When a young family or one person is going to take a mortgage, they, of course, begin to look for the most profitable options. And most will start to choose from those banks where there is the lowest interest on the mortgage. Indeed, the interest rate plays an important role when the borrower’s financial resources are seriously limited (and they are considered limited by default).
Total loans issued as the main criterion
However, in banking statistics itself, the determining factor is not at all the amount of annual interest, but the volume of loans issued in monetary terms and the number of bank borrowers. In principle, this approach is not unreasonable. If a significant number of people seek to take a mortgage loan in this particular financial institution, then perhaps this bank actually offers the most favorable conditions. Or the variety of credit conditions he has the greatest.
But does this mean that you should immediately run to Good finance for a desired, cheap and profitable mortgage? Or then which bank is more profitable to take housing in a mortgage? The fact is that the rate is not the only criterion, and it is associated with other credit conditions. Moreover, the amount of money in itself does not say anything either about the number of clients, nor about their, so to speak, material status. It happens that a large amount is made up of many small mortgages (0.5–1 million rubles).
And it happens that the same amount forms a much smaller number of larger loans (more than 2 million rubles). Thus, if hypothetically two banks have approximately the same rating relative to the volume of funds issued, then they may have a completely different clientele. One goes to people for whom a loan of 1 million rubles is a ceiling. Buying a more expensive option, they will not pull. In the other there are those who can afford to take from the bank and 2.5 million rubles. Only the first will be the majority, and the second – a minority. And the total amount at the output of the two banks will be the same.
Of course, such pure segregations do not happen – any bank deals with a wide circle of people. This example was given only to show how little informative one single criterion is. Consequently, the second important criterion is the number of bank clients in a certain segment of its activities. Good finance has very high rates here.
Interest rate and mortgage terms
The organization mentioned above, 304.302 billion rubles, distributed between 198 thousand borrowers. The bank itself claims that such indicators once again proved its status as a “national” bank of the Russian Federation. Indeed, the purchase and purchase of residential real estate in the mortgage according to statistical reports for a significant part of the population passes through this bank.
It is worth considering a complete list of the basic conditions of mortgage loans in this institution. So:
- The minimum loan amount is 300 thousand rubles.
- Annual interest rate – from 11.4% to 13.5%.
- The term of the mortgage loan is from one year to 30 years.
- Minimum down payment – 20% of the cost of purchased housing.
- You can borrow real estate in the secondary market and housing under construction.
For those who do not know. The listed conditions of bank mortgage lending are either minimal or parametric (for example, terms). And they are not related to each other. In this case, at least 11.4% is the minimum rate, for a minimum loan (300 thousand rubles) the rate will be higher. If you look at the key criterion, the interest rate, then in Good finance it is the middle peasant. There are many banks where the rate is higher. But there are quite a few who offer a truly low rate. In Good finance, buying an apartment on credit with annual interest rates of 11.5% is rare.
In 75% of all mortgage loans, this beneficiary offers 12.5% or 13%. Moreover, in practice, Good finance has long been an unofficial branch of the Central Bank of the Russian Federation. It works closely with all government programs, and this allows you to reduce the rate. When housing is built with state participation, for the bank it is a guarantee that the developer will execute the declared project. No wonder when the developer – a state organization, interest rates are very small.
And when the developer is a private enterprise, the situation becomes just the opposite – a financial institution for such housing under construction strongly raises annual interest. In order to cover losses in case of possible bankruptcy of the developer. Most likely, the Savings Bank is obliged to government programs by its first place in the rating of loans. Since there are conditions that may not suit many customers. First of all, a relatively high down payment.
Rates in some other banks
Agricultural Bank in general is a fully state financial institution. In the submitted ranking list, he took the place in the middle. Why did the same Good finance so bypassed it, although the Agricultural Bank also implies a purchase in the mortgage and secondary housing and turnkey housing? The point here is not only in the scale of the enterprise (Good finance has the largest number of branches in Russia), but also at a higher interest rate.
The mortgage in the Agricultural Bank with the most advantageous offer is a rate of 13.5%, but at the same time it applies only to short-term loans (up to 5 years) and with a large down payment (over 50%). Although this bank has offers, where the initial payment is only 15%, but, of course, the rate will be high there (15-17%).