Legislation on mortgage agreements. Federal law on mortgages and pledges of real estate
To view the latest changes in mortgage lending, you should carefully study the law on mortgages, the current edition of 2020 of which contains some innovations.
Now we will consider all the nuances that relate to this regulatory document, also from the article you can learn some of the intricacies of the mortgage lending process.
Any activity in our country is regulated by laws. Mortgages are no exception - for those who plan to obtain a mortgage loan for the purchase of housing, first of all, you should familiarize yourself with Law 102 - FZ.
Summary mortgage law looks like this:
- The first chapter defines the main provisions of the law concerning the object of the pledge, as well as the obligations of the parties to the process of registration of the mortgage.
- In the next three chapters ( from 2 to 4) of the law is described content of a mortgage agreement and a mortgage. The requirements for state registration of a mortgage agreement are also indicated here.
- Fifth and sixth chapters define the possibility of transferring the right to mortgaged property mortgages to third parties.
- 7 and 8 chapters the law are dedicated to the assignment of responsibilities on mortgages and collateral.
- The next two chapters describe fines and sanctions stipulated for non-compliance with the terms of mortgage lending.
- Features of the mortgage different types properties are described in chapters 11 to 13.
- The final information on law 102-FZ on mortgages is in its last 14th chapter.
According to this law, banks are engaged in mortgage lending.
All the legislative framework country, at the slightest change in political or economic sphere, is very often revised. The latest version of Law 102 of the Federal Law on mortgages (pledging real estate) was adopted in 2015, but before that, 16 of its bills have seen the light.
The last edition of the Federal Law "On Mortgage".
Much of this piece of legislation is written in dry legal language, therefore we will try to convey to ordinary citizens what in question in law.
The main tenets of the law on mortgages
the federal law 102 FZ gives a clear definition of the concept of "mortgage": this is the right of the lender to receive from the borrower reimbursement of their Money, for the amount of which the mortgage was issued.
The right to use the mortgaged real estate, along with this, remains with the mortgagor.
Requirements secured by a mortgage specified in the law
This section of federal law very often spelled out in bank mortgage agreements, in the part where the amount of compensation is determined:
- When applying for debt collection, the mortgagee can count on the bulk of the debt, up-to-date at the time of contact.
- Compensation of accrued interest for loan servicing, according to the loan agreement.
- Payment of fines and penalties arising from non-compliance with the terms of the contract.
- Compensation for litigation costs.
- Compensation of expenses related to the sale of the collateral real estate.
Mortgage debt collection scheme.
Section of the law on pledged property
This part of the law regulates the pledge and defines what can be attributed to it.
According to this provision mortgage can be pledged:
- Residential real estate, namely houses and apartments.
- Land.
- Industrial property.
- Suburban areas with buildings and without.
- Transport vehicles.
- Garages.
- Real estate under construction.
- Leasehold.
- Equity participation in housing construction.
Hello! In this post, we will take a look at the federal law on mortgages and pledges of real estate. You can download the current version of the law for 2020, find out the latest changes, the history of the document, as well as expert commentary on the main articles.
For 84 years of the 20th century, there was no mortgage in Russia. From the very beginning of their regime, the authorities of the USSR deprived the population of the country of the right to private property. Mortgages under the new rules in Russia appeared only at the end of the 20th century. For its development to the present state, it took fundamental changes in the attitude of the state to property relations and housing construction. In addition, major changes in legislation were required.
Only on the eve of 1991 did the first prerequisites for the revival of the institution of mortgage in Russia appear. This was the Law on Property, passed in December 1990. Then, until 1993, laws on mortgages and on the fundamentals of housing policy were successively adopted. The main provisions were also enshrined in Civil Code... Mortgages for real estate are increasingly mentioned.
These laws allowed dozens of banks by the end of 1994 to establish a system for issuing mortgage loans. At the same time, this business was poorly controlled by a meager recruitment regulatory framework in this area, which did not allow mortgages to reach a high level of development and transparency. A fundamentally new and powerful federal law was required.
It was adopted on July 16, 1998, a month before the worst crisis. Russian economy... 102 FZ for mortgages has become a kind of bible, which, together with the Civil Code, made it what it is now.
Recent changes and current version of the law
Over the course of almost 20 years, the mortgage law has undergone numerous adjustments related to the development of mortgages and changes in others. normative documents... Now the revision of July 03, 2016 is relevant, with changes from 07/01/2017.
The most important events mortgage market 2016, which influenced the mortgage legislation, became:
- Legislative limitation of the amount of the penalty for late repayment of the loan (should not exceed the key rate of the Central Bank on the date of the conclusion loan agreement).
A few words about the key rate The Central Bank. In simple words- This is the interest rate at which banks take short-term loans (1 week) and open the same deposits in the Central Bank. From May 2, 2017, the rate is 9.25%.
- Obligatory notarization of transactions with real estate, which is in shared ownership.
That is, now, in order to sell an apartment divided by shares, it is not enough to conclude a purchase agreement in a simple writing... It is necessary to visit a notary and draw up a transaction according to his form. Accordingly, the cost of registration has increased greatly.
- Changing the procedure for calculating the tax on the sale of an apartment. From 01.01.2016, the period of ownership of real estate has increased, after which the owner is exempted from paying sales tax, from 3 to 5 years. In addition, now the tax amount is calculated from cadastral value or on the value specified in the sales contract, whichever is greater. That is, transactions with an underestimation of the value in the contract have lost their meaning, since the cadastral value is approximately equal to the market value.
There are good news... If the ownership right is registered before 01.01.2016, the term remains the same - 3 years.
Example. Citizen Ivanov bought an apartment worth 3,000,000 rubles. in April 2016. In May 2017, he sold it. Cadastral value - 3,000,000 rubles, under a purchase / sale agreement - 1,000,000 rubles. The tax will be calculated based on the cadastral value in the amount of 2,000,000 rubles. (minus tax deduction 1 million) and will be equal to 260,000 rubles.
- Another good news for borrowers under the Military Mortgage program. Now information on such contracts will not be taken into account in credit history soldier. In fact, he himself does not pay the loan. The state does it for him.
- Since July 2016, the law stipulates the right to mortgage parking spaces.
