You can get a loan to purchase a country house at any bank, but not every bank agrees to give funds to buy a small house and a garden plot, that is, it becomes quite difficult for many people to buy a summer house on credit. But there is a method proposed by the banking structure - a mortgage loan for a piece of land and a consumer loan for the building itself.
In fact, the percentage of loans issued for the purchase of cottages and suburban land plots is negligible. This is explained by the usual reluctance of the bank management not to take risks, because many consumers who are experiencing financial problems at one time or another are ready to simply stop their payments and then the bank will be left with monthly repayments, but with a bunch of unresolved issues - courts, tenders and attempts to sell property in order to close the debt.
But, according to experts, land investment is very interesting for investors and entrepreneurs, as over the past 10 years, the value of land has increased 10-15 times, especially the land located near the capital. A common example, only on the Warsaw or Kaluga highway the cost of land reaches $ 10,000 per hundred square meters, and this is considering the fact of its illiquidity. Where the land is valued more, they value it up to $ 25,000 per hundred square meters. This applies to the suburbs, up to 30 km distance from Moscow.
Where is the best way to get a loan for a summer residence
Today, there are many banks, and you can just get confused in the number of offers on targeted loans. For your convenience, we have collected the most interesting loan programs of famous Russian banks. By clicking on the link, you can familiarize yourself with the interest on the loan, its amount and determine other parameters.
Most common schemes
However, whatever the quality of the plot, banks are in no hurry to allocate money for it. Such programs provide only ICD, Bank Zenit and Raiffeisenbank. It is the last bank that offers a loan to buy a summer house or a land plot with a house for a period of up to 15 years and asks for 11.5-12.5% in dollars and from 13% in rubles. The down payment from the person who decided to take a loan to the country, is at least 25% of the amount. But there are positive aspects, there is no limit to the loan for the site.
A similar scheme offers Moscow credit bank. The rate is from 13.5% in dollars and more than 14% in rubles, the initial payment is also a quarter of the amount. But there are some differences, for example, the site should be no more than 75 km from the city, be at least 6 acres in area and its cost should not exceed $ 800,000.
The hardest thing is to take a loan to the country in Bank Zenit. 30% of the initial deposit, the maximum loan term is 5 years, the cost of a plot in Moscow or the region is not more than $ 600,000, and this at an interest rate of 12.5% in dollars and more than 14% in Russian rubles.
In general, the most difficult in obtaining a loan for the country is the documentation. There are many pitfalls, such as fictitious references, incorrect location of plots, informal addressing, incorrect history, credit or ownership of a land plot, which can even lead to the removal of land by the bank. It is necessary to carefully collect the package of documents and constantly check its compliance with the requirements. The same difficulty is the banking resource, which, according to the same management, does not pay off at all and it is much easier to conduct ordinary loan transactions than to issue loans for land in the country, where very often, due to small blots or inaccuracies in the calculation of the area , in the documentation for communications or in the cadastre, you just have to wrap up the documents and start the process again.
But, despite these difficulties, a loan for the construction of a summer house is real. In this case, it will be necessary to evaluate all costs in advance and submit the relevant documents to the bank, while the cadastral plan must be correctly drawn up, its age must be no more than one year, otherwise it will become invalid.
After a loan for a land plot has been processed, you can take a standard, consumer loan for the construction of a summer house. Banks are ready to allocate for such purposes before 25 000$. It is worth paying attention that the buildings on the site that is on credit automatically fall into the pledge of the bank until the last payment is made on them. That is, if the client has lost solvency, then, to repay the loan amount, both the land and the buildings will be put up for auction.
So is there a chance
As you can see a loan for a summer residence is possible, although banks are not quite willing to give it out. With great desire, these structures allocate finances for the construction of more expensive houses, not summer houses, namely cottages and country estates, which, although not considered a peak in liquidity, are gaining momentum every year and become more popular. That is, there is growth in the segment, and banks are paying attention to it.
According to the bankers of the capital, loans for suburban homes and land are more risky, but, under certain conditions, they are issued, as suburban real estate rises in price and can be a worthy guarantee on loans. But, at the same time, any bank will more confidently treat a client who can provide a ready-made deposit, such as an apartment or real estate already available outside the city. Thus, a loan is possible on the security of a dacha, which is being built or a loan on the security of the property that is already in possession. This deal will be much easier to conclude and, possibly, some credit conditions will even be relaxed.
Since banks are more willing to draw up consumer credit, the pledge of which are private buildings or other property, then the client will be able to receive money for the construction of the house and for its improvement. In this case, you can invest in the amount all the necessary expenses, which will be transparently reflected in the documentation, and get a loan for construction materials, from which the real estate remaining in the pledge of the bank will be built, install fences for lending and build all the necessary the buildings. Do not forget that each of them increases the estimated value of your property, but, at the same time, it will remain in the pledge of the bank until you pay the last installment on the loan received.
Information on the proposals is current as of December 2011, the announcements of loan products are not advertising.