Any client of a financial institution can find out about Sberbank mortgages. Sberbank of Russia offers its clients favorable lending conditions, unlike other banks. However, not every client knows that the bank also provides mortgages from Sberbank for housing on favorable terms. Each person will be able to choose the most profitable and convenient mortgage program for purchasing their own home. All conditions and features of the procedure can be found at any bank branch, via the hotline or on the official Sberbank website.
The procedure for applying for a mortgage loan at Sberbank
Before applying for a mortgage, you need to familiarize yourself with all available lending programs. Then determine the appropriate way to complete the application: through an employee of a financial institution or online (remotely).
Expert opinion
Irina Bogdanova
Work experience at Sberbank for 12 years.
The first option involves a person visiting the bank and filling out a form together with a consultant, and the second option involves independently entering data into an online form on the official website.
Step-by-step instructions for applying for a mortgage:
- Log in to your DomClick personal account using Sberbank Online.
- Enter the loan parameters in the calculator. Determine the optimal monthly payment size (thanks to bonuses that reduce the interest rate).
- Having chosen the most profitable option, proceed to fill out the application.
- The questionnaire consists of 7 points. They must be filled in with truthful information. Some data will already be entered into the form if registration was carried out on the Sberbank Online website.
- Make high-quality scans or photographs of the required documents and attach them to the online form.
Officially, Sberbank takes from 1 to 5 days to approve a loan. In rare cases, the review period is delayed due to the unreliability of the information provided, problems in the credit history or workload of employees. Sometimes you can find out whether a loan has been approved on the day you fill out the application form. Unfortunately, it is even theoretically impossible to find out whether Sberbank will give you a mortgage without submitting an application for a mortgage.
Current offers from Sberbank
- Buying a home under construction - an apartment in a new building at 8.5% per year.
- Purchase of finished housing at 10.2% per annum with a down payment of 20% of the total amount, which must be paid over a period of up to 30 years.
- When using MK, the loan is issued at 10.2% with a PV of 15%.
- There is an interest rate of 11.6% for the construction of a house.
- Country housing will cost 11.1% per year.
- Mortgage refinancing can be reissued at 10.9%.
- Special programs for the military provide a rate of 9.5% per annum.
Sberbank also presents a program with state support, implying a subsidized rate of 6% for families with two or more children born after January 1, 2021.
How to find out if a mortgage has been approved by Sberbank
You can find out the decision on a mortgage only after the bank has fully verified the information provided by the applicant. If the initial scoring has approved the application, then over the next five days, employees of the assessment department study the candidate’s credit history, the level of solvency of him and the co-borrower/guarantor, and check the specified information. The applicant is not able to determine in advance whether his loan will be approved, since even the slightest doubt from a bank employee can lead to a refusal.
In most cases, the decision on the appeal is received in the form of an SMS to the phone number specified during registration. If you haven’t received a response, you can find out whether your mortgage has been approved by Sberbank yourself:
- by contacting a bank branch;
- by calling the call center operator;
- in your personal account.
The borrower needs to know the application number, which is assigned at the time of registration. You can find it in your personal account or on a duplicate application.
Through Sberbank Online
Through the borrower’s personal account, at any convenient time, you can find out whether the loan was approved by Sberbank. To access the service, you must register. A login and password are issued to the client upon receipt of a debit or credit card, when opening an account or deposit, or at an ATM.
Verification procedure:
- log in to the system;
- Confirm your actions using the code from the SMS message;
- in the main menu go to the “Credits” tab;
- Click on the application and check the current status.
There are three options: under consideration, approved, rejected. If you receive a positive answer, you must visit the office. If the application is rejected, it can be duplicated after 2 months.
Via mobile banking
The procedure is similar to that described above, only in this case you need to download and install the Sberbank mobile application on your phone and go through authorization.
By phone or by contacting the bank
A support specialist at 900 will confirm the status of the application and will be able to provide advice on the selected product.
You can find out the decision on a loan from Sberbank at the branch by presenting your passport to the credit manager.
What affects the likelihood of approval?