General Provisions
The main provisions of the law on mortgages fix the definition of a mortgage, the basis for its occurrence, a description of the requirements for pledge and property that can be pledged.
The pledge must necessarily be secured by an agreement in which there are two parties: the pledger (owner of the object) and the pledgee (creditor). Moreover, the owner may not have anything to do with the loan at all, but only provide it with his property.
The mortgage itself is established not only under the loan agreement. This could be:
- loan agreement,
- lease contract,
- work agreement,
- obligation based on a sales contract and others.
That is, any obligations, if they are not subject to the order of security determined by another law, can be the subject of a mortgage.
The agreement establishes a complete list of obligations that are covered by the pledge. If something goes against the agreements, the pledgee also has the right to receive compensation for losses, interest for the misuse of his funds, as well as legal costs and expenses for the sale of the pledged property, provided that not otherwise specified in the contract. That is why it is so important to write this document correctly.
The following property can be pledged:
- land plots, but not all (exceptions are described in article 63 of the law);
- property used for business;
- residential buildings (including parts consisting of isolated rooms);
- summer cottages, garden houses, baths, garages and other consumer buildings;
- ships (air, sea, river) and even space objects;
- parking place.
The main principle that applies to collateral is indivisibility. That is, a part of the property, which independently, after being divided in kind, cannot be used for its intended purpose, is not accepted as a pledge. Simply put, you cannot lay only the engines of the aircraft, or only the roof of the house.
Also an important point is that a residential building on a land plot can only be accepted as collateral together with the land. If the site is leased, then the lease right is laid. At the same time, if the term of the contract with the lessor is more than 5 years, the permission of the owner is not even required.
Mortgage agreement
General rules the conclusion of all civil law contracts in Russia is enshrined in the Civil Code. The Mortgage Law introduces additional requirements that must be met.
IN mandatory the following information must be specified in the contract:
- the subject of the mortgage and its assessment;
- essence, volume and deadline for the fulfillment of obligations.
The subject of the pledge must be described in detail so that it can be unmistakably identified. The contract records the name of the object, description and location. In this case, the same rules apply to the leased property, additionally indicating the lease term.
If necessary, the parties can include in the agreement the procedure for the sale of the pledge in case of debt collection in court, or describe options for settlement in the pre-trial period.
When it comes to a loan mortgage agreement with natural person who purchases real estate not intended for implementation entrepreneurial activity, the norms described in the law “On consumer credit". That is, the following conditions must be met without fail:
- The full cost of the loan is indicated in the agreement, and it is obligatory on the first page.
- The lender is prohibited from charging the borrower for actions that are assigned to him by law, and which he does in his own interests (all kinds of commissions for issuing a loan and other payments not related to a mortgage).
- The conditions and procedure for issuing a loan must be freely available for review (including on the Internet).
- The borrower must be given a payment schedule.
Mortgage
A mortgage bond is a registered security, in which the right of the pledgee's claim against the pledgor to fulfill obligations and the right to pledge property are enshrined. The law does not have a mandatory requirement for its availability for concluding a mortgage agreement. It may not be there.
The document is drawn up either by the pledger or, if the property belongs to a third party, by both of them.
The law clearly describes the list of information that must be reflected in the mortgage, as well as the obligation to register paper with a state body (for example, Rosreestre). If at least one of the points listed below is not met, the mortgage cannot be called as such:
- The title of the document must contain the word "Mortgage".
- For individuals - the name of the pledger, details of the identity document. For legal entities- name of the organization and location.
- For the pledgee, the same details as in clause 2.
- The same details of the debtor, if he is not the pledger.
- Date and place of the conclusion of the agreement, as well as the grounds for the occurrence of obligations (for example, the number of the loan agreement).
- The amount of obligations and interest, as well as the term for their performance.
- Name, description and location of the pledged item.
- The assessed value of the property.
- State registration of a mortgage deed.
- Indication of the presence / absence of encumbrance of property with the rights of third parties.
- Signature of the pledgor and the debtor (if they are not the same person).
- Indicating the date of transfer of the mortgage to the lender.
The mortgage can be assigned to a third party. Then the claims of the new pledgee will be based only on the information reflected in the paper.
A lost mortgage can be restored by making a duplicate, about which a corresponding mark is made on it.
Upon repayment of obligations to the creditor, the mortgage is returned to the mortgagor, who then removes the encumbrance from the property in the state body.
Mortgage registration
The mortgage, by virtue of the law, must be registered with Rosreestr. In addition to the law “On mortgages”, this process is regulated by law No. 218-FZ “On state registration of real estate”.
State registration formally it consists in a record of the transaction in the Unified State Register of Real Estate.
The basis for registering a transaction is a joint application of the pledger and the pledgee, or on the basis of an application by a notary who certified the agreement.
Registration of a mortgage by virtue of the law is carried out with the simultaneous registration of the ownership of the person on whose rights the encumbrance is imposed. If available, a mortgage is registered.
Safety of mortgage property
The fundamental point is that the pledge of property does not give the creditor the opportunity to restrict the right of the pledgor to use this property for its intended purpose. He is also entitled to benefit from the collateral, while the creditor cannot claim this income.
At the same time, the pledger is obliged to keep the property in good condition and, if necessary, carry out repairs at its own expense, unless otherwise specified in the contract.
Disputes often arise regarding the legality of the creditor's claim to insure the collateral against damage, deterioration or loss. The law states that such insurance can be provided for by the terms of the loan agreement. As a rule, property is insured at the expense of the mortgagor.
In addition, the owner is obliged to take all available measures to preserve the property intact and safe and inform the pledgee if there is a real threat of loss of the pledge.
Subsequent mortgage
Subsequent mortgage consists in re-pledging already mortgaged property. It can be a pledge to the same creditor (for other obligations), or to others.
It is important to comply with the terms of the original mortgage agreement. If it contains an explicit prohibition on subsequent mortgages (and in most contracts residential mortgage indeed), then such a transaction will be invalidated regardless of whether the potential pledgee knew about it or not.
There are also cases when the contract specifies the requirements for a subsequent mortgage. In this case, a new contract must be concluded in compliance with these conditions.
