MOSCOW, June 2 It is possible to take out a mortgage without a down payment, but only under certain conditions, Oksana Savchina, associate professor of the Faculty of Economics at RUDN University, told the Prime agency.
She recalled that against the backdrop of an increase in the key rate, banks are tightening the requirements for the first payment, including under preferential programs. Some banks already offer a product for 60 percent or more of the down payment.
But there is a way out: you can use maternity capital for the down payment, if you have the right to it. In addition, there is an option to mortgage an existing property. The size of the loan will depend on the value of the collateral. For example, if it costs 10 million rubles, a mortgage will be given for 8 million. There is also an upper ceiling — no more than 100 million rubles.
It will not be possible to do without a down payment entirely, but it is important to understand that the higher it is, the greater the chance of getting mortgage approval and the lower the loan rate. Therefore, one should not bypass the bank’s requirements, Savchina concluded.