Mortgage for pensioners in the Russian Agricultural Bank

More recently, people who are on a well-deserved rest, in all banks, were denied a loan, including a mortgage. The reasons are obvious: the size of the pension is small, in addition, there is a possibility of non-repayment of debts due to health and advanced age. However, today the credit policy of many banks has changed, and programs for pensioners have appeared. Preferential service conditions are the main advantage of such loan products. One of them is a mortgage for pensioners in Rosselkhozbank.

About the features of mortgages for pensioners in 2019

Under the terms of 2019, the interest rate of a loan for pensioners for the purchase of a finished apartment fluctuates around 11%. This figure is averaged over Russian banks. However, this is not the most important thing to pay attention to.

As you know, men at the age of 60 and women after 55 can go on a well-deserved rest in Russia. And most financial institutions, including Rosselkhozbank, set the upper age limit for obtaining long-term residential loans at around 65 years. Thus, purely formally, a pensioner can buy housing on a mortgage using any of the banking programs. The only thing that does not bring optimism to such a decision is the relatively short period of use of the loaned funds - only 5 years for men and 10 years for female borrowers.

Upon reaching the age of 65, the mortgage with accrued interest will need to be fully repaid.

Under what conditions is

It should be noted that in this financial institution there is only one loan product for people of advanced age - "Pension Credit". We will discuss it in more detail below, but now we will say that the conditions for providing long-term housing loans to pensioners in the bank in question are the same as for other categories of Russian citizens, with the exception of increased attention to their solvency and loan terms. Our compatriots who are on a well-deserved rest can take a long-term residential loan under 3 programs. For ease of reference, the terms of the mortgage for pensioners in the Russian Agricultural Bank are placed in the following summary table.

This table does not contain information about the term of the loan. We remind you that pensioners can use borrowed funds only until the day of celebrating their 65th birthday. Therefore, the duration of the mortgage agreement depends on the date of its execution. In general, the loan term does not exceed 30 years.

Bank requirements for the borrower

A pensioner who meets the following requirements can apply for a mortgage at Rosselkhozbank:

• Russian citizenship;
• presence of registration;
• in addition to a pension, has a stable documented income;
• positive credit history.

As you can see, the requirements are standard. But Rosselkhozbank is ready to consider other possibilities for lending to elderly citizens. In particular, if a married couple wants to get a mortgage, the income of the couple as a whole is taken into account, since it is much easier for two people to allocate the required amounts to pay off the debt. In addition, co-borrowers who are not necessarily related to the main borrower are allowed to participate in the program.

Returning to the conversation about the age of the client, we note that in a number of programs in relation to this characteristic there are special, more loyal requirements. For example, the conditions of the mortgage “For the development of personal subsidiary plots” state: at the time of the final repayment of the debt, the age of the borrower (and co-borrower) should not exceed 70 years.

Requirements for the property

Mortgages for pensioners from Rosselkhozbank in 2019 are issued on the security of existing or acquired real estate. This condition provides that the actual owner of the object is the client, but Rosselkhozbank is entitled to apply sanctions against collateral objects if there are delays on the mortgage.

The property must meet the following requirements:

• if existing real estate acts as collateral, the ownership of it must be documented;
• the object must be evaluated by an independent appraiser and be recognized as liquid;
• legal purity. These should be all stages - from the developer or the previous owner and ending with the scheme for transferring ownership to the mortgage borrower;
• absence of encumbrances - litigation, bonds, dependents on maintenance, other restrictions or the possibility of their occurrence;
• the acquired land is subject to verification of geographical and climatic conditions. In addition, it should not be on the list of the environmental fund;
• real estate must be located in the region where the branch of the Russian Agricultural Bank is present.

What categories are pensioners divided into?

The division of pensioners into categories ensures the convenience of selecting a suitable mortgage program. Russian financial practice predetermines the formation of the following groups of elderly people:

• Working pensioners. The level of income of these persons is officially confirmed by the relevant certificate, and the work book contains a mark on the current employment.
• Non-working pensioners who own real estate that can be pledged, or persons with a high level of solvency.
• Military pensioners eligible for government assistance and participation in the Military Mortgage program.

What programs can you join?

