If you are tired of noisy neighbors behind the wall in a high-rise building, then you can get a loan to build your own home from Sberbank. This financial institution offers the most favorable mortgage conditions compared to other organizations. To approve the application, you must familiarize yourself with the requirements for the borrower, the conditions for obtaining and repaying the loan.

The positive aspect of obtaining a loan for the construction of a private house from Sberbank is a small annual interest rate. Such lending always carries certain risks for the financial institution. If the client does not repay the loan, the bank will be left with a plot of land with unfinished housing, which acts as collateral when completing the transaction.

Advantages of applying for a targeted loan at Sberbank:

1. No commission for processing an application and servicing a mortgage loan.
2. Approval is also received.
3. Issuance of large amounts, since Sberbank takes into account not only the main income, but also additional income, which cannot be documented.
4. No penalties for early loan repayment.
5. Possibility of obtaining a loan under a preferential program.
6. Availability of privileges for holders of salary credit cards from Sberbank and citizens whose employers are partners of this financial organization.
7. Possibility of obtaining a mortgage with a co-borrower.
8. Providing special lending conditions if the client, during the construction of a house, turns to contractor companies with which Sberbank cooperates.
9. and return of interest on .

Sberbank offers a deferment for 2 years. During this period, the borrower is required to pay only interest. This offer is convenient when building a house, as it helps protect the client from unexpected expenses.

You can get a deferment immediately after applying for a loan and not spend money on loan repayments for the first time. Sberbank allows you not only to receive money on favorable terms, but also to engage in construction yourself, without involving accredited developers.

Sberbank provides from 300 thousand rubles for the improvement of a private house. The maximum loan amount should not exceed 75% of the value of the property that the client wants to purchase. Also, the borrower cannot receive more than 75% of the value of his own home, which acts as collateral (the value of the apartment or house is determined by the appraiser).

What can act as a guarantee of fulfillment of obligations by the borrower:

• pledge of purchased or existing property;
• until personal or purchased housing acts as collateral, a citizen is required to provide guarantors;
• You can mortgage the plot or the right to lease the land on which the residential building is located.

A loan from Sberbank is issued for a period of up to 30 years. The down payment amount is at least 25%. The client does not pay any fees for obtaining a loan. It must be carried out for the entire period of validity of the mortgage agreement.

Interest rates

Sberbank offers the lowest interest rate on a housing loan – 11.6%. But with greater risks for the financial organization, this figure increases. For participants in government programs, the annual rate is 10.6%.

Reasons for increasing interest rates:

1. The client has not collaborated with Sberbank before and receives his salary on the card of another financial institution. In this case, the percentage increases by 0.3%.
2. Refusal by the borrower leads to an increase in the rate by 1%.
3. If during the registration period of the mortgage a personal apartment serves as collateral, then the percentage increases by 1%.

To get one, you need to be a reliable borrower. Sberbank managers evaluate the client’s credit history and financial capabilities.

A loan for building a house at Sberbank can be calculated using a special calculator. The program works online and helps you find out the interest rate that can be approved. To receive a calculation, you need to enter the initial data in a special form.

The calculator requires you to indicate the loan amount, the size of the down payment, participation in preferential programs, and the availability of a salary card from the bank. Consent to obtain insurance is also confirmed. Additionally, the approximate cost of construction work should be calculated.

Loans for housing construction

Purchasing real estate or building your own is perhaps one of the main goals of every person. Unfortunately, it turns out that not everyone can quickly earn the required amount. In such cases, you can use a loan.

Today there are many organizations that are ready to provide loans. But here it is very important to understand and study all the conditions as much as possible.

Lending for housing construction is a loan provided by a bank for the construction of residential premises. In this situation, the bank must take the property as collateral. When it comes to construction, large sums will be needed to carry out this work.

Banks are willing to issue loans for housing construction, as this helps to attract customers and receive constant profits in the form of interest. In this situation, a collateral is required, which guarantees the bank the return of its assets.

How is lending carried out?

As practice shows, lending for housing construction is carried out not only on our own, but also by investing money in new buildings. Today, there are a lot of projects in which you can invest money in building your own home and, as a result, get an apartment in a new house. But before applying for a loan from a bank, you need to check the developer so as not to fall for a scammer.

