How to buy the apartment on the installment plan?
dream Of purchase of the new apartment many. Now to absolute majority it is possible only on credit. It is required to calculate the financial opportunities only correctly. Let`s tell how to buy the apartment on the installment plan, without having been in debt. Implementation of the following rules will help to reduce risks of a mortgage stranglehold.
should Borrow money in currency in which you earn. the Majority earns
in rubles now. Therefore if you plan to buy the apartment on the installment plan for dollars or euro, then for service of the currency credit they should be bought for rubles. Be ready that your ruble payments will grow as exchange rate tends to continuous growth.
Not to undertake too much.
the “gold“ rule Exists - monthly payments on a mortgage loan should not be more than 30% of your income. Quite often this rule is violated and the debt burden reaches 60% of the family budget. Such borrowers at random hope: can, the salary will be added or promoted. And if on the contrary …
Improve the living conditions step by step.
If you live in “odnushka“, then to try to buy 200 - meter apartments are not necessary - can overstrain. It is at first more reasonable to move to the two-room apartment and to successfully pay a mortgage. Thereby you will have a positive credit history. After that it will be simpler to buy the big apartment on the installment plan - the credit can be obtained on more favorable conditions. And over time, we will hope that conditions of mortgage loans will improve.
Attentively study conditions of the mortgage contract. Pay special attention to additional expenses. It will be correct to estimate even before registration of the credit its cost. Except the advertized percent it is necessary to pay insurance premiums, an assessment and registration of real estate, rent of the safe and other commissions. Moreover, all these additional payments develop into monthly payments which can annually reach 7% of the credit sum and by that to lay down heavy burden on the borrower`s shoulders.
You do not hurry to sign the contract. Ask the table where exact calculation of true interest cost is made in bank. In it all planned expenses have to be shown, namely - percent on the credit, data on the commissions and payments of service of the credit. Obtaining such table does not oblige you to take the credit. Such forms can be requested in different banks, and then to compare the conditions of programs of a mortgage provided by them and to choose from them the most favorable.
To buy the apartment on the installment plan - business not simple. It is necessary to be afraid of revaluation of a real estate object.
All sellers skillfully embellish the goods to sell it more expensively. And with apartments. Not to overpay for it, consult with the appraiser of real estate or the realtor. Otherwise, if you are not able to provide the credit and it is necessary to sell the apartment, then it is possible to lose up to 30% of its initial cost, and this difference should be covered at own expense.
It is necessary to pay on the credit accurately.
it is desirable for b to make Payments in 2 - 3 days prior to the determined date, i.e. beforehand. Plan other heavy expenses taking into account payments on payment by installments.
Act reasonably, being guided by the above-stated councils. Life is life, and with payment by installments for the apartment it is possible to get into a difficult situation. In searchers of the Internet the phrase like “what to do if I cannot pay off with the credit“ meets quite often. And it is impossible to change unilaterally the signed contract already. Those who got into such difficult situation can give several advice too.
In - the first , it is better to cooperate with bank which gave you the credit for purchase of the apartment by installments. It is more reasonable to inform the creditor on the arisen problems with payment of payments as soon as possible. It is necessary to address to bank in writing, having registered the statement.
In - the second , do not count that you will be forgiven. The bank can grant only to you a delay for several months or make transfer to quarterly payments. However it must be kept in mind that from insurance of housing you will not be exempted and the interest rate will not be lowered.
In - the third , it is necessary to be pressed down and cut down operating costs - to refuse visit fitness - club and to save on clothes, gasoline, the hairdresser etc.
I the last . If you the final bankrupt, then it is necessary to agree to voluntary sale of the apartment. If you sell it quickly at the market price, then consider that you were lucky. And if the problem comes to court and the decision it will be not in your advantage, then the bank will sell your apartment by auction. And the difference here between sale and your purchase can reach 30%. Under the law the borrower is obliged to compensate it to bank.
It do not allow you to appear God in such situation.