The rest of the subsequent mortgage differs little from the current one. Particular attention should be paid only to the collection procedure. Here one should be guided by the rule of priority rights of claim, in accordance with which the repayment of obligations is carried out in turn, starting with the first creditor. So the last creditor may not have enough money from the sale of property.
Assignment
The pledgee has the right, at his discretion, to transfer the right to claim the fulfillment of obligations under the mortgage to any third party. For example, if a bank wants to transfer collateral to a third party, it does not have to be licensed to carry out mortgage lending.
At the same time, the person to whom the right to the mortgage has passed also receives the rights under the obligation secured by the pledge. That is, this person takes the place of the original creditor.
The transfer of a mortgage is made by concluding an agreement in a simple written form. On the valuable paper a corresponding entry must be made about the new pledgee.
Interestingly, the law expressly prohibits making notes on a mortgage to prohibit its transfer to third parties. Such a record is a priori null and void.
Collection
If the debtor untimely and does not pay off his obligations in full, thereby violating the terms of the concluded agreement, the creditor has the right to start enforcement debt.
There are two ways of development of events:
- trial;
- extrajudicial collection.
If the mortgage agreement does not provide for the possibility of out-of-court settlement of the debt (introduced by Article 55 of the Law) by collecting the pledged property, such collection is possible only by a court decision.
There are two cases in which extrajudicial collection is impossible:
- The period during which the debt is not repaid (delay) does not exceed 3 months.
- The balance of the debt is less than 5% of the amount owed.
In practice, debt collection by banks through the sale of mortgaged property occurs only in extreme cases, when other methods do not bring the desired result. However, do not forget that the law in such cases, as a rule, is on the side of the creditor, since on the part of the debtor the concluded mortgage agreement is violated. Therefore, if it still comes to extreme measures, it is possible to sell the pledged property to pay off the debt.
Realization of property
The debtors' property is sold by putting it up for public auction in the form of an auction. Its organization and conduct are not regulated by this law. The procedural legislation and the Civil Code are responsible for this.
In general terms, the bidding is carried out as follows. Not earlier than 30, but not later than 10 days before the auction, an announcement is posted in the official newspaper with information about when, where and what will be put up for auction.
Those wishing to participate must pay a deposit in the amount not exceeding 5% of the initial sale price of the property. The winner is the one who offered the highest price. The rest of the deposit is returned immediately.
On the day of the auction, a protocol is signed with the winner. The decision is valid for 5 days, during which the buyer pays the remainder of the value of the property, after which, again, within 5 days, a purchase and sale agreement is concluded with him.
Out-of-court sale of property takes place according to a similar scheme with the only difference that the auction is organized by an authorized person on behalf of the pledgee. The proceeds from the sale are distributed among all the pledgees, and the remainder is returned to the pledger.
Also, the law states that the creditor can keep the property for himself, if this is referred to in the agreement. The debtor can at any time, before the announcement of the auction closed, stop the collection by paying off the debt.
The auction may be declared invalid if only one buyer is present, the initial amount has not been increased, or the winner has not paid for the property. By the way, for the latter, the Civil Code provides for liability, which is expressed in damages.
Features of mortgages on land
Mortgage land plots possible if the turnover of such objects is not limited by law or its size exceeds the minimum value established regulations for sites of this kind and purpose.
Municipal property can be pledged as collateral. But there are conditions:
- the site should be allocated for individual housing construction within the framework of social programs;
- the mortgage should be associated with obtaining a loan for the arrangement of this site;
- the decision on the possibility of collateral is taken by the municipal authority.
Land acquired at the expense of credit funds, is pledged from the moment of registration of ownership. If the owner wants to build any buildings or structures on the land, he does not need to ask the permission of the mortgagee. Only if this does not contradict the contract, these buildings will also become the subject of a pledge. This is exactly the moment when the principle of indivisibility works, that is, buildings cannot exist separately from the site, respectively, they are also included in the pledge.
Consider another case as well. For example, citizen X owns a land plot purchased with personal funds and without encumbrances. One day he decided to build a residential building on this site using a mortgage loan. The bank issued the money and from that moment took the land as collateral. And then, after the construction of the house and registration of the rights to it, he will also take the house as collateral. The same principle of indivisibility. Only in this case, the lender initially took the land as collateral, since the housing has not yet been built, and the loan must be secured with something.
The foreclosure on land is also carried out through open tenders. An important feature is the sale of agricultural land. Until the harvest is harvested and sold, the foreclosure cannot be levied on these lands.
Mortgage for non-residential premises
Mortgage non-residential premises has a number of features, which are described in the corresponding section of the law.
So, an enterprise as a single property complex is transferred to a mortgage with all the property that is located on the territory, including the land plot.
Freestanding not living quarters pledged in full, together with land plot.
At the same time, the pledgee cannot in any way hinder or restrict the pledger's right to use the property. The only exceptions are transactions with the alienation of real estate and its transfer as a pledge.
An enterprise can be pledged only if the amount of debt obligations is at least half of the appraised value of the property. The term for filing claims for the collection of a pledge is at least one year from the date of the conclusion of the contract.
Suppose enterprise N is mortgaged to bank Y under a loan agreement for a period of 9 months. If the company does not repay the debt, the bank still cannot start the collection procedure earlier than 12 months from the date of signing the document.
By the way, it is possible to collect a debt from a mortgage enterprise only by a court decision.
Mortgage of residential buildings and apartments
TO residential buildings and when transferring them to a mortgage, apartments also have special requirements, since they can be a place of residence not only for the mortgagor.
It should be noted right away that the mortgage of residential premises that are in municipal ownership is not allowed. The rest of the objects have a number of peculiarities:
- When alienating property in which minor children are registered, permission from the guardianship authorities is required.
- During the construction of a residential building, the mortgage can be provided with materials and equipment, but after construction, the finished house is pledged.
- According to article 77 of the law, residential premises that are purchased with credit money are pledged from the moment of registration of property rights.
- With the "Military mortgage" housing is pledged by the lender and government body, which makes payments to repay the loan.
By the way, recently the Federation Council adopted amendments to the law "On the accumulative mortgage system", according to which money is accrued for the "Military mortgage". Now, more categories of military personnel have the right to restore their account after re-entering the service.
