When applying for a loan for a down payment on a mortgage, homebuyers risk their monthly payment increasing by 1.5-2 times. It is reported RIA News with reference to real estate experts.
Russians need to save 10-20% of the cost of an apartment for a down payment. According to experts, if the buyer issues a loan for this amount, the likelihood that he will not be able to simultaneously repay mortgage and consumer loans increases due to an increase in the monthly payment.
One of the risks in such a situation was also called the prospect of becoming homeless if, with two loans, the borrower had unexpected expenses or a drop in income.
“With a mortgage loan, the apartment is pledged to the bank, and if the borrower is unable to honor his loans, he risks ending up without a house, but with a consumer loan” , said Irina Nosova, director of ACRA Financial. Institution Rating Group.
In November 2021, in order to study the Online-Ipoteka mortgage platform, the Russians disclosed the sources of funds for the down payment on a mortgage loan. In most cases, borrowers use only accumulated funds and maternity capital. Some borrow money from relatives or acquaintances or take out consumer loans.
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