It is necessary to request documents such as a building permit, a house plan, review the contract and request registration documents.

Once you have decided on a developer, you need to familiarize yourself with the bank’s offers. There is no need to rush here, since there are many offers - everyone positions themselves from the best side. It is important to pay attention to small nuances, since they constitute the main essence of the loan. If the bank offers very low interest rates, then it is worth checking whether there are any additional commissions and surcharges - often they are higher than the interest itself.

After all the documents have been checked by a bank employee, a loan application is submitted, where the borrower provides valid information about himself and his financial situation. Once the underwriters and security team have verified all the necessary information, the client receives a decision. It is important for the client that the information provided is absolutely reliable.

Who can get a loan

A person who is officially employed and is a resident of the country can receive a loan. The age category of the borrower is not less than 23 years and not more than 65 at the time of the last loan payment. It should also be noted that the loan is secured and must be. As a rule, a close relative acts as a guarantor, very often this is the second spouse. The property is under the bank's custody until the loan is repaid in full.

Of great importance for the bank is the level of the client’s salary. The planned payment must be at least 50% of the borrower's average monthly income.

Marital status also plays a role, i.e. if there is a second spouse and children, this increases the chances of receiving a loan. People with disabilities of groups 1–3 have practically no opportunity to get a loan.

How to choose the right bank

This is one of the most important points, since this is how your financial condition will be determined. Get acquainted with information about the founders and capital. Next comes information about interest rates. On average, the interest rate is 10–20% for mortgage lending. Additionally, insurance is included with the loan agreement, which is required by almost every bank.

Loans for housing construction

Insurance is intended for cases when the borrower loses his ability to work (disability or other very valid reasons) or passes away. Of course, there are options without insurance, but in such a situation the risk is higher, so they provide a loan at a higher interest rate. It is best to insure your life and property - everything changes so quickly, you need to protect your future at least a little.

One of the important points when choosing a bank is to consider how reliable the bank is. Many people tend to take out a loan from a state bank because they consider it more stable. From one point of view, this is a very wise choice, but as a rule, you will not receive a large loan. If we talk about private banks, in particular foreign ones, then everything is different; they will provide the amount in full. European ones are considered very stable and reliable - all the necessary nuances are taken into account in the agreement.

What documents are needed to apply for a loan?

If you decide to buy a plot to build a house, you will need to have the following documents:

1. passport of a citizen of the country;
2. a certificate from work showing income for the last 12 months;
3. borrower questionnaire;
4. application of the established form;
5. permitting documents for construction;
6. estimate for construction work, if available;
7. an agreement concluded with a construction company;
8. passport for collateral;
9. a document confirming additional income;
10. if the person is an entrepreneur, then a certificate of state registration. Loan currency;
11. spouse's documents;
12. guarantor documents.

The nuances of obtaining a loan for housing construction

Mortgage lending is a rather complex process and must be formalized by a notary, since we are talking about collateral. Many clients do not understand such procedures well enough and want to protect themselves, while hiring experienced lawyers who will help defend their rights. This specialist will help you find out all the important nuances and save you from overpayments in the future. Please read the agreement before signing.

A home construction loan requires a guarantor. The role of such a person is usually one of the relatives, most often one of the spouses.

Additionally, the borrower signs a property and life insurance agreement. Payments are made annually; if payments are not made on time, the interest rate increases.

Loan currency

Property and life insurance contract

Banks provide lending in our country in the following currencies - rubles, dollars, euros. You can choose any currency in which you will pay with sellers of goods for construction or with the developer. Very often, people take directly in rubles, since for most, earnings in this form and with the growth of foreign currency can lead to financial difficulties. Alternatively, you can initially take it in the desired currency, and after some time simply transfer it to rubles through a banking operation called refinancing.

The downside is that this will last for a certain period and plus there will be the difference between selling and buying currency on the foreign exchange market, as well as the costs of a notary. This will allow you not to worry about the future. Please note that the rates for foreign currency loans are slightly lower than those of the national one.

How much loan can you get?

