The mortgage lending market is actively developing. Banks offer their clients new programs that are more in line with modern realities. And this applies not only to interest, the initial payment, but also the age that entitles you to a mortgage.
Some banks began to give a mortgage loan not from the age of 21, but from the age of 18. For example, a special program for young customers was launched in Sberbank. It began to operate on September 1 of this year.
Young clients can get a mortgage for the purchase of an apartment in new buildings or for the purchase of ready-made housing.
You can apply for such a loan online or at any of the branches of Sberbank of the country.
Lowering the age threshold for mortgages will allow the bank to increase the number of loans issued.
As for the rest of the rules for the purchase of housing in a mortgage, they remained unchanged. For Sberbank customers, an initial payment is still provided, the amount of which should not be less than 10% of the cost of the apartment. Another person must have at least 3 months of experience at the current place of work.
A loan for young clients is issued for a period of up to 30 years.
Mortgages from the age of 18 are also issued in some other financial organizations. In particular, such a loan can be obtained from Otkritie Bank and MTS Bank. The conditions for issuing a loan are somewhat different. In MTS Bank, you can apply for a mortgage from the age of 18 only if there are older co-borrowers.
Goals and realities
Experts believe that lowering the minimum age for mortgages will not lead to increased demand for housing among such young people. Not everyone has a large amount of money at a young age. In addition, the issue of purchasing your own apartment usually becomes relevant for older young people and older people.
There is another difficulty: it will be difficult for young people to confirm their solvency before financial organizations. Therefore, banks will not issue loans to all applicants.
However, financial institutions have lowered the minimum age for mortgages for a reason. The modern market is oversaturated, so banks are looking for new ways to acquire customers.
As a result, someone began to issue a mortgage from the age of 18.
There is another important reason for this step. When a young person is included in the number of co-borrowers, this contributes to his rapid maturation, since a sense of financial responsibility is developed.