Obtaining a loan to purchase a garage. Loan to buy a garage Buy a garage on credit
Buying a garage is not the most popular type of mortgage loan, so finding those single banks that offer this service is not easy. This loan is classified as a target loan, so the funds received can be spent exclusively on the purchase of a garage. And nothing else.
Page content
It should be noted that in addition to loans for the purchase of garages, Sberbank has developed more than one mortgage lending program under which the population buys both secondary (finished) and primary (not yet completed) housing. Moreover, you can buy not only an apartment within the city, but also a house outside the city. Considering the variety of mortgage programs, more and more Russians prefer to apply for loans from this bank. But what is more important in our turbulent financial times is the opportunity to refinance your debt by transferring it from another bank, or if there are temporary difficulties with repayment.
As for the conditions of most Sberbank loan programs, borrowers are most attracted by the absence of additional monthly fees and the relatively low down payment, which starts at 15%.
Features of a loan for a garage at Sberbank
Representatives of Sberbank note quite favorable conditions for the mortgage program for the construction or purchase of a garage in their bank. The main points of credit conditions can be noted as follows:
- the size of the initial advance starts from 15%;
- the annual percentage does not exceed 15%;
- the ability to repay the loan over 30 years;
- the collateral for the loan can be any real estate of the borrower (agreed with the bank), as well as securities, jewelry or a third party guarantee;
- if we are talking about individual construction, the borrower has the right to ask for a deferment of payments or an increase in the loan term. To do this, you must provide certain documents that the bank will take into account during the review. Among them there must be a document indicating a significant increase in the total cost of construction. Every borrower can take advantage of these benefits if one condition is met: the mortgage loan for the construction of the garage was issued no more than 2 years ago.
Interest rates in rubles:
Poll: are you satisfied with the quality of services provided by Sberbank in general?
YesNo
Special conditions for Sberbank's garage mortgage program
Anyone who has a Sberbank salary card can become a participant in the preferential mortgage program. It will also be offered to all employees of those organizations that have been fully accredited and meet the bank’s requirements. Another advantage of the existing loyalty program is the down payment reduced by 5%: for participants the advance payment will be only 10% of the cost of the garage or parking space.
Under special conditions, the lender can issue a loan secured by the garage that is being purchased. And what is most important, even for an unfinished facility. In this case, the collateral will be the property rights to the garage.
Requirements for potential borrowers
As for age, the borrower must already be 21 years old and at the time of full repayment of the mortgage loan under the agreement. The borrower must have an official place of work where he or she has already worked for at least 6 months. The total work experience must be at least 1 year.
If a loan for the purchase of a garage is taken out by a married person, then his or her spouse must act as a co-borrower. Even if they have nothing to prove the latter’s solvency. As an exception, the bank may consider the spouses’ marriage contract, which describes in detail the property relationships of all family members.
List of required documents:
- Borrower application form;
- Application form for the pledgor of a legal entity;
- Passport of the borrower (co-borrower(s)/guarantor(s)/mortgagor(s) – if available);
- Documents confirming the financial condition and employment of the borrower/co-borrower/guarantor (not required for clients receiving wages into an account opened with the Bank);
- Documents on the collateral provided (if another real estate property is pledged as collateral for the loan).
For most vehicle owners living in city apartments, the issue of their storage is very acute. Some people opt for guarded parking lots, for which they have to pay and spend considerable sums from the family budget. But there is also an impressive category of car enthusiasts who prefer garages in this matter. Those who have available funds can purchase a finished building along with a place for which all permits will be issued. But for drivers with a low level of income, the only opportunity to buy a house for their steel horse is a mortgage on a garage.
Despite the fact that almost every Russian bank offers various types of mortgages to individuals, garage programs are not available from every lender. This is due to the following factors:
- It can be extremely difficult to assess the liquidity of such real estate;
- Not every bank will allow vehicle owners to obtain a mortgage for garages under construction until they are put into operation;
- Not every borrower is ready to hand over their home to a financial institution as collateral, etc.