Bankers are very cautious about mortgage lending, despite the fact that this is one of the main sources of bank income. As a rule, the amount is provided in the amount of 70% of the total cost of housing construction. Thus, before taking out a loan, you need to collect 30% of the cost of housing. Some banks treat their clients more loyally and provide the amount in full.

As discussed earlier in the article, a lot depends on the income of the borrower. The higher your income, the more likely it is to get a larger bank loan. According to the calculations of credit experts, the planned monthly payment should not exceed half of the client’s monthly income.

Pledge

One of the important aspects of a home construction loan is the collateral. This gives the bank a guarantee that the client will repay the loan in full. This happens in such a way that the borrower transfers his property temporarily under the arrest of the bank; when all obligations are fulfilled, the arrest will be lifted from the property and all rights will be transferred to its owner. Otherwise, if the obligations are not fulfilled and the borrower refuses to pay the loan, then all ownership rights are transferred to the bank.

Without a preliminary assessment, the bank does not take ownership of the property. To do this, borrowers hire an appraiser and receive a written opinion from him. After this, the bank decides to provide a loan or not. It is important to understand that the requested amount cannot be more than the deposit.

Very often, the collateral is purchased property. As a rule, an assessment is also necessary in this case. For the bank, any nuances are documented.

Initial fee

The purchase of real estate is a fairly significant event, which requires additional preparation. That's why there is such a thing as an initial payment. In most cases, it is 15–30% of the cost. In this way, the payer shows his solvency. But today, nothing is impossible, and banks provide loans in full, without any initial payments. But you need to look for such a bank. It should also be noted that such banks set a higher interest rate.

Loan terms

Loan terms may vary, again it all depends on the borrower. The higher the income, the shorter the loan term. Some try to make their income less so that the term lasts longer. In fact, this is not entirely beneficial for the borrower. If you calculate, the longer the period, the greater the overpayment.

On average, the term lasts from 10 years to 30. But the sooner you pay off, the better for your financial situation. According to the advice of credit experts, it is better to repay early, this will be a big savings. The law allows early repayment without any penalties.

Repayment methods

The loan is generally repaid at the branch where it was taken out. This is what provides interest-free repayment. In addition, you can control the balance - take a statement of your credit account. This is one of the standard methods, but there are others:

• through the cash desk of other banks;
• in self-service terminals;
• via the Internet using a bank card;
• via Internet banking;
• with the help of a standing order to and others.

So, lending for housing construction is one of the real ways to get your own home and not save up funds for purchase for decades. Today there are many developers and banks who are ready to provide their services on favorable terms. The most important thing is to first understand this with the help of specialists and choose the best option for yourself.

An interesting video about the monthly payments of an ordinary resident in the states for loans and mortgages:

Feb 20, 2018 Help manual

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• Changes in rates

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Many have heard the phrase more than once: “A real man must do three things in his life: build a house, plant a tree and give birth to a son.”

But what to do if you already have children, a tree has been planted, but there is no money for the last item?

What to do if you want to move into your dream home, built according to an individual plan? To make this dream a reality, you can try to take out a mortgage from a bank to build a house.

Which banks issue it, under what conditions and how to draw up a mortgage agreement?

Types of mortgage loans for housing construction (private houses) in 2020

In Russia there are three types of loans, on the basis of which a client can be given money for the construction of a residential building:

1. Mortgage. The borrower is given money as collateral. The collateral is real estate, for example, land owned by the borrower. Unlike other forms of credit, mortgage interest rates are lower than other forms of credit.
2. Targeted loan. According to the terms of this type of lending, money is given to the borrower specifically for certain purposes. To apply for a targeted loan, the borrower will have to collect a large package of documents, unlike mortgage lending.
3. Consumer loan. Money is given to the borrower for any purpose. However, unlike the previous two lending methods, consumer loans charge high interest rates. In addition, the bank issues a small amount for this type of loan, which is often not enough to build a house.

A mortgage for building a house today is the most common lending program for Russians. To obtain a mortgage, the bank client has the following requirements:

A mortgage for real estate construction is issued in installments rather than the full amount at once. That is, the bank gradually transfers funds to the borrower, and he pays for materials, etc.

