Mortgage loan for the purchase of finished housing

Registration of a mortgage in Sberbank

Before submitting an application to the bank for a mortgage, it is advisable to conduct an independent assessment of your financial capabilities and an audit of existing debts. It is important to take into account that debts include not only consumer loans, but also credit cards, installment plans, car loans, and even an overdraft received before payday. The more debts, the higher the likelihood that the application will be rejected. But, if you are included in the preferential category of citizens, you will be able to qualify for programs with special mortgage conditions.

Stages of drawing up a contract for the purchase of housing through Sberbank:

1. Go to the bank office and write an application. Attach copies of the borrower’s passport and co-borrowers, if any, to it. As well as certificates confirming solvency. First of all, 2NDFL or a certificate in the form of a bank, drawn up and signed by the employer, is suitable for this purpose. Salary clients of Sberbank just need to present their passport. The minimum period for consideration of an application is 14 days.
2. After your application is approved, select a property, if it has not already been considered in advance. Bring real estate documents within 30 to 90 days. If they are not there, the bank will reject the loan. If the documents are collected and sent to the bank, they are reviewed within 2 weeks. Identification of errors or inaccuracies in the papers will also lead to Sber's refusal to issue a mortgage.
3. After re-approval of the application and verification of documents by the bank, re-register the property in your name. Issue a receipt from the seller stating that the down payment amount was transferred to him, indicating the date and amount. As soon as Sberbank receives the papers with the transfer of ownership of the property, the mortgage money will be transferred to the seller’s account. This is the most exciting stage, because the owner of the apartment has already changed, but payment for housing has not yet occurred. The last stage takes from 1 to 5 banking days.

At each stage of the transaction, additional checks and paper requests may arise. Therefore, obtaining a mortgage from Sberbank may take more than a month.

Mortgage for the purchase of secondary housing in Sberbank

Sberbank offers the most favorable conditions for obtaining a mortgage loan for the purchase of finished real estate. The money allocated by the bank can only be used to purchase housing. This could be an apartment in a high-rise building, a private house or any residential premises.

Below is a mortgage calculator from Sberbank; it will help you calculate a mortgage for a secondary home and get approximate information on interest rates, monthly payments, and the amount of overpayment.

The development of financial instruments has led to the fact that now it is not necessary to have your own funds to pay for the desired product. Almost every bank has in its arsenal several profitable loan products, one of which is a mortgage.

What are the initial payments for Sberbank mortgage programs?

Sberbank has 12 mortgage lending programs, including refinancing of mortgage debts that were issued at other banks. All types of loans have different conditions, requirements for the package of documents and the amount of the down payment.

The down payment is 50% for all mortgage programs for clients who cannot officially confirm their solvency. For the period from September 17, 2019 to January 31, 2020, this amount was reduced to 30% when purchasing housing in the Northwestern and Ural regions of Russia.

An important feature concerns mortgages for the military. 15% of the down payment is paid not by the borrower himself, but by the state. This amount is accumulated for at least 3 years during service on the military personnel’s personal account.

When using maternity capital, the certificate can be used to supplement the down payment. Or provided to Sberbank at any time during the lending period. Its amount will help cover part of subsequent debts if the mortgage was issued earlier.

Initial mortgage payment at Sberbank

A mortgage is an affordable and effective way to purchase any real estate in the country. This is the best method to compensate for the missing financial resources and become the happy owner of your own apartment or house. However, an important point is the choice of bank for mortgage lending. Sberbank has remained the most reliable and stable option for many years.

Conditions for obtaining a loan

To approve a mortgage application at Sberbank, the following conditions must be met:

• The minimum age of the borrower is 21 years;
• the maximum age is up to 75 years, but the limitation does not apply to the age at the time of filing the application, the limit is set as the maximum allowable at the date of completion of payments;
• it is possible to obtain a mortgage at the place of registration of the borrower or at the location of the lending object;
• insurance of the mortgaged object and the borrower; if insurance is refused, the bank has the right to refuse the mortgage or increase the loan rate;
• the minimum experience of a potential client is from one year, and in the last place - from 6 months;
• monthly income must be sufficient to repay the mortgage; the number of dependents and income of co-borrowers will be taken into account in the calculation.

Those Sberbank clients who receive their salaries through this bank have more benefits when taking out a mortgage loan. They have a lower interest rate and a smaller down payment. Also, individuals with a high level of income and a good credit history are entitled to apply for a preferential rate. How to view your credit history yourself, read the articles on the Brobank portal. You can also request this information through Sberbank.

Partial early repayment options

Where can I get money? read! If the mortgage is issued to the husband, can it be repaid with maternity capital?

There are two schemes for repaying a mortgage loan at Sberbank: with a decrease in the size of the monthly payment or the payment term.

By reducing the size of monthly payments when depositing a large amount, the credit load is reduced. The remaining amount becomes smaller, but the term does not change. When it is spread over the same number of months, each payment is reduced.

You can pay off your mortgage early if your monthly payments are reduced remotely (Sberbank Online) or at a bank branch. The new payment schedule will appear in your personal account in the application.

If the loan term is shortened, the payment schedule remains unchanged. But the payment period itself is reduced.

If early repayment is made in full, do not forget to terminate the mortgage agreement with the bank and remove the encumbrance from the collateral property.

