Psychologists have confirmed the positive effect of obtaining a loan for personal development. Execution of one's own desires - buying an apartment, higher education, vacation abroad in comfortable conditions - is necessary for a full life and psychological health.
However, to realize the dream of a stable income is not enough. It takes financial and legal literacy for loans - a popular banking service. Before the campaign, the bank should understand what the mortgage is different from the loan.
We choose a loan for any purpose
Often, money is needed in reserve, before the salary. A consumer loan will be raised that is issued to individuals for personal or household needs. For registration provide a package of documents:
- income statement
- certificate of employment
- passport.
Consumer loan:
features If the loan is approved, the funds are transferred to the credit card account. With its help pay for services, buy goods through the Internet and in outlets. Some banks issue a loan in cash( for example, VTB 24).
The interest rate for consumer lending programs depends on:
- the term of the contract
- availability of security
- amount of money
- availability of life and health insurance of the borrower
- customer relationship to preferential categories( pensioners, holders of salary cards).
Educational loan
An educational consumer loan differs from conventional credit by a targeted focus. The received money resources can be spent only on training. Availability of collateral is an indispensable condition in many organizations.
When submitting documents for consideration of the application will need a contract for the provision of educational services. Some banks issue a loan to pay for training in a particular institution( Gazprombank, VTB 24).Others do not limit the choice of the client.
The role of collateral and guarantee
Consumer loans, unlike home loans - mortgages, can be obtained without collateral. However, the interest rate becomes larger than under the contract with a pledge( surety).
The size of the maximum amount of money is also limited. For example, Sberbank without collateral issues a consumer loan to 1.5 million rubles. If there is a pledge or guarantee of physical persons( legal entities), the amount is increased to 3 million rubles.
We need funds for the purchase of housing - the mortgage will help out
The dream of owning an apartment( house) will help to realize a mortgage. Under the basic crediting programs, clients receive funds for:
- purchase of new housing
- acquisition of a dwelling in new buildings
- construction of a residential building.
Mortgage: securing the loan
For all mortgages, the purchased apartment( house) or other dwelling( the borrower's property) becomes a pledge, a guarantee of a refund to the bank. Mortgage for mortgage is insured. Favorable mortgage options are offered to servicemen and young families. It is possible to confirm the initial contribution by means of the parent capital.
It's worth to distinguish a mortgage from a real estate loan. The last program involves the issuance of funds not on the security of the property, but other types of security.
Surety and availability of co-borrowers will play a role when considering a mortgage application. However, without collateral( property), the transaction will not take place. For consumer loans, the client chooses the type of collateral: bail, pledge.
Term, contribution, the role of deposits
Mortgage loan from the consumer is also characterized by a long contract term and low interest rates. The amount of the mortgage loan depends on the initial installment. Its minimum size is 10% of the cost of housing. Banks willingly provide housing loans to customers who have a mortgage deposit. The deposit account becomes an additional confirmation of the financial solvency of individuals.
The difference between a mortgage and a loan is briefly discussed in the table.
| Parameters | Mortgage | Loan |
|---|---|---|
| Purpose | Purchase( construction of housing) | Any purpose for satisfying the needs of the customer |
| Securing | collateral - accommodation | Guarantee, security, option without security |
| Maximum period | 30 years | 5 years without collateral, 11years - with the provision of |
| Maximum amount of | to 85% of the cost of housing | 1.5 million rubles.without collateral, 11 million rubles.with |
| security | initial payment is required | - |
| Minimum rate | 10.5% | 17% unsupported, 12% with |
