New banking products are often developed for real estate transactions. This is due to high demand for housing, a large number of possible customers and large amounts of funds that are always available in this market.
The latest real estate news is associated with a slightly different banking product related to mortgage lending. The bank does not help buy an apartment to its borrower, but practically buys from him, making it like a loan. This service can only be provided to people, starting from a certain age, only to pensioners. The estimated age, when such a loan is beneficial, fluctuates around 65 – 70 years.
The transaction is carried out like this. The pensioner must own real estate for at least ten years. The condition of the apartment, houses, are checked by the bank and the price is determined by it. If a one -time payment is made, then the amount of payment may be less than the cost of the apartment by half. It is more profitable to receive monthly payments. The amount will be greater. The owner remains the owner of the premises, but the bank takes him as a deposit. The loan is given on the basis of the payment of nine percent per annum (the estimated figure). Their pensioner does not need to be paid, but these payments will be present in the final calculation. If the pension did not have time to receive the entire specified amount to its death, then it goes to the heirs after the sale of the apartment by the bank. If a pensioner received all the money on a loan, then he simply continues to live in an apartment. This type of lending is developed in some countries, including in the United States. In Russia, he can only get development, the law is almost ready.