7 bonuses from the state to help pay off your mortgage

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

From tax deductions to military apartments.

For all

1. Tax deduction for mortgage interest

The tax deduction is a part of the income with which the state permits not to pay personal income tax. One of the most common types of it is property. When buying a home - with or without credit - you can return up to 260 thousand taxes paid, the exact amount will depend on the price of the apartment.

But that is not all. When buying a home with a mortgage, you can take advantage of the interest tax deduction. If the apartment was purchased before 2014, then 13% of the total overpayment can be returned. For real estate purchased later, there is a limit: you can get 13% of 3 million rubles, that is, up to 390 thousand. If the overpayment is less, then the tax deduction will be less.

Let's say you bought an apartment with a mortgage and are going to pay the loan on schedule. The total overpayment on it will be 1.2 million. This means that you can claim a refund of 156 thousand.

Please note that you can use the interest deduction only once in a lifetime and for one object.

Since we are talking about exemption from personal income tax, the amount of payments will depend on your official income. If you receive 300 thousand per year, then the maximum return for 12 months is 39 thousand, if 1 million - 130 thousand. But you can request a deduction for several years in a row until you return the entire amount due to you.

The deduction can be obtained:

• through an employer - they will simply stop charging you with personal income tax until you exhaust the limit;
• through tax - you will be refunded the amount of tax paid for the previous year.

2. Mortgage Holidays

A person who has found himself in a difficult life situation may temporarily not pay on the mortgage or reduce the amount of payments of his own free will for up to six months. In this case, the following conditions must be met:

• Housing in a mortgage is the only one and is used for the personal needs of the borrower.
• The loan is less than 15 million.
• The terms of the loan agreement have not been changed before.

Holidays do not affect the size of the loan, but they will help you get through a difficult financial period. You can take a break without the consent of the bank, it is enough to notify him.

For families

3. "Young Family" program

The state is ready to help young families with the purchase of an apartment and pay part of the cost of housing for them: 30% if there are no children, and 35% if there is at least one child. Of course, we are not talking about any amount. The amount of the subsidy is calculated based on how many square meters a particular family should have.

But this offer is not for everyone. You need to meet the criteria:

• The subsidy is only given to people under the age of 35. They can be a spouse (both under this age) or a single parent with a child.
• The family should need to improve their living conditions and be registered with the local administration. In the regions, the requirements for determining the need differ somewhat, so you need to find out how to get on the coveted list on the spot.
• The family must have the money to pay the remainder of the cost of the home, which will not be covered by the subsidy. Mortgages are also suitable, so it is enough to have a suitable income.

Even if you meet all the criteria, this does not mean that you will receive a subsidy. The local government draws up a list of potential participants in the program, and they can wait for years for their turn. During this time, for example, you will grow up to 36 years old and will automatically lose the right to such a subsidy. But it's worth a try.

4. Maternity capital

For the birth or adoption of a second child, a certificate is issued for a certain amount - in 2019 it is 453,023 rubles. Usually the mother receives it, but in extreme cases, if she is dead or deprived of parental rights, the father can also issue it.

One of the legal ways to dispose of maternity capital is to improve living conditions with a mortgage. The money can be used as a down payment, to pay off the main debt to the bank or interest.

Important: when it comes to mortgages, you can manage the maternity capital even up to the child's third birthday. In other cases, you have to wait.

A prerequisite for using the certificate is the allocation of shares in the purchased real estate to children.

5. Mortgage at 6% for families with children

If another child was born in a family with at least one child from 2018 to 2022, she can reduce the mortgage rate to 6% for the entire loan term. A prerequisite is the purchase of an apartment on the primary market, including at the construction stage. For the Far East, the preferential rate is 5%, and you can buy a secondary property if it is located in a village. Banks have the right to reduce the rate additionally.

You can immediately take out a mortgage on these conditions: the down payment must be at least 20%. But it can be contributed by maternity capital. This works for homes purchased in 2018 and later. It is also allowed to refinance an existing mortgage.

Preferential mortgages have limits: in Moscow, St. Petersburg, Moscow and Leningrad regions, no more than 12 million can be borrowed on credit, in other regions - no more than 6.

The opportunity to take out a mortgage with such a low rate is provided by the state. It compensates the banks for the lost profit due to the issuance of such cheap (relative to the average) loans.

6.450 thousand people with many children

If another child was born or adopted in a family with at least two children from 2019 to 2022, she can receive 450 thousand rubles to pay off the mortgage. You can use the offer once. If the debt is less than this amount, then the remainder will burn out.

For individual professionals

7. Military mortgage

Thanks to a special program, a soldier can buy an apartment without investing his own money. The initial payment will be provided by the state, it will also make monthly payments on the loan. In this case, a person must serve a certain period, otherwise he will have to return the money spent on him by the state. There are two possible scenarios when he doesn't owe anything:

• serve at least 20 years;
• serve at least 10 years and quit for good reason.

The maximum loan amount is 2 million 590 thousand rubles. If the loan was larger, you will have to pay off the balance yourself.

What to remember

• You can get a tax deduction on your mortgage interest. But this can be done only one object at a time. So if there are more than one mortgage in the plans, it is worth doing it when the interest is higher: it is more profitable this way.
• The subsidy for young families is an excellent opportunity to buy a third of an apartment at the expense of the state. But you have to be prepared for a long wait and failure. If age is running out, it is better to look for other options.
• If you love kids and are planning at least three anyway, here's a whole business plan for you. In 2020-2021, you give birth to your second child, receive maternity capital, and then take out a mortgage at 6% or less. You use Matkapital for a down payment. In 2022, you will give birth to your third child and receive 450 thousand to pay off your mortgage. The main thing here is to meet the deadlines. But do not try to repeat this if you are indifferent to children - have pity on yourself and them.
• With a military mortgage, you can get an apartment without investment, but there is a nuance. You are attached to the army for at least 10 years. Think in advance which is more important to you - freedom or money.