Preferential loan for the construction of a private house

In state-owned Russian banks, certain categories of citizens are provided with benefits under the mortgage lending program to build a house:

• young married couples – if at least one of the spouses is under 35 years old;
• families raising three or more children;
• military.

Benefits may include the following:

• the loan term increases;
• interest rate decreases;
• There is a possibility of deferred payment.

When it comes to borrowing money to build a house, the borrower must indicate in the application where he plans to spend the money. Then the bank decides to issue him a loan in installments.

When the client receives the first part of the loan and needs the second half of the money, he will be required to submit to the bank that issued the mortgage a report for the spent first part of the mortgage funds.

How to get a mortgage to build a private house? To obtain a mortgage for building a house, a potential borrower must complete the following steps:

If the borrower builds a house on his own, then the mortgage funds are transferred to the borrower in two tranches. If the construction of housing is carried out by a contractor, then the funds are transferred in one payment (the entire amount is immediately transferred to the contractor’s bank account).

In order for a bank employee to consider an application from a potential borrower, he needs to prepare the following package of documents and attach it to the application form:

This is a standard package of documents that the client must prepare for the bank. The bank works with each borrower individually, so for certain categories of the population additional documents may be required, for example: TIN, military ID or a participant in the savings-mortgage system, certificate of maternity capital, international passport, marriage certificate, birth certificate of children, etc.

Requirements for the land plot where the borrower plans to build a house

Before approving a client’s application for a mortgage agreement to issue a loan for building a house, the bank carefully checks the documents for the land where the potential borrower plans to build a house.

Thus, one of the mandatory conditions is that the client has ownership rights to the land. The site itself must meet the following requirements:

• the land must be classified as “land of populated areas”;
• the plot should not be under arrest, under mortgage, etc.;
• if there are any buildings or structures on the site, then the owner of this land must have the appropriate documents for these types of buildings: title of ownership (extract from the Unified State Register of Real Estate);
• if the land is owned by several people, then all shareholders must act as mortgagors.

Is it possible to take out a mortgage to build a private house without a down payment?

One of the conditions for taking out a mortgage for building a house is paying a down payment.. This rule exists in all banks, including such large ones as Sberbank, Gazprombank, VTB 24.

The fact is that paying the down payment is a guarantee that the client will actually start building a house, not only using the bank’s money, but also using his own savings.

Maternity capital can be used as a down payment.

The question is not which bank issues a mortgage, but where the optimal interest rate for the client is provided, a suitable loan term and a minimum down payment are issued:

Is it possible to get a mortgage for building a house if the collateral is the future house?

No, you cannot mortgage a house that doesn’t exist yet.. The borrower can mortgage a plot of land where it is planned to build a house or other real estate that belongs to him as a property, for example, an apartment.

It is worth noting that in some situations the bank may accept an unfinished object as collateral. But these are rare cases and we are talking about those situations when the bank understands that the building will be ready soon.

The bank can also reissue the mortgage agreement, indicating the built house as collateral.

No, without documents for a land plot, not a single bank will issue a mortgage to a client. To obtain a loan to build a house, a borrower needs:

1. Buy a plot (the land must be located in the right place).
2. Make a project for housing construction, contact specialists to calculate construction estimates.
3. Submit an application to the bank for a mortgage.
4. If the bank accepted the application and approved the mortgage process, the client will have to start building a house within 3 months. And for this he needs to obtain permission to build real estate.

If your financial capabilities do not allow you to build a house right away, then you can take advantage of the opportunity to obtain a mortgage to build a house.

This type of mortgage is issued for the construction of a residential building on land intended for individual construction. The land plot must be owned or leased.

The peculiarity of mortgage lending for the construction of a house is that the borrower must provide the bank with collateral, which can be real estate owned by him.

10.07.19 52 579 160

The story is not for the faint of heart

In 2016, my wife and I started building a house. We didn’t have enough money to buy a house, so we took out a loan.

Georgy Shabashev

built a house with bank money

We have long dreamed of moving out of town, into our own home. We didn’t like the option of a townhouse, so we decided to buy a plot and build a log house on it according to our own design.

