Up to what age do you give a mortgage for housing? Mortgages for pensioners

If you want to buy an apartment or a country house right now, but do not have enough cash, you only have one way out - a mortgage. To what age do they give such a loan in Sberbank and other financial institutions? And can you fulfill your dream even after retirement?

Within the framework of this article, we will try to answer these and some other questions. So, if you also do not know how old your mortgage is for housing, read carefully.

Why does age affect a mortgage

First of all, let's talk about why the age restrictions in this matter are so important for banks.

To the idea of buying their own homes each comes his own way and at different times. Someone wants to resettle the overage children or make a gift to their grandchildren. And someone decides, at least in their old age, to improve their own living conditions and live in comfort. Regardless of the reason, the financial institution's positive decision to issue a mortgage will depend, first of all, on the expected level of the client's income in the next 10-20 years. This is understandable. After all, the mortgage assumes a fairly impressive amount, and the repayment period sometimes stretches to a quarter of a century.

In general, the age limits for issuing mortgages are set at 18-60 (55) years. But here the attitude towards clients of different ages among bank employees is very ambiguous.

The best age for obtaining a mortgage is considered to be 35-45 years. It is during this period of his life that a person achieves a stable financial position and actively builds a career. There are many years ahead for the development and satisfaction of their desires. And all efforts are aimed at improving the conditions and quality of life.

Already after fifty years of a person's life begins to acquire certain risks. This is connected with the answer to the question of how old the mortgage is. First of all, the approach of retirement age is inexorably approaching, and hence, the likely loss of work. There are increasing risks of disability, due to illness, disability. Also, it's not a secret that the rates of natural mortality after 60 years are growing rapidly. These, as well as some other reasons, force banks to strictly observe the upper limit of age restrictions when issuing a mortgage loan.

How old can a mortgage be?

Usually, along with retirement, a person loses additional sources of income, stops working. Therefore, in the opinion of banks, by the time of entering a well-deserved rest, a person must repay an existing mortgage loan. So when calculating regular payments, the lender strives to keep within the time interval from the moment of registration and until the hour "X". In practice, this means that the loan period is steadily decreasing as the borrower's age increases.

Let's give an example:

A financial institution offers a mortgage for up to 25 years. A 50-year-old man applies for a loan. Since before retirement he has to work for another 10 years, the maximum period for which it is possible to make a mortgage for him is only 10 years. Of course, in this case, the monthly payment will be a tidy sum, and you will need to have a sufficient level of income to cope with such financial burden.

However, sometimes banks make concessions. If the client has excellent recommendations, a high level of income, the possibility to invite co-borrowers when concluding a contract or provide a good pledge, the lender can go to meet him and extend the mortgage lending period a little. True, this increase rarely exceeds 5-6 years.

Mortgage lending after 40 years

Despite the fact that banks are very sensitive to the age of the borrower, mortgage for retirees is still possible. Some financial institutions are developing special credit programs that allow to issue a housing loan for up to 20 years. In this case, most often put forward the condition that by the time of full repayment, the borrower should be no more than 75 years.

Not all citizens of pre-retirement age can take part in such a lending program. There are several criteria that can positively influence the bank's decision to grant a loan. Mortgages for pensioners are quite possible in such cases:

1. The borrower continues to work even after the pension has been paid. The source of constant additional income will necessarily increase the chances in the eyes of the lender.
2. The client consists in family relations, has no small children and various kinds of dependents. Banks prefer couples to single people. After all, in this case, the total income of the family is significantly increased, and therefore the risk of non-return of cash is reduced.
3. The pensioner owns real estate on the rights of ownership, sufficient for additional material security of the loan. If the pledged deposit will have high liquidity, a pensioner will not only be able to issue a mortgage, but also have the right to expect favorable lending terms.
4. A borrower of retirement age can attract a sufficient number of solvent guarantors (co-borrowers). Most often such "guarantors" are children, grandchildren or other relatives. And the presence of related relations in this case is mandatory. This is due to the fact that in case of death of the borrower, the obligation to pay off the mortgage goes to the co-borrower.

In addition, guarantors should also have some qualities:

• To be of working age;
• Have a good credit history;
• To confirm a high level of solvency.

Banks and a pensioner

For example, let's look at how old a mortgage is given for housing in various banks in Russia.

The most stringent age requirements are made by Alfa Bank. They can issue a mortgage in the event that by the time of its repayment the borrower will be 54-59 years old (for women and men, respectively).

Up to 55 years (women) and 60 years (men) are ready to wait at Rosbank, MetallinvestBank and the Bank of Moscow.

Standard 65 years is the age limit for mortgage registration in Uralsib, Expert Bank, MBC, Nico Bank, SKB and some other financial institutions. That is, so much you need to be fulfilled before the last payment on the mortgage is received on the settlement account of the credit institution.

The most loyal in this respect are VTB24 and Sberbank. In the first, they are ready to wait until the borrower's 70th birthday, and in the second until he turns 75.

Where else pensioners like

And to what age do they give mortgages in other banks? Among a huge number of financial and credit institutions, mortgage lending for pensioners is available, first of all, in such:

• "Gazprombank";
• Rosselkhozbank;
• "Admiralteysky";
• TransCapitalBank and others.

Where to go, depends only on you. If you refused in one bank, no one can prohibit you from contacting another.

Mortgage in Sberbank

Let's take a closer look at the mortgage terms for pensioners in Sberbank. There are several types of programs for older citizens:

• 55/60 years for women and men, respectively - a variant of mortgage lending with government support;
• 45 years - mortgage lending for the project for military personnel;
• 75 years - the program provides for the construction of a country house, as well as the acquisition of housing in a new building or on the secondary market.

Of the other parameters, special attention is paid to two items: wages and continuous work experience . Based on the level of aggregate income , the volume of the loan, its term and the need for additional collateral are determined. The experience is checked for stability and continuity.

For all programs, the interest rate in Sberbank is set at a uniform level of 12.5%.

How to be a pensioner?

If you do not know how old your mortgage is in a financial institution, the surest way is to just go there. Even if your age causes some concerns, most likely, you will be offered at least two options for getting out of the situation:

• Will select a program that presupposes the ability to repay a mortgage after retirement;
• Will be asked to formalize a standard contract for the number of years that remained until the cherished hour.

On which of them to stop in the end - to solve, of course, you. But do you really need a mortgage? Limitations on age will not be the only obstacle to its receipt. The loan conditions for older borrowers are significantly different from what can be offered to young people:

• The loan period rarely exceeds 15 years;
• The smallest down payment usually increases to 20-25%.

In addition, you will be asked to insure your life and health. But the cost of such a policy will increase in proportion to your age. So when registering a mortgage loan in adulthood, it is worthwhile weighing all the pros and cons. It is likely that there will be more negative arguments, and you will prefer to place a mortgage on a younger member of the family.