Attention! The property purchased under the mortgage loan program will be pledged to the bank until the client fulfills all financial obligations assumed to him. This means that until full settlement with the creditor is made, an individual will not be able to carry out any legal transaction with the garage.
Large Russian banks today have begun to reconsider their position regarding garage mortgages and are beginning to offer vehicle owners programs through which they can purchase:
- garages;
- parking spaces in the parking lot;
- real estate objects: in high-rise buildings under construction; in buildings with industrial purposes; in detached garage complexes.
Features of a mortgage
A mortgage for a parking space may have some special features. For example, this opportunity will be provided only to those clients who bought an apartment in the high-rise building to which the parking belongs on credit or for cash. If a person does not plan to acquire housing in a new building, it will be easier for him to purchase an object in a separately built or already commissioned garage complex.
You should also take into account such features, for example, the cost of a parking space may be included in the mortgage agreement for an apartment, and the size of the down payment on average varies from 25% to 40%.
An important feature of a mortgage for a garage and parking space is that this object must be allocated as an independent unit. It must have a separate certificate of ownership or during the construction period the boundaries of this object must be clearly defined. Banks will not lend to shared ownership when the parking space represents part of the common property and not a specific allocated property.
Bank lending conditions
The following banks currently provide mortgages for garages and parking spaces:
VTB 24 and other large banks have closed their similar programs and there you can purchase a garage and parking space using a consumer loan or a mortgage secured by real estate, but since July 2018 it has been operating on very interesting conditions.
Which bank is better
When planning to purchase a parking space or garage with a mortgage, an individual must first choose a financial institution for cooperation. To do this, it is necessary to conduct research on the local credit sector and compile a rating of banks. When choosing a lender, vehicle owners should focus on reliability, as well as on the terms offered to them.
Currently, only three credit institutions operate under this special program. If we compare Sberbank, Deltacredit and Absalutbank, then we can say that Sberbank will be more attractive among other banks for the reason that the loan term is up to 30 years, there are discounts for salary earners and you can take into account additional income without confirming it. And, in general, it is very popular in the country.
Attention! When studying the mortgage programs offered to individuals, it is necessary to pay attention to the following indicators: the amount of the down payment, the interest rate, the maximum loan amount, and the loan term.
Requirements for borrowers
The following requirements are imposed on applicants for participation in mortgage lending:
- age restrictions have been established: individuals whose age ranges from 20 to 65 years can apply for a loan (it is worth noting that the borrower must reach the upper age limit at the time of repayment of the mortgage);
- presence of an official place of employment;
- the total work experience should not be less than a year (the applicant must be registered with the last official employer for at least six months);
- documentary evidence of sources of income;
- presence of Russian citizenship;
- registration in the region of presence of the office of the financial institution to which the application is submitted;
- Some financial institutions require applicants to take out insurance policies both for themselves (death, loss of health, or work) and for the purchased object.
Attention! Some banks today offer mortgage programs to individuals that do not require documenting the source of income or pledging personal property. But at the same time they set inflated interest rates on them. This is due to the fact that banks are thus trying to insure themselves against risks associated with non-repayment of loans issued.
Requirement for the collateral
Credit and financial funds for collateral objects (which are real estate purchased with a mortgage, if the client does not transfer personal property to the bank for these purposes) have standard requirements:
- The presence of a capital foundation made of brick, stone or cement.
- The object should not be in disrepair.
- The garage should not be in line for demolition, reconstruction, or major repairs.
- It must be highlighted as an independent object.
Step by step procedure
When applying for a garage mortgage, vehicle owners will have to go through the following procedure:
- Initially, the bank where the mortgage will be issued is selected. .
- A citizen must apply for participation in mortgage lending. This can be done in several ways. A person must come to the branch of a financial institution closest to his home with a passport and identification number. On the spot, he will be given an application form in which he will have to enter personal information. An official application can also be made via the Internet. An individual goes to the bank’s website and in the appropriate section finds an online application for a garage mortgage. Once completed, the form is sent for review.
- After receiving pre-approval from a lender, the car owner should begin searching for a garage. It is worth noting that financial institutions allocate a certain time period for these purposes. That is why experts recommend dealing with this issue before submitting an application.
