Rural mortgage

Under this program, the bank can lend up to 80% of the purchase or construction cost of a home. This takes into account not only the contract price but also the value from the appraisal report. The down payment for purchases from individuals must also be officially confirmed by a receipt, while for purchases from legal entities or for construction, the down payment is deposited into an account.

No, the current version of the program no longer has this feature, although the original version did allow it.

The main purposes of the loan are for completed residential buildings and the construction of such a building. Construction can be done on your own land or by including the purchase of the land in the loan. It is also possible to purchase completed apartments from the developer, but the list of eligible areas is limited—they are designated key communities on a special list.

No, at this time, income and employment must be documented.

If you purchased or started building a house with a rural mortgage, then you cannot re-apply for the program after selling it and paying off the loan. A rural mortgage is issued once per family.

The interest rate may change if the borrower fails to comply with the loan terms or if the Ministry of Agriculture terminates the program's subsidies. If the interest rate increases, it will be equal to the Central Bank of the Russian Federation's key rate (as of the loan issuance date).

Yes, there is no prohibition on full or partial early repayment.

The state program itself requires mandatory home insurance for homes purchased or built. Insurance is purchased annually and accrues on the remaining loan balance, meaning it decreases over time. Personal insurance is not required, but banks may offer it based on risk factors. Life and health insurance that is imposed can be returned within 30 days.

A double loan limit may be issued under this program, subject to certain requirements. In this case, each spouse will receive a separate loan amount for the purchase of a single property. Please note that the down payment will also be doubled in this case.

With rural mortgages, the state pays part of the interest to the bank, and the borrower pays the rest. A 13% repayment is possible on the funds paid by the borrower. For example, if you take out a 6 million ruble loan for 25 years at 3%, you can repay almost 330,000 rubles.

If a rural mortgage was issued after December 23, 2023, then within six months of registering the property, not only the primary borrower but also co-borrowers and guarantors must register at the property. Further, registration must be confirmed twice a year for five years. If the conditions are not met, the loan interest rate will increase to the key rate at the time of signing. For loans issued under the program before December 23, 2023, this requirement only applied to the primary borrower.

Self-employed individuals can apply with two documents (a passport and SNILS). Income verification is not required. The loan terms remain the same in this case, but banks offering this option are very few. It's important to carefully consider the application details to avoid mistakes and maximize your chances of approval.