The most important point in this section is the clause on foreclosure on housing. This fact is the basis for the eviction of the tenants. It is carried out in accordance with the requirements of the law. This point is described in detail in Art. 78.
As you can see, this federal law gives a fairly clear idea of mortgages. It is an effective tool that regulates the mortgage market in Russia. What is important is that it is a living document that, if not always lightning fast, reacts to change. current situation and allows the development of housing construction in the country.
Whatever we think about a mortgage, it only becomes easier to get a mortgage every year. Much credit for this belongs to the mortgage legislation. you can find out further.
If you need qualified help from a mortgage lawyer, protection of your interests in front of the bank or the other half in case of divorce, we recommend that you sign up for a free consultation with our lawyer. He will provide professional assistance and suggest an effective way out of your situation.
Do you still have questions on this topic? We are waiting for them below. Please rate the post and click the social media buttons.
The legal basis for mortgages is established by Federal Law 102 of the Federal Law “On Mortgages (Pledges of Real Estate)”. This is the main document securing the rights of the parties to the transaction and describing its procedure. Let's consider the key aspects legislative act, innovations and points to which borrowers should pay special attention.
What is regulated by the law on mortgages (real estate pledge) as amended for 2020
Federal Law No. 102 defines the grounds for the emergence of a mortgage, regulates the rights of interested parties and describes the procedure for registering a pledge and drawing up a mortgage agreement. In accordance with paragraph 1 of Article 1, the parties to the mortgage agreement are the mortgagee (lender) and the mortgagor (borrower), who transfers immovable property to the lender as security for obligations.
This legal act is one of the main documents for mortgage borrowers, since it is on its basis that banks determine the terms of the contract.
The law was passed in 1998, but has undergone many changes over the years. In 2020, further adjustments were made. What's new in the document:
- The parties to the transaction can issue a mortgage in in electronic format on the State Services portal or the Rosreestr website. Such amendments will simplify the paperwork procedure, reduce the borrower's material costs and ensure the safety of the document.
- The requirements for the content of the mortgage have changed. In addition to basic information regarding these parties, the amount of obligations and terms, the document must contain extended information about the debtor (SNILS and TIN) and about the real estate (cadastral number, characteristics of the object, market value).
- The changes affected the content of the agreement between the lender and the borrower. From 1.07.2018, the list of basic conditions is determined by Federal Law No. 353 "On consumer loans". Scroll mandatory items contract has expanded significantly, which reduces the risk of disputes between the parties.
- The amount of debt reimbursement and the amount of the penalty from 2020 will depend on the interest rate of the Central Bank.
- The last amendment affected the terms of collection. In accordance with Art. 61 laws in new edition, the borrower's debt will be considered closed if real estate prices have fallen so much that the bank was unable to sell the collateral at a public auction.
In the near future, a draft law is expected with changes: optimization of mortgage registration through the introduction of digital technologies, the introduction of a ban on the issuance of mortgage loans in foreign currency, the possibility of restructuring foreign currency mortgage loans.
Brief description of sections
Federal Law No. 102 consists of 14 chapters, each of which considers the key aspects of mortgages:
- Basic provisions. The section defines the concept of a mortgage, the grounds for its occurrence and the list of real estate that can be pledged to secure debt obligations.
- Mortgage agreement. This chapter is devoted to the rules for concluding a mortgage agreement and registering a pledge with Rosreestr.
- Mortgage. Here is everything about the content, registration, registration and exercise of rights under a mortgage.
- Mortgage registration. The section establishes the procedure for registering a mortgage, the conditions for changing the registration record on the pledge, the amount of state duty and the removal of encumbrances from real estate.
- Security of the collateral. The chapter establishes the obligation of the pledgor to ensure the safety of the real estate, including by insuring it. It also speaks about the consequences of the loss and damage of the pledge for the debtor.
- Rights to property of third parties. The conditions and procedure for the transfer of rights to the pledged property to third parties are established.
- Subsequent mortgage. The section regulates the issue of re-encumbrance of property: the conditions on which this is possible and the rules of registration.
- Assignment of rights under a mortgage agreement. This chapter says that a bank can sell the right to claim a debt to third parties.
- Collection. The grounds for the collection of the pledged item, the court procedure and methods of resolving disputes have been determined.
- Realization of mortgaged real estate. The chapter establishes the procedure for holding tenders and the grounds for terminating the collection on property.
- Features of the mortgage of a land plot. There is a list of plots that can be pledged, the rights of the parties to the transaction to structures located on the mortgaged land, especially the collection of a plot depending on the category of land.
- Mortgage of enterprises. The deadlines for the fulfillment of obligations for the mortgage of enterprises, the rights of the borrower, as well as the rules for the collection of the subject of the pledge are established.
- Mortgage of residential real estate. The section considers the rules for the registration of apartments and houses in mortgage and determines the procedure for the sale of property in the event of foreclosure on it.
Advantages and disadvantages of the law
The bill is being improved every year. The innovations are designed, first of all, to protect the rights of the parties and to simplify the procedure for completing the transaction.
The main advantages of the law:
- the interests of all owners of real estate, which is pledged, are taken into account;
- with a mortgage, by virtue of the law, one contract is drawn up, which avoids paperwork;
- the ability to pledge the same property to several creditors at once.
Despite constant adjustments, the law still has a lot of weaknesses... For example, it does not indicate the cases when the encumbrance on the property can be removed in the event of termination of the sales contract. The grounds on which the pledge ends are listed in Art. 352 of the Civil Code of the Russian Federation, and there is also not a word about the termination of encumbrances in the event of termination of the purchase and sale agreement. If the borrower bought an apartment with credit money, but then terminated the contract with the seller, then the mortgage record in Rosreestr will remain valid until the buyer repays the loan.
Another significant disadvantage is the creditor's right to assign the rights to claim the debt. The bank can sell the borrower's debt to third parties that are not licensed to carry out mortgage lending. It turns out that any third-party organization can become the mortgagee.
It can also be noted that the document as a whole is more aimed at protecting the interests of the bank, its ability to collect debt and realize the pledge.