- The applicant collects a package of documentation and submits it to the bank manager.
- The analytical department will review the application of the potential borrower. At the same time, the security service will check the applicant’s credit history, as well as the authenticity of the documents provided.
- After receiving approval from the bank, the client signs a garage sale and purchase agreement with its owner.
- An initial payment is made, the amount of which can vary from 10% to 50%.
- A mortgage agreement is drawn up.
- The transaction is registered with justice.
- The funds are transferred to the personal bank account of the seller of the property.
- The borrower is given a monthly payment schedule.
Attention! After signing a loan agreement, the vehicle owner automatically has obligations to the bank. He must transfer the monthly payment to his account within the specified period. This can be done in any convenient way: via the Internet, through a cash desk or terminal, through mail or the cash desk of any Russian bank, through specialized payment services.
Documentation
To take part in the mortgage loan program, applicants must prepare a package of documentation:
- application (fill out a form developed by the bank);
- the borrower’s personal passport, which must contain all important notes regarding citizenship and registration;
- tax identification code;
- a certificate of monthly earnings, which contains data for the last six months;
- documentation for the collateral: a purchase and sale agreement or another document serving as the basis for the emergence of property rights (will, deed of gift); certificate confirming ownership; extract from the Unified State Register of Real Estate, cadastral passport, expert assessment, sellers’ passports;
- documentation for the purchased property: purchase and sale agreement, documents for the land plot, copy of the passport of the owner of the parking space or garage.
Attention! Each financial institution may, at its discretion, change the basic list of documents required to obtain a mortgage. It is worth noting that if co-borrowers participate in the program, they will also be required to provide personal documentation.
Alternative purchasing options
In recent years, there has been active development of the domestic financial market, in particular the credit sector. New banking institutions are opened every year in the country, offering various types of loans to individuals. Mortgage programs are very popular among people, thanks to which they have the opportunity to become owners of their own home. As for other real estate objects, for example, garages, they can also be purchased with a mortgage, but in this case, clients of financial institutions may encounter various kinds of difficulties.
If the owner of a vehicle does not have the required amount of money to purchase a garage, he can take part in mortgage or consumer lending. Most experts recommend that people choose the first type of loan, since it is much easier to obtain. For example, by applying for the same loan amount, the borrower will have to document a much larger amount of monthly income. It is also worth noting that, in the end, mortgage conditions turn out to be much more favorable than consumer loans.
Alternative options for purchasing a garage and parking space:
- If the amount is small, then you can borrow money through this service.
Conclusion
Before applying for a mortgage loan, vehicle owners must carefully weigh the pros and cons and consider all possible risks. They should also be realistic about their financial capabilities, since they will have to make monthly payments for many years. If an individual decides to purchase a garage on credit, he needs to choose the bank that offers the most comfortable conditions and submit an application.
Rate in rubles *
An initial fee **
Credit term
You can apply for a loan using the “Loan according to one document” program.
To apply for a loan, you just need to present your passport and fill out a loan application form.
List of documents
By client:
- Copy of passport (all pages)
- Documents confirming income:
- for users of the State Services portal - you can confirm your income with a certificate from the State Services portal. The certificate is generated in just one click and sent to the bank’s email address. In this case, there is no need to provide 2-NDFL and a copy of the work book. If you are not registered on the State Services portal, our manager will help you register quickly. If the certificate does not indicate the borrower’s full income, you will additionally need to provide proof of income using the Bank’s form
- certificate in form 2-NDFL or certificate in bank form
- for business owners and individual entrepreneurs - tax returns, depending on the taxation system established by law, and management reporting
- a copy of the work book, certified by the employer (all pages completed), for military personnel - a certificate in the prescribed form
For real estate:
- Title documents for real estate
- Technical documents for real estate: cadastral/technical passport
- Copies of passports (birth certificates) of real estate sellers
Borrower information
Nationality: does not matter
Age: 21 years old at the time of applying for a loan and not older than 65 years old by the time the loan is fully repaid
Employment: loans are available to both employees, founders and co-founders of companies and individual entrepreneurs
Co-borrowers/guarantors: co-borrowers can be up to 3 people, both relatives and any third parties
Real estate information
When purchasing ready-made parking spaces/garages (on the secondary market):
A garage in an apartment building/multifunctional complex for non-industrial purposes must be an independent real estate object, not be in common shared ownership, have a certain area, boundaries, number (in relation to a constructed object - indication of the garage as a real estate object in the title documents, appraiser's conclusion, technical/ cadastral passport, the presence of ownership rights registered in the Unified State Register, in relation to the object under construction - indication of the garage as an independent property in the project declaration, contract for the acquisition of rights).
