Mortgage lending on the security of own real estate
When only there was a mortgage lending, the Russian banks could issue a mortgage loan for the purpose of real estate purchase only with pledge of the new house or the apartment. Proceeding from it, only the bought real estate could become a pledge subject, and it was not always convenient because of certain circumstances. Many owners can provide some options when it is much more convenient and more favorable to put available real estate. We too should pay attention to these situations, taking into account that today the mortgage on the security of other apartment in a good condition is not a problem.
There are some programs offered by banks thanks to which it is possible to use a mortgage without the first contribution. And if estimated cost of the apartment exceeds the size of a mortgage, it can be included as an additional guarantee thanks to which the bank agrees not to demand the first contribution.
In the second option the case when it wanted to client of the credit organization to buy real estate abroad is considered, but to take the credit in many countries for the Russian is rather problematic. For example, banks of Egypt very skeptically treat crediting of the Russian citizens. But in the presence of own real estate there is a possibility of receiving a no-purpose mortgage loan with a condition of pledge of the apartment. The received money can be used for real estate purchase in any country of the world. Sometimes even the interest rate when receiving such type of loan can pleasantly surprise you.
Their investment in business can become also competent application of the received proceeds of credit. For receiving the credit for these purposes it is possible to use real estate available in a property. The similar mortgage loan even will be more favorable, than the bank program with aiming at developing businessmen because the interest rate will be much lower, and term of repayment of the loan more long. Therefore it is possible to invest in long-term prospect.
Any banks can agree on issuance of credit under pledge not only own real estate of the client. If to consider the income of any certain client, the apartment of the friend or the relative, certainly, with the consent of the owner can become a subject of pledge. The contract will be made out in that case on the depositor who provides the real estate to the friend or the relative who in a result and will receive money from bank.
Also not the superfluous will know to potential borrowers that the mortgage on the security of an available property can be target and no-purpose. In the first case the client provides information on the apartment, the house or the earth which is going to get. Such crediting favourably by lower rates. In case use of a mortgage loan no-purpose, rates on the credit are a little higher, but it will give the chance to the client who puts the real estate, not to speak to bank on what purposes it is going to spend money.