Life-insurance or from accidents, on which simultaneously with insure his family members are insured. С. p. foresees either insurance of the married couples or all family of insure members, including children in certain age.
Insure is insured, as a rule, in case of death and lives, wife (spouse) of and other family members - only in case of death or in case of death and loss of health. At the offensive of death of insure a complete amount covered is paid, and an agreement loses force. To Poe other to the variants of С. p., e.g., at insurance of domestic pair, an agreement post mortem insure continues to operate in behalf on an outliving him wife (wife) which, remains insured also in case of death or дожития in a complete amount covered.In some countries the group is widely developed lifelong С. p. the Basic worker is considered insured in the complete amount covered set by an agreement, and his wife, children, parents, other the relatives - in certain stakes from an amount covered. Payment is produced at the offensive of death of basic worker or other insured. Payment is foreseen and in case of birth of dead child. After retiring basic worker an agreement saves force on condition of continuation of inpayment of cash deposits. Depending on the variant of group С. p. a discount is possible from payments to the insured pensioner. A condition operates also, that in case of death of insure payment of the set funeral manual is foreseen with subsequent monthly rent to his wife in a certain percent from an amount covered during the remaining term of insurance. At the offensive of death of wife (wife), being the second insured person, the specified part of amount covered is paid.
Today I want to begin to examine mortgage loans as one of major forms of the bank crediting, in fact it is those credits which, unlike many other, sometimes it is really possible to take. This theme a very volume, and not alone ten of reasons will occupy, probably. In this first publication I will consider basic essence and terms of mortgage loans, will tell how this sphere of the bank crediting developed the last years and I will express the opinion of that, whether it is needed now to take a mortgage.
So, as you understand, independently to purchase such necessary for life of any man asset as real estate most people are not in strength. Especially when the question is about young families only getting up on feet and beginners actively to earn. Mortgage loans through which family gets possibility to become the proprietor of own dwelling space can assist in such situation, paying her cost gradually.
Essence of mortgage loans.
A self concept a mortgage designates pledge of real property and regulated by corresponding legislative acts. Accordingly, mortgage loans are any credits given out on the security the real estate. Mostly in people under words «mortgage» or a «mortgage loan» is implied credit on acquisition of the real estate for the personal needs.
Mortgage loans are the credits, given out by jars on the security the real estate on the terms of urgency, requiring payment and collectibility. In most cases a mortgage loan is given out for acquisition of the same object of the real estate, which is taken in a pledge (in a mortgage).
Essence of mortgage loans consists in that they allow to purchase the objects of the real estate, having for this purpose only small stake of their cost (and on occasion — and not having in general), with possibility of payment of other part during the protracted period. However for it, certainly, it is necessary to pay, accordingly, than mortgage loan is longer paid off, the a rise in prices of the bought real estate becomes anymore.
Many people consider for some reason, that at the purchase of accommodation in a mortgage to the moment of complete credit redemption the bought real estate is in property of bank. This large error: a borrower becomes an owner right after registration of bargain and sale, however to the moment of complete credit redemption he has no authority to dispose of this real estate (to give, sell et cetera).
At the purchase of the real estate by means of mortgage loan an owner, according to a bargain and sale, a customer becomes at once. However from three constituents of right of ownership (to own, use, boss) to him go across only first two: to dispose of the real estate to complete credit and leadingout of property redemption from a mortgage he does not can.
Herein there is short essence of mortgage loans. Now briefly we will consider the basic terms of crediting on the purchase of accommodation.
mortgage loans as one of major forms of the bank crediting
Terms of mortgage loans.
From that, what terms a credit will be given out on, first of all his advantage depends for a borrower. Terms of mortgage credits include in itself next parameters:
- List of necessary documents;
- Requirements to the borrower;
- Interest rates and commissions;
- Term of crediting;
- Chart of credit redemption;
- Terms of the advanced repayment;
- Size of primary payment;
- Currency of crediting;
- Requirement on insurance of object of mortgage and life of borrower;
- Necessity of realization of expert estimation of the acquired real estate due to a borrower;
- Et cetera
All terms of mortgage loans, certainly, require more detailed consideration, therefore one of subsequent publications on Financial genius will be separately sanctified to this question.
