However, there are banks that are ready to enter into agreements with foreign clients for the sake of increasing the volume of lending and their revenues. At the same time, potential risks will be included in the interest rate and other additional fees.  A borrower who is a citizen of a foreign state is likely to undergo a more thorough analysis - they will study in detail his place of work, the level of creditworthiness, family ties, and existing obligations. And in case of full compliance with the requirements and reliability, the bank will issue a mortgage loan to him/her.

Non-resident of the Russian Federation can get a mortgage for the purchase of residential real estate only if met the following conditions:

• resides in Russia or has intentions to move to permanent residence (the period of stay in the Russian Federation cannot be less than 183 days);
• has a stable employment with a Russian employer for half a year;
• regularly pays all taxes and fees;
• has sufficient solvency and creditworthiness (the sum of all obligations of the borrower can not exceed 40% of the family income);
• will pay an impressive share of the down payment for the purchased housing (usually not less than 30% - the more it is, the better are the chances);
• has no third-party debt and no bad credit history.

Subject to such conditions, the bank will be able to provide the required amount of funds to buy real estate.

If a foreign citizen does not have any credit history, that is, he never took any credits and loans, the probability of refusal is greater, since it will be difficult for a credit institution to check the correct idea of its reliability and viability. But, this can be approached visely and a small loan can be taken first to earn a good credit history.

Some banks, recognizing the high-risk category of foreign borrowers, impose additional, increased requirements on them. Among such requirements and limitations can be noted:

• an increase in the minimum work experience for a Russian company-employer (for example, from 6 months to 2-3 years);
• the requirement to attract guarantors or co-borrowers;
• an increase in the amount of the down payment (up to 50-70% of the price of the object);
• reduction of the loan term;
• the obligation to conclude a comprehensive insurance contract (in addition to real estate insurance, you need to buy a life and health insurance).

So, the bank will try in any way to reduce possible risks in the future.

To submit and review a loan application, the client must provide the bank with the following set of required documents:

• application form on the bank;
• passport of a foreign citizen, which must be accompanied by a notarized translation;
• documentary proof of stay in the Russian Federation (migration card, residence permit, visa, temporary residence permit);
• documents confirming employment and stable earnings;
• work permit in the Russian Federation;
• documents on the acquired housing (certificate of right to property, contract of sale, cadastral passport, professional real estate valuation report).

This list is not exhaustive. Additionally, the bank may require documents such as:

• documents about an education;
• certificate of temporary registration;
• documents on the existing property;
• bank statement on the client’s personal accounts.