Minimum bank requirements for a parking space / garage in a garage complex / in an apartment building:
- The building in which the facility is located must be completed;
- The building in which the facility is located must be in satisfactory condition; there must be no defects in structural elements that could lead to an accident in the structure;
- The facility should not be located in a Closed Administrative-Territorial Unit (ZATO) in accordance with the Decree of the Government of the Russian Federation of July 5, 2001 N 508 “ON APPROVAL OF THE LIST OF CLOSED ADMINISTRATIVE-TERRITORIAL UNITS AND SETTLEMENTS LOCATED ON THEIR TERRITORIES”
The bank does not provide loans for the purchase of parking spaces/garages in garage-building cooperatives
When purchasing parking spaces/garages in apartment buildings/complexes under construction:
The construction site and the developer must be accredited by the bank
The offer is valid in Moscow and regions of the Russian Federation for the purchase of a parking space / garage:
- in finished and under construction apartment buildings;
- in detached garage complexes;
- in multifunctional buildings for non-industrial purposes.
Loan for the purchase of a parking space/garage– this is the ideal solution to the “housing issue” for your car. The number of cars in cities is rapidly increasing, and not always in proportion to the increase in parking spaces. The first specialized mortgage bank, Rosbank, offers to use a lending service so that this and many other problems lose relevance for you.
Many developers provide special parking spaces when constructing residential buildings. However, their prices are quite high, and leaving a car in the open air is often unsafe. If you do not have the opportunity to purchase small real estate with your own funds, you can apply for a garage mortgage from Rosbank.
Conditions under which you can get a loan for a parking space/garage
To register this banking product, among other things, you will need the following documents:
- passport;
- technical passport for the garage building;
- document confirming the presence of an identification code;
- certificate from the Bureau of Technical Inventory;
- document on the ownership of the seller’s premises;
- proof of income.
To find out how to get loan for a parking space/garage, you must fill out a special application form on our website. Within a short time, a qualified specialist will contact you for consultation and clarification of details. And soon you will not just have a place to leave your car, your car will have a home where it will be safe and secure - you can be sure of that.
More details* Lending conditions affecting the full cost of the loan (as of October 23, 2019): rates 6.99% -10.74% for clients whose salary account is opened with PJSC Rosbank, subject to the conclusion of a loan agreement during the promotion period “Welcome to Rosbank House from 06/17/2019 to 12/31/2019 for the purchase of a garage on the secondary market with an initial payment of 25% of its market value, with a loan amount of 6,000,000 rubles. (for real estate located in Moscow/Moscow region) or RUB 3,000,000. (for real estate located in regions other than Moscow/Moscow region), making a one-time payment in connection with a reduction in the interest rate under the agreement in the amount of 1% to 4% of the loan amount (depending on the terms of the loan agreement), life insurance and health, property and the risk of loss (limitation) of ownership of it (the borrower has the right not to insure these risks. In the absence of at least one of these types of insurance, the interest rate increases by 1-4% depending on the type of risks that are not insured) , and depending on the credit history, loan term (3-25 years), work activity, level of education, number of parties to the transaction, location of the collateral, type of income and income-to-expense ratio. The minimum loan amount is 300,000 rubles, the maximum loan amount is 3,000,000 rubles. for Moscow and the Moscow region, 1,000,000 rubles for other regions. Costs for appraisal and insurance – in accordance with the tariffs of appraisal and insurance companies. This is not a public offer. Branch of PJSC ROSBANK "Rosbank House". The bank has the right to refuse to provide a loan. PJSC ROSBANK General license of the Central Bank of the Russian Federation No. 2272 dated January 28, 2015
** The indicated value is valid for the acquisition of both a finished object and one under construction.
Not all car owners want to leave their car in a parking lot or illegal parking lot. They believe that a garage is a safer place to store a car. This property can cost several hundred thousand and even millions of rubles. The average car enthusiast cannot afford such an expensive purchase. The way out is a mortgage for a garage or parking space from Sberbank.