On the whole, to my mind, than harder terms of mortgage loans for a borrower, the they are more advantageous! Yes, you did not hear incorrectly. If a bank is ready to allot credit to you on an accommodation, especially not analysing your solvency, not requiring primary payment, certificates about profits et cetera — be sure: such mortgage loan does not need you, as he certainly too expensive, because too risk for a bank. Collection of complete package of documents and consideration of request on a credit committee are the first sign that terms of mortgage loan here more advantageous. However it, certainly, does not release you from the detailed, attentive study of credit agreement and clarification for the credit manager of all interesting you nuances to the credit drawing.
Mortgage loans today.
A few words about that, how now there are businesses with credits on the purchase of the real estate in our countries. Mortgage loans in Russia, Ukraine and other states of post-soviet space got active development only at the beginning the XXI century. Thus their peak was on 2006-2008 — in this period credits on the purchase of accommodation distributed to all persons interested.
Then, with arrival of financial crisis 2008 year for many people having mortgage loans, there were serious problems. Especially it touched the credits got in currency. Currency national exchange (rouble, hryvnia et cetera) rates fell down more than in 1,5 time, mass reductions, decline and freezing of salaries, began at the same time. Thus, the profits of people fell down, and payments grew on credits. Jars began mass to inculcate the different charts of restructuring of debt, but also they for most borrowers appeared exhausting. As a result many had to realize the real estate bought on a credit, in order that to settle up with jars. On this period in swingeing majority of banks delivery of mortgage loans was stopped.
Then, when the peak of crisis was passed, jars little by little began to restore the mortgage programs. In Russia it passed quicker, now already credits on the purchase of accommodation are given out in the ordinary mode. In Ukraine yet until now there is certain tension in this plan: jars take it easy to give out mortgage loans, and people take it easy to take them.
Is it needed to take a mortgage?
Simply to answer a question is it «needed to take a mortgage»? it is impossible. To date attitude toward credits on the purchase of the real estate is very ambiguous. One people aim to take and take credits on the purchase of accommodation, as count it by an only possible method to provide oneself own dwelling space. Other, vice versa, opinions stick to, that mortgage loans are servitude for life. Partly right and those, et al.
Therefore, thinking of that, whether it is needed to take a mortgage, it is very importantly good a weigh up the pros and cons : simply there will be arguments in both directions.
Mortgage loans need to be taken in case if:
- You understood all financial questions, the really advantageous terms of crediting were able to find, and a bank is ready to allot credit to you on these terms;
- You have stable sources of profits (better — a few), such, that the less than half of profits of family finances will leave on mortgage credit redemption;
- You are able to participate the personal funds in the purchase of accommodation (to bring in the so-called primary payment);
- You plan fully to pay shot on a credit much before than the term specified in an agreement.
And I would not recommend to take mortgage loans, if:
- You do not yet know how will pay off a credit, the good variant of the real estate was simply turned up, and it is necessary not to «miss» out;
- Your profits carry inconstant character;
- You occupy money, in order that to pay the primary payment and all charges, related to the credit drawing;
- You occupy position «and a bank all-equally will not drive out us from an apartment! we will complain where it is only possible»!;
- It simply nowhere to live, and it is necessary quickly to «decide something».
It is impossible simply to say, whether it is needed to take a mortgage. It depends on the great number of factors, therefore, if you plan to take a mortgage loan, urgently I recommend to promote the financial literacy in this question: to study all nuances and subtleties of the mortgage crediting, understand, what credits are advantageous, and what it is not, in detail to plan the possibilities of credit redemption, count in advance all possible variants of development of events and actions in one or another situation. In this case a mortgage loan will be able to become the really comfortable decision of housing question for you. If you will operate, leaning against information from an advertisement, opinions of other people or on principle «all take, and I will take» — a credit on the purchase of accommodation can turn around for you financial pit, as a result you will remain both without an accommodation and out of cashs.
Mortgage loans suppose financial relationships with a bank on ten of years (!), therefore from that, as far as a correct choice you will do at the such credit drawing, the state of your personal finances and family finances will depend on long years. Remember about it!
This was the first, introductory publication about mortgage loans. In future Financial genius yet repeatedly will go back to this theme. Remain with us and watch after updating, to know yet very much important and useful information about all subtleties of the mortgage crediting. Before the new meeting!