Up to what age do you give a mortgage for housing? Mortgages for pensioners
If you want to buy an apartment or a countryhouse right now, but do not have enough cash, you only have one way out - a mortgage. To what age do they give such a loan in Sberbank and other financial institutions? And can you realize your dream even after retirement?
In the framework of this article, we will try to answer these and some other questions. So, if you also do not know how old the mortgage is for housing, read it carefully.
Why does age affect a mortgage?
First of all, let's talk about why the age restrictions in this matter are so important for banks.
To the idea of buying your own home eachcomes its own way and at different times. Someone wants to resettle the overage children or make a gift to their grandchildren. And someone decides, at least in their old age, to improve their own living conditions and live in comfort. Regardless of the reason, the financial institution's positive decision to issue a mortgage will depend, first of all, on the expected level of the client's income in the next 10-20 years. This is understandable. After all, the mortgage involves a fairly impressive amount, and the repayment period sometimes stretches to a quarter of a century.
In general, the age limits for issuing mortgages are set at 18-60 (55) years. But the attitude to clients of different ages among bank employees is very ambiguous.
The best age for obtaining a mortgage istake 35-45 years. It is during this period of his life that a person achieves a stable financial position and actively builds a career. There are many years ahead for the development and satisfaction of their desires. And all efforts are aimed at improving the conditions and quality of life.
After fifty years of a person's life beginsdevelop certain risks. This is connected with the answer to the question of how old the mortgage is. First of all, the approach of retirement age is inexorably approaching, and hence the likely loss of work. The risks of disability, due to illness, disability are increasing. Also, it's not a secret that the rates of natural mortality after 60 years are growing rapidly. These, as well as some other reasons, force banks to strictly observe the upper limit of age limits when issuing a mortgage loan.
How old can a mortgage be?
Usually, along with retirement, a person losesadditional sources of income, terminate employment. Therefore, according to banks, by the time of retirement, a person must repay an existing mortgage loan. So, when calculating regular payments, the creditor strives to keep within the time interval from the moment of registration and until the hour "X". In practice, this means that the crediting period is steadily decreasing as the borrower's age increases.
Let's give an example:
Financial institution offers registrationmortgage for a period of up to 25 years. A 50-year-old man applies for a loan. Since before retirement he has to work for another 10 years, the maximum period for which it is possible to make a mortgage for him is only 10 years. Of course, in this case, the monthly payment will be a tidy sum, and you will need to have a sufficient level of income to cope with such a financial burden.
However, sometimes banks make concessions. If the client has excellent recommendations, a high level of income, the opportunity to invite co-borrowers when concluding a contract or provide a good pledge, the creditor can go to meet him and slightly extend the loan term for a mortgage. True, this increase rarely exceeds 5-6 years.
Mortgage lending after 40 years
Despite the fact that the banks are very sensitiverefer to the age of the borrower, mortgages for pensioners are still possible. Some financial institutions are developing special credit programs that allow to issue a housing loan for up to 20 years. In this case, most often put forward the condition that by the time of full repayment the borrower should be no more than 75 years.
Take part in such a loan programmay not all citizens of pre-retirement age. There are several criteria that can positively influence the bank's decision to grant a loan. Mortgage for pensioners is quite possible in such cases:
- The borrower continues to work even after the pension is paid. The source of constant additional income will necessarily increase the chances in the eyes of the lender.
- The client is in a family relationship, does not haveyoung children and various kinds of dependents. Banks prefer couples to single people. After all, in this case, the total income of the family is significantly increased, and therefore the risk of non-return of cash is reduced.
- Retired person owns property rightsreal estate, sufficient for additional material security of the loan. If the pledged deposit will have high liquidity, a pensioner will not only be able to issue a mortgage, but also have the right to expect favorable lending terms.
- A borrower of retirement age can attracta sufficient number of solvent guarantors (co-borrowers). Most often such "guarantors" are children, grandchildren or other relatives. And the presence of family relations in this case is mandatory. This is due to the fact that in case of death of the borrower, the obligation to pay off the mortgage goes to the co-borrower.
In addition, guarantors should also have some qualities:
- to be of working age;
- have a good credit history;
- to confirm a high level of solvency.
Banks and a pensioner
For example, let's look at how old a mortgage is given for housing in various banks in Russia.
The most stringent requirements for age are made by AlfaBank. They can issue a mortgage in the event that by the time of its repayment the borrower will be 54-59 years old (for women and men, respectively).
Up to 55 years (women) and 60 years (men) are ready to wait at Rosbank, Metallinvestbank and the Bank of Moscow.
Standard 65 years is the age limit formortgage registration in Uralsib, Expert Bank, MBC, Nico Bank, SKB and some other financial institutions. That is, it is exactly how much you need to be executed before the last payment on the mortgage is received on the settlement account of the credit institution.
The most loyal in this respect are VTB24 and Sberbank. In the first, they are ready to wait until the borrower's 70th birthday, and in the second until he turns 75.
Where are retired people like
And to what age do they give mortgages in other banks? Among a huge number of financial and credit institutions, mortgage lending for pensioners is available, first of all, in such:
- TransCapitalBank and others.
Where to go, depends only on you. If you refused in one bank, no one can prohibit you from contacting another.
Mortgage in Sberbank
Let's take a closer look at the mortgage terms for pensioners in Sberbank. There are several types of programs for older citizens:
- 55/60 years for women and men, respectively, - a variant of mortgage lending with government support;
- 45 years - mortgage crediting for the project for military personnel;
- 75 years - the program provides for the construction of a country house, as well as the acquisition of housing in a new building or on the secondary market.
Of the other parameters, special attention is paid totwo points: salary and continuous work experience. Based on the level of aggregate income, the volume of the loan, its term and the need for additional collateral are determined. The experience is checked for stability and continuity.
For all programs, the interest rate in Sberbank is set at a uniform level of 12.5%.
How to be a pensioner?
If you do not know how old you are,mortgage in a financial institution, the surest way is to just go there. Even if your age causes some concerns, most likely, you will be offered at least two options for getting out of the situation:
- will select a program that presupposes the ability to pay off a mortgage after retirement;
- they will propose to formalize the standard contract for the number of years that remained until the cherished hour.
On which of them to stop in the end - to decide,sure, you. But do you really need a mortgage? Limitations on age will not be the only obstacle to its receipt. Loan conditions for older borrowers are significantly different from what can be offered to young people:
- the loan period rarely exceeds 15 years;
- the lowest initial contribution is usually increased to 20-25%.
In addition, you will be asked to insurelife and health. But the cost of such a policy will increase in proportion to your age. So when registering a mortgage loan in adulthood, it is worth weighing all the pros and cons. It is likely that there will be more negative arguments, and you will prefer to place a mortgage on a younger member of the family.