How does the Mortgage Assistance Program work?
Program How the State Helps Mortgage Borrowers Since 2017, an updated program has been in place to help mortgage borrowers who are in a difficult financial situation and cannot service their loans. 2 billion rubles were allocated from the government reserve fund, the funds were contributed to the authorized fund of AHML (now DOM.RF) for the implementation of this program. Initially, it was assumed that thanks to financial assistance, at least 1.3 thousand borrowers will be able to restructure their loans. The restructuring mechanisms involve reducing the borrower's loan payments during the assistance period, forgiving part of the principal debt and changing the terms of the loan by the lender, as well as setting the interest rate at a level not exceeding 12% per annum. The period of assistance can be from 6 to 12 months. Difficulties What is the reason for a mortgage borrower to apply for help? You can apply for help if the average monthly total income of the borrower's family three months before the date of filing the application for restructuring does not exceed (after deducting the monthly loan payment) for each family member twice the subsistence level in the region of residence. It is also important that the amount of the monthly loan payment increased by at least 30% compared to the planned payment established at the time of the conclusion of the loan agreement. Participants Who the program is designed for The following categories of borrowers can receive state support: - parents (or guardians, trustees) of one or more minor children; - disabled people or parents of children with disabilities; - combat veterans; - Russians who are dependent on persons under the age of 24 (students, students or cadets, graduate students, adjuncts, residents, assistant trainees, interns receiving full-time education). Borrowers of all specified categories must be citizens of Russia. The apartment for which the mortgage is paid should be the only home for these borrowers. In this case, it is allowed to have an aggregate share of the pledgor and members of his family (spouse or wife and children) in the ownership of another dwelling. But it must be one, and the share in the ownership of it must not exceed 50%. Apartment Do the parameters of housing taken on a mortgage matter? Yes, they do. The total area of a mortgaged one-room apartment should not exceed 45 sq. m, two-room - 65 sq. m, apartments with three or more rooms - 85 sq. m. Application What you need to do to get support You need to contact the bank that issued the mortgage and apply for a loan restructuring. It is necessary to provide documents confirming that the borrower belongs to one of the above social categories (birth certificates of children, a certificate of a combat veteran, a certificate of disability, etc. will do). You also need to confirm the level of income of all borrowers for the three months preceding the conclusion of the restructuring agreement (copies of work books, income statements in the form of 2-NDFL, etc.). You will also need a statement on the property status of the pledgor and his family members. Banks Which organizations participate in the program According to DOM.RF, 121 credit and non-credit organizations participate in the program of assistance to mortgage borrowers in difficult financial situations. The most active participants in the program in terms of the number of restructured loans are Sberbank, VTB Bank, DeltaCredit, Moskommertsbank, and Raiffeisenbank. Plans When the program ends The program is valid until the funds allocated for its implementation are exhausted. Since August last year, assistance to borrowers has been provided for a total amount of about 1.689 billion rubles. More than 200 applications were positively resolved and restructuring is expected in the near future. According to DOM.RF, at present, the Federation Council has approved amendments to the budget of the Russian Federation,
