund in case the borrower fails to comply with the terms of the loan agreement, and garages and parking spaces are not considered liquid property. Interest rates are also usually higher than when buying an apartment or house. As a result, the borrower needs a lot of funds to pay the down payment, expenses and monthly payments, which in some cases makes long-term renting more profitable than buying.

If you contact a bank with a request to issue a loan to purchase a garage, most financial institutions will offer a consumer loan in cash, possibly with a guarantee. But such loans themselves carry higher rates than mortgages. This option may be of interest to the borrower if a small amount of money is not enough for the purchase or the property is located in a small town and the price of a garage is low.

Another option for purchasing a garage using credit funds is to pledge your other real estate. Such a loan will cost the borrower less than an unsecured loan. In addition, money can be obtained for a long period and, accordingly, mandatory payments and the burden on the personal budget will be less. It is worth looking for a bank that offers lower interest rates if the intended use of funds is confirmed. After purchasing a garage, it will be enough to present the purchase and sale agreement to the bank. But the decision to take out such a loan must be approached very carefully. If you are unable to fulfill your obligations, you may lose your home.

In general, borrowers who want to purchase a garage using borrowed funds are subject to the same conditions as for obtaining loans under other mortgage programs within the same bank. The garage must also be insured against the risk of loss and damage.

Where to go

One of the few banks that provide a mortgage loan for the purchase of a garage is Sberbank. A loan can also be obtained for the construction of a garage or the purchase of a parking space. At this moment borrowed funds are issued on the following conditions:

• minimum amount - 45,000 rubles;
• down payment - from 15%;
• interest rate - from 13% per annum.

If the borrower wants to purchase a parking space in a new building, which is being built with the help of credit funds from Sberbank, then the down payment can be reduced to 15%.

Current bank clients: holders of salary and pension cards can count on the lowest interest rate.

The bank considers each application individually. If there is insufficient personal income to obtain the desired amount, it is allowed to attract co-borrowers (up to 3 people).

The following requirements are put forward to borrowers:

1. The minimum age of the borrower is 21 years, the maximum age is 75 years;
2. the minimum length of service at the last place of work is six months, the total work experience is at least 1 year;
3. availability of confirmed income.

The potential borrower must provide the bank, in addition to a passport and income certificate, with the following documents relating to the collateral:

1. certificate of ownership;
2. document that forms the basis for the emergence of ownership rights (for example, a purchase and sale agreement);
3. expert assessment of the cost of the object;
4. cadastral passport;
5. an extract from the Unified State Register about the presence/absence of restrictions on property rights;
6. documents for the land plot on which the garage is located;
7. a copy of the passport of the owner of the garage or parking space.

Sberbank promises to respond within 5 days after the borrower provides a complete package of documents.

You can apply for a loan to purchase a garage or a parking space in a multi-storey building at a bank Deltacredit. The object can be purchased at:

• apartment buildings built or under construction;
• in detached garage complexes;
• in non-industrial buildings.

Funds are provided under the following conditions:

• interest rate - from 12% per annum;
• contribution from own funds - from 30%;
• The maximum loan term is 10 years.

The borrower must at least meet the following requirements:

1. age from 20 to 64 years;
2. having a permanent stable income.

Clients who provide a certificate of income in Form 2-NDFL can count on the minimum rate, and also fulfill all the maximum requirements of the bank in terms of insurance. You can get a loan by providing only a passport, but the interest rate will be higher.

The bank also provides funds for the purchase of a parking space in a house that is under construction. But this can only be done if you take out a mortgage for an apartment in the same building.

An application for a loan can be submitted on the bank’s website. Within a short time, a bank representative will contact the potential borrower and inform him of a preliminary decision.

The bank does not issue loans for the purchase of garages in garage-building cooperatives.

You can get a loan to buy a garage or parking space at Russian Mortgage Bank. Funds are issued under the following conditions:

• loan amount from 600,000 rubles;
• down payment from 30%;
• maximum loan term - 10 years;
• interest rate from 14.5%.

The loan rate will be higher if the borrower refuses to enter into a life and health insurance contract.

The interest rate depends on the potential borrower's ability to prove his income, as well as the size of the down payment.

Thus, there are interesting loan offers on the market with which you can purchase a secure place for your car.