For those who are going to apply for a mortgage, it is advisable to know the key aspects of the law:
- The property pledged to the bank will be encumbered until the loan is repaid. This means that the borrower has no right to make transactions with this object during the entire repayment period without the consent of the lender. If the property was purchased by military mortgage, then both the bank and the Ministry of Defense will act as mortgagees.
- If the debt is not repaid, the collateral is sold at auction, and the money received is sent to the bank as compensation for unpaid interest, non-payment of the principal debt and for reimbursement of costs in court.
- If the property is owned by several persons, then their consent is required for registration of the pledge.
- If among the homeowners there are people with disabilities or children, then the consent of the guardianship and guardianship authorities is required for registration of the pledge. In accordance with Art. 77, the authorities can give consent only if the transfer of housing on mortgage does not violate the interests of minors or incompetent owners.
- The subject of the pledge is insured without fail. Insurance against the risk of non-repayment of the loan is optional.
- Mortgage registration is carried out at the location of the property.
- The bank may require early payment the entire amount in case of violation by the borrower of the terms of the contract and Federal Law No. 102.
- The bank has the right to check the pledged property.
- Collecting a pledge is unacceptable if the balance of the debt is less than 5% of the total loan amount.
- If the recipient of the loan cannot repay the debt and the case has gone to court, then he has the right to demand a delay in the sale of the collateral for 1 year.
- In accordance with Art. 78 upon collection of housing and its sale, the borrower loses the right to use this property.
Thus, the mortgage law is a fundamental document on the basis of which the relationship between the bank and the borrower is built.
Federal Mortgage Law
A mortgage is a pledge of expensive large property with the granting of the right to own it to the lender who borrowed the money. The debtor signs a mortgage agreement for his property and makes a promise to the creditor to return the debt in cash or pledged property if he cannot return it in cash. You can mortgage and buy housing, land, yacht, car and other property. From the moment you buy real estate on a mortgage, it becomes the property of the borrower. A common mortgage option is buying an apartment on credit. Often the purchased housing is pledged, but it is possible to provide an existing apartment. Mortgage loans are issued by banks. Credit conditions are different for everyone. The Federal Mortgage Law regulates the provisions for the issuance and use of mortgages in Russia.
Latest Amendments to Mortgage Law: New in 2019
In 2019, the President Russian Federation amendments were made to federal law 102 on mortgages. According to new data, the following items have appeared:
- The possibility of registration of parking spaces as a mortgage was formed. In this case, the obligatory registration of the mortgage is canceled. This function is implemented only when necessary.
- There was a cancellation of the registration regulations, its terms and the possibility of suspension. These issues from this year are regulated by another law of the Federal level No. 218 of 2015.
In addition, under the new legislation on mortgages, several points have lost their validity. For example, paragraph 1 of article number 22, as well as paragraph 3 of article number 25. Also, the meaning of articles 27 and 28 was completely lost. They related to the regulatory issues in the process of challenging the registration of a mortgage loan. The most recent change is a legal reduction in the base interest on government-backed loans. Starting from January 1, 2019, their size ranges from 9 to 11.4%. For this, significant amendments were made regarding the collection of money from debtors. Now the amount of debt reimbursement directly depends on the interest rate of the Central Bank.
Also, changes in the law on mortgages in 2019 affected the moratorium on early repayment mortgage loans, but until now, this revision has not been approved by the authorities. Currently, they allow borrowers to meet their job obligations earlier than specified period without showing any penalties.
Also, fines and penalties were mitigated to mortgage debtors, which previously amounted to about 20% per year. Now this penalty will need to be paid depending on what base rate from the Central Bank.
Features of the time frame for processing the process specified in the new law
The Law on Mortgage Lending deals with this process, depending on what type of real estate is being bought, what is the collateral. The differences in the procedure depend on these points. Residential real estate is given up to 5 days, uninhabited fund, including land areas of the building, commercial and industrial property, gets up to 15 days. For other facilities, the period is up to 30 days. With the notarial confirmation of the pledge agreement, the entire procedure can be reduced to 5 days, but no more.
Putin's instruction to reduce mortgage interest rates below 8%
The President of the Russian Federation has introduced instructions to bring the rate on mortgage loans to a level of less than 8%. Such a decision should be put into effect by 2024, it is still considered as Putin's new law on mortgages.
This is what is being discussed in the decree of the head of the country, entitled "National technical development objectives for the period up to 2024". This law was published on the Kremlin's official website.
The government of the Russian Federation has instructed to provide affordable housing for many families by 2024, whose income is equal to the average. That is why interest rates should not exceed 8% per year. It was also noted that over the current six months it is necessary to reach a level that allows at least 5 million Russian families to improve their own living conditions every year. Earlier, the head of Sberbank announced that his bank is already ready to reduce mortgage rates to 7% for 2 years, he will try to do it early. According to experts, the rates will be cut to 6.2% by the end of this year.
Putin signed the law on mortgages, but in order for it to take effect, the client must first take out insurance, and after the transfer to the banking institution of the contract on personal insurance- sign a consent to home insurance. We also note that subsidies can be offered by a country only when the borrower has fully met all the requirements, and clients on the issued loan make payments in clearly indicated lines. This approach from the Russian Federation will become an incentive for citizens to increase the birth rate in the country.
The current version of the mortgage law 2019: the reason for the development of the program
The Federal Law on Mortgage Lending was put into effect, since in 2018 it became clear that the work construction companies and developers are carried out according to a well-coordinated scheme, while their own preferences are taken into account as reference points. The buyer is left to decide whether to purchase apartments or not, solely from their own capabilities. As a result, a situation has arisen in the Russian Federation where developers are unable to sell multi-apartment new buildings, and buyers cannot become their owners due to their high cost. This led to a losing situation for both parties, developers went bankrupt, banks did not return money invested in construction, and citizens had no place to live, since bank interest rates did not allow families with small children to issue mortgages. That is why a new law on mortgages was passed in 2019. . According to the ruling branches of the state, such a decision will be:
- increase the birth rate in the country;
- reduce the key interest rate of the Central Bank of the Russian Federation, which will make the mortgage offer as affordable as possible for the population;
- revitalize the real estate market, register completed properties, apartment buildings that are still under construction;
- to return banking institutions material resources used to finance projects;
- help families in purchasing their own housing, this will mainly affect the economy class, this decision will be due to a decrease in interest that must be paid to the bank;
- return to banking companies the difference in interest in the form of subsidies that they may lose on loans issued to citizens of the Russian Federation.