By the time we purchased the plot, we knew that we would not be able to build a house without credit money. They began to calculate options in advance so as not to drown in loans and not be left without a home.

We made it. I hope my experience will help you make a decision too.

How I tried to get a loan to build a house

A mortgage for a townhouse or apartment under construction and a loan for the construction of a house are different loans. In the first case, the property remains pledged, so the bank does not take risks: if the payer cannot repay the debt, the bank will sell his home. But issuing a loan for the construction of an object that does not yet exist in nature is a more risky operation.

The bank will not approve a construction loan if you do not have a plot. We bought a plot of land with our own money - this was supposed to be an additional guarantee for the bank: the property has land, but there are no loans. If you don’t have money for either a plot or a house, I recommend thoroughly weighing everything. Taking out loans to both purchase a plot and build a house is a dangerous scenario.

I studied the offers of several banks that were at that time issuing construction loans and submitted several applications: one bank rejected me immediately, another took several weeks to process my application and eventually also rejected me. I have a good credit history with no arrears, and the refusals were incomprehensible.

During a personal meeting, the bank manager said that construction loans are approved very rarely. Even after approval, construction documents - an agreement with the developer, an estimate and documents on the ownership of the land plot - may not pass verification. If something doesn't pass the test, the loan will be denied. This is the bank’s internal regulations, and it cannot be changed.

The bank also requires a construction permit, and obtaining it takes several months. While you are applying for permission, the bank’s approval will no longer be valid. If you want to get a loan under this scheme, you must obtain permission in advance.

I decided not to apply for construction loans anymore and take a different route: draw up an estimate and, as the house is being built, apply for consumer loans when my own money is not enough. The rate on consumer loans is higher, but this option still seemed profitable to me: you don’t have to pay interest on the entire amount at once, fewer documents are required, and construction can start earlier.

After completion of construction, I planned to refinance consumer loans with a high interest rate with one general loan secured by the built house. The conditions for such loans are better: the rate is 5-7 percentage points lower, and the maximum term is longer. As a result, the loan burden will decrease.

In the end, my plan looked like this:

1. Make an estimate and understand how much money is needed and when.
2. Apply for loans as needed.
3. Refinance all loans secured by the built house.

Budgeting

When planning to renovate an apartment, they often go beyond the budget. But if in the case of renovation you can leave one room unfinished, then you won’t be able to live in an unfinished house. In order not to spend the entire budget during construction, we studied proposals for several weeks.

To begin with, we visited the developers' exhibition sites - these are several dozen densely packed demonstration houses. There are also sites where several small developers show their houses - 1-2 from each. The houses are similar, but the cost depends on the materials and the company.

The advantage of ordering from a large company is that they have partner banks that are ready to approve a loan for building a house in this company. The downside is that you cannot make changes to the project at will: you need to choose from the available options and their configurations. The developer could not make our changes to the project: the size of the rooms, the layout of the bathroom and the wall material were fixed. The proposed options did not suit us.

And all the work would have to be ordered from one developer - this is often unprofitable. We refused such an offer.

Small developers have more freedom of choice. Many people agree to finalize the project for free, but there are rarely preferential lending programs. We wanted a house made of rounded logs and were looking for a developer who specializes in this material.

The company was chosen at one of the exhibitions of wooden houses. We were offered several standard projects to choose from. Each project had several layout options; you could also choose the tree and its size. We made about 10 changes to the project: we increased the diameter of the log, the canopy on the roof, the height of the ceiling, the size of the rooms, and took into account the redevelopment in the bathroom. How we chose the house and what the price was made up of, I will tell you in a separate article.

To plan an estimate, you need to know the stages of construction, their timing and cost. A log house is built in two stages: first, the box is the foundation, walls and temporary roof; then the second stage - communications, external and internal decoration. After the construction of the box, the house must settle; this time is allocated for the natural subsidence of the house when the logs dry out - shrinkage. The developer's recommendation is at least a year between stages. This is a feature of wooden housing construction.

The project with selected materials and components cost 2.6 million for the first stage and 3.9 million for the second. Additionally, we set aside 300 thousand for drilling a well, installing a septic tank and connecting communications to the house, and 10% of the estimate for unforeseen expenses.

