Publication date: 16.05.2024
Lawyer with 15 years of legal experience, specialization: family and civil law, inheritance, contract law, criminal cases, administrative cases, cases involving foreigners, migration law
Exemption from paying value added tax when purchasing your first property, assistance in realising the dream of owning your own living space - mortgages in Ukraine are becoming an increasingly affordable and popular form of lending for the purchase of housing. The growing capabilities of the population, the improvement of the country's financial system and the development of the real estate market contribute to this process.
First, it is worth considering what a mortgage is. This is a lending system where a bank provides a loan for the purchase or construction of housing secured by this particular property. The main advantage of mortgages is the ability to pay over a long period of time, which reduces monthly housing costs and allows people to realise their housing plans faster.
The mechanism of obtaining a mortgage in Ukraine includes several stages. First, you need to choose a bank that provides mortgage loans and read the lending terms and conditions. Next, you need to collect a package of documents, which may include a passport, identification code, income statement, real estate documents, etc. After that, the property is appraised and a mortgage agreement is concluded.
In terms of legal support, it is important to have a lawyer or notary to help you understand the terms of the mortgage agreement and ensure the legal security of the transaction for both parties. A lawyer can also help resolve any disputes that may arise during the loan process or during the operation of the property. Legal support for a mortgage transaction includes checking the real estate documentation, drafting contracts and negotiating with the bank. It is important to have a specialist who will ensure your rights and interests during the transaction. Real estate lawyer, legal services real estate, legal advice on real estate, real estate attorney.
Ukraine is gradually catching up with global standards in this area. Mortgage loans are becoming more affordable due to increased competition between banks and the expansion of their loan portfolios. Banks are actively offering various lending programmes with different terms and conditions, which allows customers to choose the best options.
However, one should be aware of the risks associated with mortgages. The main one is the risk of losing your home in case of non-compliance with the loan terms. Therefore, before entering into a mortgage agreement, it is important to carefully read the loan terms and calculate your options.
In addition, mortgage rates should be taken into account. They can be fixed or change during the loan term. The choice between them depends on the individual financial needs and risks of each client.
In large cities of Ukraine, the demand for mortgages is constantly growing, as it is the fastest way to own real estate in a stable economic environment. However, even in the midst of urban prosperity, it is necessary to carefully consider all aspects of lending and choose the best option.
To summarise, mortgages in Ukraine are becoming an increasingly affordable and popular form of lending for the purchase of housing. It is important to carefully assess your financial capabilities and risks before entering into a mortgage agreement, but it is a great way to make your dream of owning a house or apartment come true.