In addition, the protection of citizens' deposits will be ensured when purchasing new housing under a preschool education institution.
To realize all the goals set, the President, the Ministry of Finance and the Central Bank issue relevant decrees and revise legislation. Regulation of activities has become a priority issue for the President of the Russian Federation banking systems... So he tackled the problem of declining key rate when registering a mortgage. The mortgage law guarantees that in the coming year, mortgages, as well as other loan products, will become more affordable for average citizens of the Russian Federation.
Mortgage "by virtue of law" or "by virtue of agreement"
The Real Estate Mortgage Law provides for the conclusion of such mortgage agreements:
- "By virtue of the law" - this is the purchase, construction, sale of real estate on credit and rent. When buying a house, a person uses his money or borrowed money. A loan or loan agreement is drawn up for the borrowed amount. By virtue of the law, the mortgage is registered at the time of drawing up the purchase and sale agreement. The owner of the property changes automatically. Additional statement both sides are unnecessary.
- "By virtue of the agreement" - the pledge agreement is drawn up with the help of a statement of both parties in Companies House... For home renovation, for starting a business, education or other event, people can mortgage their own property.
indicates that each case needs to be registered in the Unified State Register otherwise the contract is considered invalid. In both cases, the property is assigned to the person whose name is recorded in the Title Deed. The owner can use and live in the mortgage housing and must take care of it. You cannot sell or provide collateral for other loans, if this is not spelled out in the mortgage agreement. You can freely dispose of the property after the full repayment of the loan.
If the debtor is unable to repay the loan, then the law on real estate mortgages puts the lender first in line to receive money from the borrower. This gives him an advantage over other creditors (if any) who want to receive money from the debtor. According to the law, the mortgaged apartment will be sold at a public auction. The proceeds should cover the mortgage debt and the lender's losses (interest on the loan, bidding costs, forfeit, apartment maintenance costs). It happens that the amount received is not enough to pay off all the costs. In this case, the federal law on mortgages determines that the borrower still fulfills the obligations under the mortgage. The pledged property has been sold, which means that the mortgage agreement has been implemented. The lender writes off the remaining debt and has no right to demand it from the borrower.
Mortgage under the new legislation 2019 differs in several parameters. Let's take a look at the main differences. According to the legal type of mortgage, the subject of mortgage is the apartment being bought, the one that the borrower decided to purchase. The subject of the contractual mortgage can be any other type of real estate that the buyer has.
Registration of a mortgage loan is carried out in parallel with the registration rights to residential real estate, and contractual - after the document on the sale and purchase is drawn up. Registration of a legal mortgage does not provide for collection state duty, as opposed to the one that enters into force of the treaty.
Thanks to the new legislation of the Russian Federation, mortgages will become even more affordable for the citizens of the country.
Mortgage registration procedure
From 16.07.1998 N102 the federal law on mortgages regulates the registration of mortgages. If it was based on an agreement, then in order to conduct state registration, you need to submit applications from both parties to the agreement. The borrower must present a list of documents:
- signed mortgage agreement;
- documents accompanying the contract;
- receipt of payment of state duty.
The Real Estate Mortgage Law also determines the timing of registration. Legislation limits them to one month. To register a mortgage in Unified register, you need to make a certain entry in it, which will attest to the borrower's right to receive a property on a mortgage. The fixed date is considered the registration date. Without this procedure, the transaction is considered incomplete and does not entitle the borrower to housing.
The mortgage agreement must contain:
- the subject of the mortgage;
- assessed value;
- the amount and term of the loan repayment;
- the right (property, lease, etc.), on the basis of which the mortgage object is with the borrower with an indication of the state body where his right to real estate was registered.
Mortgage terms
The Federal Law on Mortgages determines that the objects of mortgage can be one property or several of its types on the basis of the following conditions for issuing a mortgage loan:
- if the property is owned by the lender or on the right of economic ownership;
- if the ownership of real estate is registered as a separate object;
- other real estate (it can also be real estate in progress), which after the conclusion of the mortgage agreement will become the property of the mortgagor;
- real estate, which is the object of a state or communal enterprise on the basis of economic ownership;
- share of the property.
The property is pledged with all the essential accessories. If a land plot is pledged as collateral, the mortgage covers the buildings located on it. The terms of the mortgage provide that the value of the mortgaged real estate is determined by the consent of both parties with the help of independent evaluation expert of the mortgage object.
The Real Estate Mortgage Law stipulates the conditions for obtaining a mortgage loan:
- Annual interest rate.
- Loan amount. It can be 70 or 80% of the total cost of purchased housing. The rest is considered as the initial payment that the borrower pays when receiving a loan. The borrower will be able to increase the loan amount with the help of co-borrowers. This can be a husband or wife, relatives or other individuals. When calculating the amount of the mortgage loan, the bank will take into account their degree of relationship and the ratio of income. The liability of the co-borrower is regulated by the mortgage agreement.
- Calculation of payments. The residual amount that the borrower will give to the lender depends on it. He has the right to choose the currency of the loan himself.
- Proof of the borrower's income. The list of income and the form of confirmation is different for banks. Many require a certain seniority at one job.
- The presence of guarantors.
- Additional costs for obtaining a loan are mainly 10% of the amount of the down payment. The borrower must be ready for this.
- Credit term.
How to get a mortgage at 6% under the new legislation
The federal law on mortgages states that if mortgage payments are already in progress, then you just need to provide a certificate of the birth of children. Then you need to draw up a petition for a year. In this case, the bank will restructure the remaining payment. If a mortgage is only planned, then it is necessary to collect a standard package of documents in order to receive a loan. These include:
- completed application for registration of a mortgage;
- passport, as well as its scanned version;
- a photocopy of the work book;
- notification of income levels, drawn up in the form of 2NDFL;
- if SP - a copy of the state. registration and tax return;
- scanned versions of birth certificates of children;
- sales contract or a document on participation in shared construction.