- Credit history
- credit history shows Sberbank the reliability of the borrower. What kind of loans did he have, on what terms, how did he pay them off, did he have any delays or problems making payments. - Solvency
- solvency is one of the key factors in a bank making a positive decision. The ideal situation is when the percentage of loan payments does not exceed 30% of the borrower’s total income. This percentage allows the borrower to insure himself against unforeseen circumstances. The assessment of solvency is influenced by: current loans, alimony, debt obligations, dependents, debts. - Place of work
- low work experience, lack of an official place of work, frequent changes of profession reduce the credit rating. Sberbank is looking for reliable clients who receive stable and official income. - Requirements
- each bank sets its own requirements for the borrower. If you do not meet at least 1 minimum requirement, you will be denied. You can find out Sberbank’s requirements for borrowers on the official website, on the page of the selected loan program. - Documents
- the more documents you can provide to Sberbank, the higher the likelihood of approval of your online loan application. The package of documents includes: documents confirming identity; documents confirming income; documents confirming employment; additional documents. The documents are checked by the Sberbank security service; if they contain errors or the information is deliberately distorted, they will be refused.
How to Increase Your Likelihood of Approval
The main thing that needs to be done to increase the likelihood of approval is to prove to the bank your readiness to repay the loan regularly.
The higher the bank’s confidence in your solvency, the higher the likelihood of approval. To increase your likelihood of approval, you can:
- Guarantor - provide the bank with one or more guarantors;
- Co-borrower - attract a co-borrower;
- Collateral - issue a consumer loan secured by real or movable property;
- Additional income - provide the bank with information about additional income and confirm it with documents.
- Reduce the burden - close existing personal loans, installments, mortgages or credit cards or reduce their monthly payments. The lower the debt burden, the higher the borrower's solvency.
How to find out what amount Sberbank will approve
The amount that Sberbank is ready to approve for a client depends on two factors: monthly income and the period for which the loan is issued.
Let’s say a client needs to receive an amount of 200,000 rubles, and his salary is 30,000 rubles per month. The optimal monthly payment is 30% of monthly income - 9,000 rubles. Using a loan calculator, we calculate the term and get:
- Duration: 26 months;
- Monthly payment: 8,774 rubles.
You can make similar calculations yourself using a loan calculator: Specify the required amount, interest rate and select the term so that the monthly payment does not exceed 30% of your income. Based on your monthly income, you can find out how much money Sberbank is ready to give you and under what conditions.
How Sberbank makes decisions
Sberbank always carefully checks borrowers, and only after that approves the loan. The application for a mortgage is considered in stages:
- Credit scoring. This is an automatic verification of the applicant based on the specified information. The system requests the borrower’s credit score from the BKI, analyzes the composition of his family, income level, work activity and makes a decision. If the requirements are not met, the scoring will be rejected instantly.
- Evaluation by the underwriting department. Employees check the documents for authenticity, conduct a conversation with the head of the company where the applicant works, and clarify how much the borrower receives in salary and how long he has been working.
The final decision on a mortgage is made after assessing all possible risks. As a result of analytical work, conclusions are drawn about the client’s solvency. It is impossible to immediately find out whether the mortgage was approved by Sberbank or not.
Terms for reviewing a mortgage application at Sberbank
On average, they are 1-5 business days. The approval time is affected by the chosen loan program, the completeness of the information provided, the quality of the attached documents and the borrower’s credit history.
What to do if the deadline has passed and no decision has been made on the mortgage?
Reasons for lengthy consideration:
- The application contains inaccurate or erroneous information.
- Attached are bad scans of documents.
- The client’s credit history is damaged, or he is included in the banks’ stop list.
- The loan amount requested is too large.
It is impossible to influence the work of the bank and speed up the procedure for reviewing the application form. All you have to do is wait until they answer you (write or call).
Possible reasons for refusal
Reasons for a negative decision on a mortgage:
- High credit burden caused by a large number of outstanding loans.
- Delays on current debt obligations.
- Inconsistency with age restrictions. Young applicants without guarantors and co-borrowers are considered unreliable clients.
- The monthly payment for a future mortgage exceeds 60% of the applicant’s income.
- Refusal to take out insurance can cause greater risks for the lender.
The reasons for refusals of mortgage applications at Sberbank are not disclosed.
When can you reapply?
If the decision is negative, you can re-apply for a mortgage after 60 days. For those clients who did not manage to select a property within the provided 90 days after approval, they can submit an application for consideration any day.
How to avoid rejection:
- Calculate monthly payments and the level of required income in advance using the DomClick calculator and compare the data with the real situation. If there is a discrepancy, attract a guarantor/co-borrower with a good salary or find cheaper real estate.
- Request a credit history from the BKI and identify its weaknesses. If necessary, correct your reputation, take out several small loans and pay them off on time to raise your scoring score.
- Increase the down payment or loan term to reduce your loan burden.
- Find official additional sources of income.
