Will a mortgage loan be given to an unemployed student running from the army?

Kirill Suslov, director of mortgage broker Light Loan, talks about mortgage loans for young people.

How old is a young man to really get a mortgage?

Some banks set the lower limit of age at 21, reasonably believing that younger people will have too little experience and income for a mortgage loan, and in general they are unreliable for a while. It also happens otherwise, for example, the state AHML (www.ahml.ru), banks operating under its program, and other banks, too, formally declaring that “any able-bodied individual from the age of 18 can be a borrower” actually limit access to young borrowers by the requirement for the overall work experience.
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We thought about it and, as a result, we had two options for solving the problem in the mortgage broker Easy Loan:

1. A credit product without a requirement for general experience at all, but calculated for a working young borrower, or a young family. In this case, the borrower may be 18 years old - there would be a normal income. The offer is valid only in Moscow and the Moscow region.
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2. Loan product without the requirement for income and employment with the borrower. Those. a student can get a loan. But the loan amount and the rate will be calculated on the basis of the income of his parents. Parents will be co-borrowers, and the apartment will only be owned by a young man. In this case, the age of the student is from 21 years.
The rates depend on the term of the loan and the method of confirming the borrower's parents' income, for example, with fully official income and a period of 10 years, the rate is 9.7% in dollars, and with orally confirmed income and for a period of 25 years, the rate is already 12% in dollars. The size of own funds from 10%. The program works in Moscow and St. Petersburg.

Any special documents needed to get a mortgage for young people?

No, the list of documents is normal, as for all.
But there is a significant point. For some reason, they often ask: “Is it possible to get a mortgage loan?”, Forgetting that it’s not so much “can”, as in the loan amount! And the amount of the loan depends essentially on the income of the borrower / co-borrower and the term of the loan. What is the use, if the young borrower with an income of 500 dollars. Will they approve a mortgage loan amount of $ 15,000? Therefore, for young borrowers, the main problem, as it seems to me, is not “approve / disagree”, but “how much will they approve?”. And then it helps to take into account the total income, for example, relatives or even common-law spouses.

How often do people of 18, 19 years apply for a mortgage?

It is extremely rare for the above reasons. Those who apply are usually students without an independent income, with parents of the co-borrowers.

How difficult is it for a young man under the age of 27 to get mortgage lending (i.e., a question of conscription)?

If he has no delays and military ID, i.e. simply runs from the army, the mortgage loan can not be obtained in the vast majority of banks. However, there are also happy exceptions, where they are ready to lend at a rate of 0.5% increased in the period until they reach 27 years old, or with the guarantee of a relative with a similar income, for example.

If you have live examples of young people, students who have received a mortgage, I will be glad to contact and live stories.

Nooo. We do not give client coordinates, not everyone has official income, you know (smiles)