If disputes arise or banks want to confirm this or that information, more may be required. additional documents... They are issued at the request of the manager of a financial institution.
Refinancing a mortgage after the birth of a child
The law on mortgages, as amended, states that if the loan was issued after 2018, and then during the period up to 2022 inclusive, the family has a second or third child, they are given the opportunity to refinance the mortgage. Those who took part in the subsidy program, from the moment of the birth of their second child, are also offered an action preferential mortgage, but at the birth of the third.
What are the requirements for a loan
Putin's law on mortgages in 2019 will be relevant for citizens whose loan agreements meet several parameters:
- the loan is issued exclusively in rubles and not earlier than January 1, 2018;
- the loan amount should not exceed 3,000,000 rubles. for the regions of the Russian Federation and does not exceed 8 million rubles. for Moscow and the region, as well as St. Petersburg;
- the amount of the down payment must be at least 20% of the total cost of the apartment;
- the interest rate will be 6% at the time of the subsidy;
- a prerequisite is the existence of life insurance of the borrower and the object from the moment of completion of its construction.
Also keep in mind that the repayment of the mortgage under Federal Law 102 is carried out by annuity payments.
Changes in mortgage risk ratios since 2019
Many Citizens of the Russian Federation dream of getting their own housing, but in most cases they do not have enough financial resources to buy it, therefore they are forced to apply for a mortgage. Having taken a mortgage loan, the purchased property is presented as collateral. New law on the mortgage in 2019, like the previous year, it states that if it is impossible to pay off his own mortgage loan debt, the client is deprived of the acquired housing. This outcome is not beneficial for either banks or borrowers. But when providing a mortgage loan, banks still want to assess their possible financial risks. For this, a certain analysis and reports are carried out. In addition, you will need to assess the financial condition of the client directly who wants to apply for a loan, as well as analyze certain conditions that guarantee the financial institution for insurance and stability.
Recently, amendments were made to the law on mortgages regarding the risk ratio on a mortgage with a small down payment... Starting from January 1, 2019, it rises from 150 to 200%. This decision has been updated to ensure financial stability. This change applies to loans that will be issued from January 1 of the current year. Same the central bank it was announced that this lending segment is the most risky. Therefore, an increase in the ratio is a well-grounded decision, given that these loans in recent times begin to grow in number.
Undoubtedly, banking companies the level of solvency of its own borrowers is assessed before they provide a loan. In this case, the level of the client's income for the month, the presence of guarantors, what kind of family composition, and so on, are necessarily considered. Anyway, to get a mortgage, financial institution will require the provision of many facts that will document the level of his income.
Of course, many families require the opportunity to use mortgage lending in order to receive government support in this matter. Based on the peculiarities of the modern market, it is unrealistic to immediately collect the required amount of funds for the purchase of housing. Therefore, the latest edition of Federal Law 102 on mortgages will make this type of loan an even more popular option among the rest.
In the Russian Federation, VTB 24 Bank and Sberbank are very active in mortgage lending. There are also many financial institutions who cooperate directly with mortgage loans eg Bank for Housing Finance. UniCredit, Alfa can also provide lucrative offers. The Mortgage Law 102 FZ suggests that the client should directly choose the decision on cooperation after studying all the proposals.
Banks' proposal in terms of the latest edition of the Federal Law on Mortgages
Safety of the mortgage object
From 16.07.1998 N102 federal law on mortgages obliges the borrower own funds maintain the mortgage object in proper form. If necessary, he must carry out current repairs at his own expense, restore minor damage. The borrower must notify the lender if the condition of the mortgage property has deteriorated or is lost. When registering a mortgage, the lender has the right to document and in kind check the condition of the mortgage object. The law gives him this right for the duration of the mortgage agreement.
Underwater rocks
Real Estate Mortgage Law admits that the apartment can be mortgaged by a third party who is not in the loan agreement. If it does not exist, the person for whom the money was taken on credit will receive the ownership of this housing, with the transfer of mortgage obligations to it by virtue of the agreement. It is impossible to sell this apartment without the consent of the lending bank. If the property was bought by a husband or wife, being married, then in the event of a divorce, the federal law on mortgages gives the spouses the right to share the mortgage apartment, even if they have not paid off the debt. Whoever the apartment is for, the second may require 50% of the housing, even if he is not going to repay the loan to the bank in the future. To prevent such a situation, the spouses conclude a marriage contract at the stage of registration of the mortgage. It indicates the sole owner of the real estate to whom the loan is being issued.
Advantages and Disadvantages of Mortgages
The main advantage of a mortgage is that instead of accumulating the necessary amount for the purchase of a home for many years, the federal law on mortgages allows you to move into a new apartment or house right now. In this case, mortgage housing becomes the property of the borrower. IN new apartment you can register family members of the borrower. For security reasons, the risks of loss of ownership of the apartment and its damage, as well as disability of the borrower are insured. In addition, the mortgage also has a number of "pluses":
- The borrower is given a property tax deduction. It lowers interest rate due to the fact that he does not need to pay income tax from the amount spent on the purchase of an apartment and from interest.
- The long term of the loan makes the monthly payments small, which means they are not too burdensome.
- For specific categories of people, it may come as a surprise existence social mortgage in their region.
Lack of mortgages in "overpayment" for an apartment. It can reach 100%. Mortgage "overpayment" includes the annual cost of compulsory insurance and interest on the loan. Another disadvantage is that there are many requirements of banks to borrowers: registration, Russian citizenship, proof of income, work experience in one place, guarantors, etc.
To solve the housing issue with a mortgage, it is important to find a compromise between the positive and negative aspects of the mortgage and choose a worthy partner (bank).