The minimum loan size is 300 thousand rubles. There is no fee charged for issuing a loan. The maximum mortgage loan amount is determined by the price of the property (it should not be more than 85% of the assessed value of the garage or parking space). The loan is issued for a period of up to thirty years.
The minimum down payment is fifteen percent of the cost of the property (holders of Sberbank salary cards can contribute 10% of the price of a garage or parking space). Real estate is subject to compulsory insurance in favor of a financial institution for the entire period of validity of the mortgage agreement.
The minimum loan rate is 8.6% per annum. The cost of the loan increases if you refuse to purchase an insurance policy. If the client has not provided the bank with a certificate of income and work record, then the loan rate increases. Such applications are considered subject to a large down payment (from 50%).
The average processing time for an application is 3 days. Funds can be provided to the borrower in installments or as a one-time payment. The loan is repaid monthly in equal installments. The agreement provides for penalties for late payment of funds. The amount of the penalty is determined by the value of the key rate established by the Bank of Russia.
Early repayment of debt obligations is allowed. It is carried out on the basis of an application, which must indicate the amount of debt and the loan repayment period (the date of repayment must fall on weekdays). There are no penalties for early loan repayment. The collateral for the loan can be not only the garage. Land plots, vehicles, securities, measured gold bars, apartments, cottages and other real estate can be used as collateral.
If the borrower is going to build a garage according to an individual project, then he can agree with the bank on deferred payments. To do this, the client must provide the financial institution with a package of documents confirming a significant increase in the total cost of construction work.
The Sberbank Real Estate Center offers the buyer and seller of a garage to use the “Safe Transaction” service. Counterparties will not have to personally visit the office of a credit institution, write promissory notes, use safe deposit boxes, and move large amounts of funds. Registration of all necessary documents takes no more than 15 minutes. Clients who use the electronic registration service receive a loan at a reduced interest rate (discount is 0.1%).
Mortgages for a garage or parking space from Sberbank are provided to persons over 21 years of age. The maximum age of the borrower at the time of repayment of the mortgage loan should not be higher than 75 years (if there are no income certificates, then the age limit cannot exceed 65 years). Confirmed work experience at the last place of work should not be less than 6 months.
Up to three individuals can act as co-borrowers on a mortgage loan. The spouse of the title borrower automatically becomes a co-borrower according to the terms of the agreement. There are certain exceptions to this rule. If a marriage contract is concluded between a husband and wife, then one of the spouses is not obliged to answer for the debt obligations of the other. Non-residents also do not have to repay loans issued by citizens of the Russian Federation.
Documents for obtaining a mortgage for a garage or parking space in Sberbank
To obtain a mortgage loan, you must provide the following package of documents:
- passport of a citizen of the Russian Federation (the document must contain a registration note);
- a second document that allows you to identify a person (license, insurance certificate, government employee ID, foreign passport);
- a correctly completed application;
- certificate in form 2-NDFL and work book;
- receipts confirming the down payment.
The list of papers is not exhaustive. Sberbank may request additional information and documents. If the interest on the loan will be repaid using maternity capital funds, then the borrower must provide the appropriate state certificate. You will also need paper from the Pension Fund about the balance of funds in the account.
How to pay off a mortgage loan?
To repay a loan, you can use the following methods:
- Automatic debiting of funds from the account of an enterprise or company. The borrower will have to write an application to transfer part of his salary to the bank account. After this, the Sberbank client needs to issue an order to write off funds from the card account.
- Transferring money from a current account. An additional agreement is required that will allow the bank to write off funds to repay loan obligations.
