Until the person pays off the loan, the apartment will be held as a lien by the bank and can only be sold with the bank’s permission, economist and BitRiver Communications Director Andrey Loboda told socialbites.ca.
“It is profitable to sell an apartment purchased with a mortgage that has not yet been repaid, which means that the bank allows you to do this and there is a buyer for such an apartment. As a rule, banks allow the sale of housing that they hold as collateral only in exceptional cases. For example, if you took a mortgage to buy real estate in one city and at some point you need to move to another city for a long time, you did not expect this when you took out the mortgage,” Loboda noted.
According to him, in this case, the bank may allow the apartment to be sold in order to earn money for buying a new house in another city. The economist explained that in such a scenario, it is most likely to sell the apartment only at a very large discount. The expert added that if your house is a premium class, it can be sold at the average market price. According to Loboda, if a person paid most of the cost of the apartment from his own funds, then after the sale of the apartment, it can be agreed with the bank that part of the income will be used for full early repayment of the mortgage. In this case, the economist concluded, you can even ask the buyer for an advance for early repayment of the mortgage; the remaining amount will not be given to anyone. The second option, he added, is for the buyer to buy your apartment together with the mortgage, that is, the mortgage debt remaining during the transaction will be transferred to the buyer.
With data Financial market Compare, 66% of Russians decided to postpone the purchase of housing due to the abolition of preferential mortgages from July 1.
Earlier “socialbites.ca” It has been said on the consequences of cancellation of preferential mortgages.