The first stage takes 3-6 months depending on the weather, and then another year of shrinkage. After this, the second stage of construction can begin. In total, we needed 2.9 million at the beginning of construction and another 4.6 million after a year and a half.

The preliminary estimate for our house is 7.5 million rubles

First stage

2.9 million rubles: 2.6 million according to the estimate and 0.3 million for unforeseen

At the beginning of construction

Second phase

4.3 million rubles: 3.9 million according to the estimate and 0.4 million for unforeseen

After 1.5 years

External communications - well, septic tank, electricity

RUB 300,000

In the middle of the second stage

Financing plan

After collecting input, I sat down to draw up a business plan.

To the first stage 2.9 million rubles were needed. We had saved up 900 thousand, our parents closed the deposits and gave us another 800 thousand. I planned to take the remaining 1.2 million on credit. The first stage lasted six months.

Second phase began a year after the completion of the first. It required 4.6 million rubles, taking into account a reserve of 10% and the costs of a well, septic tank and electricity. I planned to save 50 thousand rubles every month after the start of the first stage for the second stage - in a year and a half, 900 thousand would accumulate. 3.7 million rubles remain. Banks usually give no more than 1.5 million for consumer needs. I took a risk and planned to receive two loans of 1.5 million each with an interval of 1-2 months. Whether the bank would approve them and at what rate, I had no way of knowing. I agreed to borrow the remaining 700 thousand from friends if the money was needed.

I planned to take out all the loans for the maximum possible period - for consumer loans this is 5-7 years. This way, the monthly payment and total loan burden will be lower, and the likelihood of approval of subsequent loans will be greater. He refused life insurance: it was not so profitable, even taking into account the fact that the loan rate was lowered. Even if the loan is closed early, the insurance is usually not refunded.

At the beginning of the summer of 2016, when I made the plan, the average rate on consumer loans without insurance was about 20%, and the refinancing rate was 11%. I expected that the rate would decrease further, but just in case, I included the planned loan load at a rate of 21% per annum. With my parameters, the total monthly loan payment would be about 95 thousand.

The end of my plan- refinancing of all loans with one, secured by the built house. The bank accepts only registered objects as collateral - I have budgeted another 6 months for the process of registering a built house.

Each bank has its own requirements for the collateral. For example, not all banks accepted wooden houses as collateral, and some did not work with country real estate at all - only with apartments. Sometimes the requirements were for the foundation, the availability of communications and distance from the nearest city in which there is a bank office.

At that time in Moscow, I found only five banks that were ready to accept a wooden house as collateral. This is the second risky assumption: during construction, the credit policy of banks could change and the house would no longer meet the collateral conditions.

A registered house and land are used as collateral, and banks only lend 50-70% of their total appraised value. After refinancing, I could count on a rate of 12-14% per annum for a term of 10-15 years. If you refinance 4.2 million rubles - the sum of all loans according to the plan - for 15 years at a rate of 14%, the monthly payment will be about 56 thousand. This suited me.

How it really turned out

First stage of construction. In June 2016, the Central Bank again reduced the key rate by 0.5%. The euro exchange rate, on which the cost of in-house communications and equipment depends, decreased during the winter and spring. I decided it was time to act.

I took out my first loan for 1.2 million rubles at 20.9% per annum from the same bank where I took out and closed the car loan ahead of schedule: I received a pre-approved offer from the bank. I refused insurance. The construction contract was signed on the same day, and a week later builders arrived at the site.

When they were digging a foundation pit, it turned out that due to the nature of the site, the foundation needed to be further strengthened and made deeper. A friend who works in the landscape design industry agreed with the builders' conclusion. The strengthened foundation cost an additional 350 thousand and immediately ate up 300 thousand set aside for unforeseen expenses. I was lucky that a few months had passed since I made the plan and I was able to save a little more.

As planned, I saved the entire year after the first stage for the second stage of construction.

Second stage of construction. When the time came for the second stage, I submitted an application for 1.5 million to another bank - there was a promotion with a fixed rate of 15.9%. The loan was approved for me without any problems, but for a maximum of 5 years. I agreed. The rate was attractive, and insurance was not imposed. The builders began work. According to the plan, I was supposed to take out another loan for 1.5 million, and if there wasn’t enough money, borrow from friends.

