Any owner of a car or other vehicle thought about the place of storage. No place is better than a garage. But what if there is no garage? And the money to buy it too? Indeed, recently a man bought a car. The only reasonable way out in this situation is to take a loan to buy a garage.
The procedure for a loan for the purchase of a garage is not much different from a loan for any property. There is no special program for purchasing a garage. The borrower acquires the property in the form of a garage, and the bank gives him money for it. In this scheme there is a very important item called property. The garage should be the property of the borrower, not the garage cooperative. Otherwise, the banking organization will not allocate money for this loan. For the bank, it does not matter what property the borrower takes on credit. The main thing that it was property.
The acquisition of a garage on credit, as a rule, is based on three conditions
First , the interest rate for using bank money will be about 12%. This is the standard percentage of any real estate loan.
Secondly , the time during which a person must repay a loan in full can reach the maximum possible period. The maximum loan repayment period is 50 years. This means that the borrower may, prior to the signing of the contract, advance his maturity to the bank, which should not exceed 50 years. If the term is less than 50 years, but after signing the contract, the borrower feels that he does not have time to repay the loan in full, he can extend the term. This option is contractual, and the borrower negotiates with each bank individually.
Thirdly , the first installment should be equal to 15% of the purchase of the garage.
Each bank sets its own conditions and requirements
You can view the terms on the credits page
What documents are required to purchase a garage? In addition to standard documents, together with an application for a loan, the borrower must provide a technical passport of the building. It can be obtained when drawing up documents for the purchase of a garage. The second document is a paper that confirms the right to use the land plot. If the borrower does not have such a document, but there is land for which the garage is bought, then the rights to this place need to be registered. But it will take time, so it’s best to take care of this in advance. The third document is a certificate from the technical inventory bureau. These organizations make registration of real estate objects. When buying any property, this reference is required.
Many financial organizations offer special lending programs not for the purchase of a garage, but for its construction. The amount of such a loan will depend on the stage at which the garage is located. If the borrower has just started construction, the amount will be more than in the case when the person is already finishing construction. The same goes for the down payment. It varies from 10 to 50% at the end of construction and at the beginning, respectively. To obtain such a loan you need all the same documents as for the purchase of a garage.