- Depositing cash into a bank cash desk.
Banknotes are accepted not only by cashiers, but also by ATMs. To deposit funds, you can also use information and payment terminals equipped with a deposit module.
Tax deduction when receiving a drip from Sberbank
A citizen who has taken out a mortgage with Sberbank under the “Garage or parking space” program has the right to receive a tax deduction. Its size is determined by the personal income tax rate and the amount of interest paid. The maximum amount that a borrower can receive from the state is 260 thousand rubles. Refunds are available only to citizens who have not previously received a tax deduction. Borrowers who took out a mortgage before January 1, 2008 are entitled to receive 130 thousand rubles.
- Credit conditions affecting the total cost of the loan (as of 10/23/2019):
- rates 6.99-10.24% for clients whose salary account is opened with PJSC ROSBANK, subject to the purchase of a garage on the secondary market with an initial payment of 25% of its market value
- with a loan amount of 6,000,000 rubles (for real estate located in Moscow/Moscow region) or from 3,000,000 rubles (for real estate located in regions other than Moscow/Moscow region)
- making, in connection with a reduction in the interest rate under the agreement, a one-time payment in the amount of 1 to 4% of the loan amount (depending on the terms of the loan agreement)
- insurance of life and health, property and the risk of loss (limitation) of ownership of it (the borrower has the right not to insure these risks. In the absence of at least one of the specified types of insurance, the interest rate increases by 1-4% depending on the type of risks insured not implemented)
- depending on credit history, loan term (3-25 years), work activity, level of education, number of parties to the transaction, location of the collateral, type of income and income-to-expense ratio
- The minimum loan amount is 300,000 rubles, the maximum loan amount is 3,000,000 rubles for Moscow and the Moscow region, 1,000,000 rubles for other regions
- Costs of appraisal and insurance - in accordance with the tariffs of appraisal and insurance companies
The Bank reserves the right to change any part of this message without prior notice.
For the borrower:
- Copy of passport (all pages)
- Documents confirming income:
- for users of the State Services portal*
- certificate in form 2-NDFL or certificate in bank form
- for business owners and individual entrepreneurs - tax returns, depending on the taxation system established by law, and management reporting
- a copy of the work book, certified by the employer (all pages completed), for military personnel - a certificate in the prescribed form
- Application form
For real estate:
- Title documents for real estate
- Technical documents for real estate: cadastral/technical passport
- Copies of passports (birth certificates) of real estate sellers
* The certificate is generated in just one click and sent to the bank’s email address. In this case, there is no need to provide 2-NDFL and a copy of the work book. If you are not registered on the State Services portal, the bank manager will help you register quickly. If the certificate does not indicate the borrower’s full income, you will additionally need to provide proof of income on the bank’s form
Citizenship: doesn't matter
Age: 20 years old at the time of applying for a loan and not older than 64 years old by the time the loan is fully repaid
Employment: loans are available to both employees, founders and co-founders of companies and individual entrepreneurs
Co-borrowers/guarantors: co-borrowers can be up to 3 people, both relatives and any third parties
When purchasing ready-made parking spaces/garages (on the secondary market):
- A garage in an apartment building/multifunctional complex for non-industrial purposes must:
- be an independent property
- not be in common shared ownership
- have a certain area, boundaries, number (in relation to a constructed object - indication of the garage as a property in the title documents, appraiser's conclusion, technical/cadastral passport, availability of ownership rights registered in the Unified State Register; in relation to an object under construction - indication of the garage as an independent property in the project declaration, rights acquisition agreement)
- Minimum bank requirements for a parking space / garage in a garage complex / in an apartment building:
- the building in which the facility is located must be completed
- the building in which the facility is located must be in satisfactory condition; there must be no defects in structural elements that could lead to failure of the structure
- the object should not be located in a Closed Administrative-Territorial Entity (ZATO) in accordance with Decree of the Government of the Russian Federation of July 5, 2001 N 508 “On approval of the list of closed administrative-territorial entities and settlements located on their territory”
The bank does not provide loans for the purchase of parking spaces/garages in garage-building cooperatives