Another loan was needed two months later, and by that time consumer loans of up to 5 million began to appear. I contacted a bank that had a special offer for such a loan. The number of stars in the conditions was off the charts: compulsory life and health insurance, advance payment conditions, only online application for the minimum rate. While considering the application, the bank increased the interest rate and offered to leave the car as collateral - I refused.

A couple of days later, I learned about a pre-approved offer from another bank from which I had previously taken out and successfully repaid a loan. The bank offered to take 1.5 million at 18.5%. As a result, I went according to plan: I took out two loans of 1.5 million each, and the rate turned out to be lower than what I had pledged.

Unexpected expenses. The appetite comes during the renovation - at the second stage, unexpected “wants” began to appear. I wanted bigger windows on the first floor - plus 40 thousand. Additionally, install attic windows - another 220 thousand.

A week later, friends shared with us their experience of using heated floors, which, of course, were not taken into account in our estimate. We limited ourselves to heated floors in the hallway, kitchen and bathroom - without expensive sensors and regulators, it turned out to be 130 thousand with work.

130,000 R

we spent on heated floors

We built a house for ourselves and for a long time, so we followed our wishes. Total plus 390 thousand to the estimate.

While the exterior finishing was going on and internal communications were being carried out, new unplanned expenses appeared. According to the plan, 300 thousand were allocated for the arrangement and introduction of all communications, but the well had to be drilled deeper than expected - in the end, all 300 thousand were spent only on water supply and sewerage. Installing a meter, bringing electricity into the house and laying cables underground instead of wires hanging above the site cost another 65 thousand. Also, the estimate did not include grounding - plus 45 thousand, including equipment and installation. Instead of 300 thousand, we spent 410.

With all the additional work, the cost of the second stage was 4.7 million - 100 thousand more than planned expenses. In a year and a half, I saved up about a million and took out two loans of 1.5 million each for the second stage. But I still lacked 700 thousand, which in a couple of months had to be paid to the workers.

I didn’t want to strain my friends, but the total payment on all loans at that time was about 95 thousand. I didn’t want to take out another loan: the amount of 100 thousand monthly was for me a psychological mark that I didn’t want to cross.

As a result, I borrowed 400 thousand from friends and crossed out another 300 thousand from the estimate of work: I left the installation of interior doors and gas equipment for later, limiting myself to an electric boiler. Heating the house in this case is more expensive, but connecting to gas in our village costs approximately 600 thousand and takes almost a year.

Another month later the house was ready: communications were installed and running, finishing was completed and plumbing was installed. The only thing missing were interior doors, but we were able to install them in just a month. The only furniture included a kitchen, a refrigerator and a bed - all given as housewarming gifts from relatives. But it was already possible to live in a house and save on renting an apartment.

Home registration

To refinance my loans, I needed to register the house - otherwise the bank would not take it as collateral. Registration takes several months, but I was able to save time.

On the advice of friends, I turned to a company that collects and prepares documents. I was assigned a manager who was in charge of registering the house. I issued a notarized power of attorney for him so that he could carry out registration actions on my behalf. The power of attorney stated that the authorized representative can only register (register) real estate objects, but does not have the right to sell them. I was calm about my property.

35,000 R

I paid for the collection and processing of documents

I contacted the company in advance, and the manager suggested that I take care of the decoration during the construction of the house. That's exactly what I did.

Registration took 6 months; I did not delve into the paperwork process. During this time, the manager called me a couple of times to update the status. He requested and completed all the necessary documents without me - I saved time and nerves. I paid 35,000 rubles for the company’s services - the entire amount after the registration was completed. I received an extract from Rosreestr with the address of the house and my name, and a dozen other documents that the manager had to fill out for registration.

By the time construction was completed, the house was registered.

Loan refinancing

When drawing up a business plan, I selected banks that were willing to take my house as collateral. I checked the current rates on loans secured by real estate on bank websites and chose the bank with the lowest rate.

