Down Payment Required for Yekaterinburg Apartment

For those planning to buy their own home, a key question is the amount of savings needed for a down payment. In a live broadcast on E1.RU, realtor Anna Ermakova answered this question.

She outlined three main scenarios: «There are three options: if it»s a mortgage, then 20% down payment of the apartment«s cost is needed; if it»s an installment plan, then 10%. But there are developers who offer installment plans with a down payment of just 5% — the increase in the apartment«s price is maximum in that case. So you need to understand: either save up to 10% and take an installment plan without price increase, or if you have 20%, then buy an apartment with a mortgage.»

If a buyer has, for example, 500,000 rubles (approximately $5,400 at current rates) from selling a car, the options are limited. «That is usually only an installment plan. There are also programs from developers where they co-finance the down payment. Such projects exist,» the expert explained.

Anna Ermakova also noted that buying an apartment without a down payment is only possible through a family mortgage and exclusively in new buildings. However, in that case, the final cost of the home will be higher.