Most foreigners who live in Russia, worry about one question: is it possible to get a cash loan in the territory of that state?
The borrower in the Russian banks can be any natural or legal person that can prove its own solvency. But in practice, loans to foreign nationals is always associated with great risk, because this man is easy to do with the money may leave the country and never return. Because banks, in order to be safe have to contact additional paperwork. Also because of this the interest on the loan, usually higher.Foreigners must submit the following documents for the loan:
The residence permit.
Work permit in Russia.
Temporary registration in the Russian Federation or a document confirming permanent registration on the territory of the Russian Federation.
In the second and third case, the Bank will consider the borrower’s income in Russia. However, if a foreigner wants to take into account and details of his income abroad, he must prepare certified and translated documents in accordance with the rules in their country. And in that and in other case, banks have to spend a lot more time to prepare the necessary documents for reporting to the Central Bank.
A copy of the visa.
Employment contract of employment. It is worth noting that some banks require a minimum of 3 years and work in one place for a long time.
Documents confirming the income on the territory of the Russian Federation or in another country.
Notarized translation of foreign passport into Russian language.
Bank statements for the last 3-6 months in case salary is transferred to account, or the account cash warrant if the salary is given in cash.
Help in the form 2-NDFL for last 3-6 months.
Special Bank form confirming incomes of the borrower, which is issued by the employer.
The real estate documents, confirming the right of ownership.
Many Russian banks refuse to give loan to non-residents of the country, but also many and agree to give credit to those foreigners who have permanent employment on the territory of our country. The main advantages of foreign borrower that takes account of the Bank is:
Citizenship of the Russian Federation.
Official job in Russia.
Registration in the Russian Federation.
Preferential residence in the Russian Federation.
The presence of the Russian co-borrower or guarantor (here in this role can act and the company, which employs a foreign national).
The presence of collateral.
The availability of property in the Russian Federation.
On the territory of the Russian Federation it is easier for foreigners to get a mortgage, as in this case, the Bank’s risk is significantly reduced because the collateral is the purchased property. Besides many banks consider foreign borrowers is more reliable and law-abiding. Also delay payments on the loan can just leave a foreign citizen without shelter in a foreign country and he needs to understand this.
Conditions of mortgage lending to foreign borrowers and practically does not differ from the conditions for citizens of the Russian Federation. The terms include the following points:
Repayment of the down payment.
The loan period is not more than 20-30 years.
Purchased housing is the key.
The interest rate will be higher than for Russian citizens.
Mortgage loan for foreign citizens can be issued for:
The purchase of apartments, houses, villas or commercial property.
Repair of apartments, houses, villas or commercial property.
The construction of the home, garden or commercial property.