I had already communicated with the bank managers, but still called to clarify the list of documents. A week later, I collected the entire package of documents and headed to the bank to fill out a loan application.

Before submitting the application, the amount of debt on all loans was 4 million - that’s exactly how much I requested. Not a single delinquency appeared in my credit history, I fulfilled all current loan obligations on time - and a week later I received bank approval.

All that remained was to appraise the house and land and submit a report to the bank. The assessment cost 18,000 rubles and took less than a week. In the report, the house and land were valued at 7.6 million rubles. In the approval, the bank indicated that it could issue a maximum of 60% of the assessment - this was enough to close all loans.

But here problems began: the bank’s collateral department did not want to accept an independent assessment, arguing that the countryside real estate market had fallen. Bank experts valued the house with a plot at only 5.6 million - 60% of this amount was enough for only two loans out of three. My arguments, construction contracts and an appeal to the head of the mortgage department with a request to reconsider the assessment did not change the bank's decision.

I didn’t want to submit an application to another bank: there were no guarantees of a higher valuation of the collateral, and the approval period was already expiring. I agreed to the bank's terms and refinanced two of the three loans. Despite the fact that the rate on the first loan was higher, it turned out to be more profitable for me to refinance the second and third loans: they had a larger debt balance, and I needed to transfer as much as possible to a lower rate.

After refinancing, I was left with a loan with the highest rate and a debt to friends - in the amount of almost 1.5 million. I wanted to reduce the rate and pay off the debt as soon as possible. On the Internet I found a promotion for refinancing at a rate of 10.99%. The promotion allowed you to refinance the loan and receive additional cash, but in the amount of no more than 1.5 million. I understood that the preposition “from” could mean any rate, but I filled out the application anyway.

I received preliminary approval without an exact rate within an hour via SMS. The next day I brought the original documents, signed the form, and half an hour later the manager said that the refinancing was approved at the minimum rate - 10.99%. I closed an expensive loan and repaid the debt to friends.

Results

2.5 years passed from the moment I purchased the plot to the time I moved into the house, of which approximately every fourth day I dealt with bureaucracy: analyzing bank offers, sending loan applications, collecting documents, visiting bank offices and more. My risky plan underwent adjustments along the way, but overall it worked. I spent a lot of time and nerves, not to mention money.

82,000 R

I pay monthly on all loans

Now I have two loans: a mortgage loan for 15 years at 13.5% and a consumer loan for 5 years at 10.99%. The total monthly payment is 82 thousand rubles. This is more than the mortgage payment for a two-room apartment on the Moscow Ring Road. We had to greatly reduce spending on entertainment and forget about vacation trips. But in three years I will have repaid the consumer loan and will be able to pay more on the collateral.

And most importantly, we have our own home. It was worth all the ordeal.

Remember

1. Assess your financial capabilities.
2. Create an estimate and business plan.
3. Monitor construction to avoid unexpected costs.
4. Register the house in Rosreestr.
5. Refinance home equity loans.

Anticipating reader questions

1. The current loan is insured, and I took out separate insurance for the house against fire, short circuit, theft and other risks. Loans that have already been refinanced were issued without insurance.
2. Parents will not be in poverty. We built a big house where everyone can live together.
3. I didn’t dare save up and buy a house without loans: materials are becoming more expensive, the euro exchange rate is rising, and renting an apartment eats up half of my savings.
4. If instead of a house you buy an apartment for 7.5 million with a mortgage at 10% for 15 years, then the payment will be approximately the same as what we have now. You won't be able to save money that way.
5. The amount of monthly interest for the first years is approximately equal to the cost of renting a two-room apartment in Moscow. The further you go, the lower the interest.
6. With current payments, we will repay both loans in 6 years, not in 15. The loan term has been deliberately extended to reduce risks and ensure a minimum payment.
7. Every month we can choose: to save money or repay part of the loan early.
8. The article is about the financial side of construction, and not about the material of the house. I will describe maintenance costs and energy efficiency in the next article.
9. The house is not the only family property. In a difficult situation, property can be sold.
10. The scenario described in the article is the same risk as taking out any loan. If the possibilities are correctly assessed, such a plan will become an alternative to lending for suburban construction.