Today, Rosselkhozbank offers several loan products that are distinguished by favorable conditions for people of advanced age. Let's consider them in a little more detail:

• "Untargeted loan secured by housing." Rosselkhozbank positions this loan as a consumer loan. Nevertheless, thanks to the phrase “housing mortgage”, it can be quite categorized as mortgage loans. This thesis is also confirmed by the maximum loan amount available for receipt - 10 million rubles. And the term is also quite decent - up to 10 years. However, only retired female borrowers can use the money during this time. This type of lending is also subject to the requirement to fully repay the debt before the client reaches the age of 65.
• Military Mortgage. This product is offered within the framework of the state program of the same name. The list of objects available for purchase is formed by the state, and the funds accumulated on a personal account in the NIS (accumulative mortgage system) act as a guarantee.
• "For the development of personal subsidiary farming." It is issued on the security of liquid real estate. The range of lending purposes is very wide - from the purchase of mineral fertilizers and plant protection products, including the payment of rent for storage facilities and warehouses, and ending with the purchase of building materials for the repair of fences and barriers. The rate is 12.5%. The maximum amount is 1.5 million rubles for the so-called. reliable clients.

Special programs designed for the elderly include "Pension Credit". Of course, this is not a mortgage, but an ordinary consumer loan. But if the word “pension” is present in the title, it cannot be ignored. Moreover, the terms of this loan are very attractive:

1. The maximum age of the borrower is 75 years.
2. You can send credit funds for urgent needs without confirming their intended use.
3. For loans up to 200 thousand rubles, the rate will be 12.50 - 16.50% per annum. Loans in excess of 200 thousand will cost the client less. In this case, the usage fee varies from 11.50 to 15.00%.

In addition, Rosselkhozbank has a Refinancing program. It allows mortgage borrowers who maintain personal subsidiary plots and who took out a long-term residential loan during the years of the global financial crisis (2008-2011) at high interest rates, to reduce the financial burden on the family budget. This banking product is especially relevant for citizens who at that time were employed and had a decent income, but after retirement, it became extremely difficult for them to service a mortgage. You can refinance at Rosselkhozbank at a rate of 11.5% per annum.

How to issue

To apply for a mortgage at Rosselkhozbank, you must provide a package of documents that includes:

• application form;
• - both the borrower and, if available, the co-borrower;
• a copy of the employment contract or certified by a notary or employer - if the pensioner is officially working. This increases the chances of an elderly person to receive a long-term residential loan.

Together with copies, original documents are submitted to the bank, with the exception of the work book. If the borrower or co-borrower is engaged in personal subsidiary farming, they fill out and submit an application to the questionnaire.

In what cases can you get a denial

The reasons why Rosselkhozbank may reject a pensioner's application are as follows:

• the term of the loan or its amount exceeds the established limits;
• false information is present in personal data;
• incorrectly completed application forms;
• the borrower's income does not allow obtaining a loan for the stated amount;
• tarnished credit history;
• the mortgage applicant does not have close relatives (spouse, children);
• The age of the borrower does not meet the requirements of the mortgage.

In case of refusal, do not give up. The situation can be corrected. For this you should:

• fix your credit history by paying off all current debts;
• more carefully approach the procedure for searching for real estate and find an object that meets the requirements of the Russian Agricultural Bank;
• increase the level of recorded income by attracting co-borrowers.

The income of the guarantor is not taken into account. This person acts only as a guarantor of the correct servicing of the mortgage loan, and also repays the debt if the borrower/co-borrower becomes insolvent.

Mortgage loan repayment

The procedure for repaying a long-term loan by a pensioner is the same standard procedure that all clients of Rosselkhozbank follow without exception. Meanwhile, a person of advanced years, just like younger people, often has a desire to get rid of the financial burden as soon as possible. You can close the loan in full or pay off part of the debt.

On the advantages and disadvantages

Mortgage lending for pensioners has the following advantages:

• Solving the housing issue. In domestic realities, it is not uncommon for parents and family members of one of their children to live in the same apartment. Mortgages for pensioners solve this problem. Moreover, the children will become the owners of the property immediately after making settlements with its seller.
• Saving. Citizens of advanced age can take out a mortgage on attractive terms.
• Investment. Investing in real estate has always been a good way to save money from inflation.

Of the shortcomings, it is worth highlighting:

• Difficulties in design. As a rule, the borrower must prepare an impressive package of documents. And it is not a fact that, based on the results of a bank audit, the pensioner's candidacy for issuing a mortgage will be accepted.
• Risk of losing home. Any borrower can face such an outcome, but for the elderly, the likelihood of its occurrence increases.
• Insurance expenses. This topic continues the previous paragraph. To avoid the alienation of the apartment, the borrower can insure his health and life. Then, upon the occurrence of an insured event, the bank's losses are compensated by the insurer. However, the insurance policy is very expensive, and it must be purchased annually. But there is no escape from the insurance of collateral real estate.

So, mortgages for pensioners are available today. However, before deciding to take such a step, a person of venerable age should carefully analyze their financial capabilities. Only after that you can make a decision - so that the children do not inherit large debts along with the apartment.

Mortgage for pensioners: Video