(mortgage of real estate)
last revised 10/05/2015
Chapter I. Basic Provisions
Article 1. Grounds for the emergence of a mortgage and its regulation
Article 2. Obligation secured by mortgage
Article 3. Claims secured by a mortgage
Article 4. Security with a mortgage additional costs mortgagee
Article 5. Property that can be the subject of a mortgage
Article 6. The right to pledge property under a mortgage agreement
Article 7. Mortgage of property in common ownership
Chapter II. Conclusion of a mortgage agreement
Article 8. General rules for concluding a mortgage agreement
Article 9. Content of the mortgage agreement
Article 9.1. Features of the terms of a loan agreement, a loan agreement that are concluded with an individual for purposes not related to his entrepreneurial activities, and the obligations of the borrower under which are secured by a mortgage
Article 10. State registration of a mortgage agreement
Article 11. Occurrence of a mortgage as an encumbrance
Article 12. Warning of the pledgee about the rights of third parties to the subject of the mortgage
Chapter III. Mortgage
Article 13. Basic provisions on mortgage
Article 14. Content of the mortgage
Article 15. Attachments to a mortgage
Article 16. Registration of owners of a mortgage
Article 17. Exercise of rights under a mortgage and performance of an obligation secured by a mortgage
Article 18. Restoration of rights to lost mortgage
Chapter IV. State registration of mortgage
Article 19. Basic provisions on state registration of mortgage
Article 20. Procedure for state registration of mortgage
Article 21. Refusal in state registration of a mortgage and suspension of state registration of a mortgage
Article 22. Registration record on mortgage and certificate of state registration of mortgage
Article 23. Correction, amendment and addition of the mortgage registration record
Article 24. State fee
Article 25. Cancellation of mortgage registration record
Article 25.1. Repayment of the mortgage registration record in the event of liquidation of the pledgee who is a legal entity
Article 26. Public nature of state registration of mortgage
Article 27. Appealing actions related to state registration of a mortgage
Article 28. Responsibility of the authority registering the mortgage
Chapter V. Ensuring the safety of property pledged under a mortgage agreement
Article 29. Use of the mortgaged property by the mortgagor
Article 30. Maintenance and repair of mortgaged property
Article 31. Insurance of mortgaged property. Borrower liability insurance and insurance financial risk creditor
Article 32. Measures to protect pledged property from loss and damage
Article 33. Protection of mortgaged property from claims of third parties
Article 34. The right of the pledgee to check the pledged property
Article 35. Rights of the pledgee in case of improper security of the pledged property
Article 36. Consequences of loss or damage to pledged property
Chapter VI. Transfer of rights to property pledged under a mortgage agreement to other persons and encumbrance of this property with the rights of other persons
Article 37. Alienation of pledged property
Article 38. Retention of mortgage upon transfer of rights to mortgaged property to another person
Article 39. Consequences of violation of the rules on alienation of pledged property
Article 40. Encumbrance of mortgaged property with the rights of other persons
Article 41. Consequences of compulsory seizure of mortgaged property by the state
Article 42. Consequences of vindication of pledged property
Chapter VII. Subsequent mortgage
Article 43. The concept of a subsequent mortgage and the conditions under which it is allowed
Article 44. Warning pledgees about previous and subsequent mortgages. Modification of the previous mortgage agreement
Article 45. State registration of the subsequent mortgage
Article 46. Satisfaction of claims of pledgees for previous and subsequent mortgages
Chapter VIII. Assignment of rights under a mortgage agreement. Transfer and pledge of a mortgage
Article 47. Assignment of rights under a mortgage agreement or an obligation secured by a mortgage
Article 48. Transfer of rights to mortgage
Article 49. Pledge of mortgage
Chapter IX. Foreclosure on property pledged under a mortgage agreement
Article 50. Grounds for foreclosure on pledged property
Article 51. Judicial procedure for foreclosure on pledged property
Article 52. Jurisdiction and jurisdiction of cases of foreclosure on pledged property
Article 53. Measures to protect the interests of other pledgees, absent pledger and other persons
Article 54. Issues resolved by the court when considering a case on foreclosure on pledged property
Article 54.1. Grounds for refusal to foreclose on mortgaged property
Article 55. Extrajudicial levy of execution on pledged property
Article 55.1. Settlement agreement on an obligation secured by a mortgage when foreclosure on the subject of a mortgage
Article 55.2. Procedure for sending notification and requirements
Chapter X. Sale of the mortgaged property on which the execution is levied
Article 56. Sale of mortgaged property
Article 57. Procedure for holding public auctions in the course of enforcement proceedings
Article 58. Announcement of public auction void
Article 59. Sale of pledged property by agreement of the parties
Article 59.1. Retention of mortgaged property
Article 60. Termination of foreclosure on pledged property and its sale
Article 61. Distribution of the amount received from the sale of pledged property
Chapter XI. Features of the mortgage of land plots
Article 62. Land plots that can be the subject of mortgage
Article 62.1. Mortgage of land plots in municipal ownership and land plots, state property to which it is not differentiated
Article 63. Land plots not subject to mortgage
Article 64. Mortgage of a land plot on which there are buildings or structures belonging to the mortgagor
Article 64.1. Mortgage of a land plot acquired using credit funds from a bank or other credit institution or target loan funds
Article 64.2. Mortgage of a land plot on which buildings or structures are located, acquired or built using credit funds of a bank or other credit institution or funds of a target loan
Article 65. Construction by the mortgagor of buildings or structures on the mortgaged land plot
Article 66. Mortgage of a land plot on which there are buildings or structures belonging to third parties
Article 67. Valuation of a land plot in case of its mortgage
Article 68. Peculiarities of foreclosure on mortgaged land plots and their sale
Chapter XII. Features of the mortgage of an enterprise, building, structure and non-residential premises
Article 69. Mortgage of enterprises, buildings or structures with a land plot on which they are located
Article 69.1. Mortgage of buildings, structures and non-residential premises acquired with the use of credit funds of a bank or other credit institution or funds of a target loan
Article 70. Mortgage of an enterprise as a property complex
Article 71. Obligations that may be secured by a mortgage of an enterprise
Article 72. Rights of the pledgor in relation to the pledged enterprise
Article 73. Levy of execution on the mortgaged enterprise
Chapter XIII. Features of the mortgage of residential buildings and apartments
Article 74. Application of rules on mortgage of residential buildings and apartments
Article 75. Mortgage of apartments in an apartment building
Article 76. Mortgage of residential buildings under construction
Article 77. Mortgage of residential houses and apartments purchased with a loan from a bank or other credit organization
Article 77.1. Mortgage of a rented house
Article 78. Levy of execution on mortgaged residential house or apartment
Chapter XIV. Final provisions
Article 79. Entry into force of this Federal Law
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