How to confirm that the amount is sufficient for the down payment

You will need to confirm that the amount for the down payment is sufficient when the mortgage application is approved by the bank. In this case, the parties to the purchase and sale transaction choose in advance the method of transferring the first payment. The following calculation options are most often considered:

• transfer of the amount to the seller’s bank account with the issuance of a receipt;
• bank letter of credit;
• cash payment against a notary receipt;
• use of a safe deposit box.

Whichever option the parties approve is included in the purchase and sale agreement. The same document indicates the size and timing of the transfer of the down payment.

For Sberbank, the down payment on a mortgage becomes a guarantee of the borrower's solvency. In this case, the credit institution has the right to request information in advance about confirmation of the amount of the first payment. The supporting document can be: an account statement from any bank with a balance of funds, data on a deposit, a document on a state subsidy, or presentation of a certificate for maternity capital.

Until the seller confirms receipt of the down payment, Sberbank will not begin the procedure for transferring mortgage funds.

Is it included in the total mortgage loan amount?

To answer this question, you need to understand the mechanism of the transaction itself. The fact is that, according to the bank’s rules, if the purchased housing is registered as collateral, a mortgage loan cannot be issued in an amount exceeding 80% of the cost of the housing. This means that if the cost of an apartment is 5 million rubles, the maximum amount issued under the mortgage cannot exceed 4 million rubles. Accordingly, the down payment is the remaining 20% ​​of the cost of housing. In the example discussed above, this means that the minimum down payment is 1 million rubles.

If you have any questions, you can consult for free via chat with a lawyer at the bottom of the screen or call by phone (consultation is free), we work around the clock.

If the client stops making mortgage payments, the bank will begin to receive losses;
then the only option for him is to sell the property (which is why it is registered as collateral), and in order to sell quickly, it is necessary to further stimulate demand - for example, reduce the price by 10% from the market average. In this case, the bank will be able to quickly sell the property and return the funds spent, thereby compensating for the losses caused by the unreliable borrower. It should be noted that in some situations the down payment is used to repay the loan amount, and not to pay for the housing itself. So, for example, if the purchased property is not registered as collateral, some banks will still require a down payment, but for other reasons: the bank needs the amount not for possible compensation in the event of a forced quick sale of the property, but to confirm the solvency and serious intentions of the client. That is why, if collateral documents are not drawn up for real estate, the minimum down payment for mortgage programs increases sharply - from 30%, and in some banks from 40%. We wrote here about whether a down payment on a mortgage is needed and what it could be, and here we talk about what size of contribution is more profitable -5, 10, 10 or 50%.

Is it possible to get a mortgage without your own capital?

Standard mortgage lending programs at Sberbank only work with a down payment. But, if you take into account some nuances, you can choose an option when you don’t have to invest a large amount to buy a home:

1. Registration of a mortgage using a maternal capital certificate. All certificate holders have the right to use its funds for a down payment on a mortgage. This is not the family’s personal money, but a government subsidy.

   Therefore, if the certificate amount is sufficient to cover the down payment, then the borrower will not incur any material costs. Since 2015, the amount of maternity capital has been fixed at 453,026 Russian rubles. This means that Sberbank clients who receive their salaries on a card can buy living space worth about 4.5 million rubles under this program without their own investments. The 10% program for salary clients is valid from September 17 to 01/31/2020. After this date, the percentage will likely return to around 15%. In this case, borrowers will be able to buy housing worth about 3 million rubles without their own investments.

2. Obtaining a consumer loan to pay the down payment. This option is not the most economical for the client. The interest on this type of lending is significantly higher than on a mortgage. And monthly income may not be enough for the bank to approve both programs. But close relatives who are ready to help and take out a consumer loan for themselves can help in the situation.
3. Government subsidies. In certain constituent entities of the Russian Federation, government agencies provide certain citizens with certificates or subsidies for the purchase of housing. The list of categories who will be helped by the region is determined by local authorities. These may include: families with disabled children, single-parent families, public sector employees, orphans or large families. Persons who have the right to apply for state benefits will need to contact the local government, submit an application and stand in line to purchase housing.

Without a down payment, you can take out a non-targeted mortgage with housing as collateral. But for this you will need to pledge your property to the bank. The minimum amount will be 500 thousand, and the maximum 10 million rubles.

Loans without initial payment

Since not every one of our compatriots’ income allows them to quickly collect the required amount of funds for an initial payment, many of our fellow citizens are interested in the question of whether it is possible to get a mortgage without having to make an initial payment. We will have to disappoint our compatriots, since the range of the described banking structure does not include mortgage loans without an initial payment.

If you have a small salary, then, unfortunately, you will most likely not be able to get a mortgage loan, even if it were issued without a down payment. This is due to the fact that the rules of the described banking structure prohibit issuing mortgages to persons whose monthly income does not reach twenty-five thousand rubles. At the same time, it is possible with a similar salary to apply for a loan of less than a million rubles, but this money will most likely not be enough for you to buy a home. The presence of such restrictions is due to the fact that by issuing mortgage loans to low-income individuals, the banking structure runs the risk of not getting their money back.

If your current savings are not enough to pay the down payment, there are several options to solve this problem. Among such methods, it will be useful for you to learn about the following:

1. You can apply for a loan from another banking structure in the amount necessary to make an initial mortgage payment. The disadvantage of this method is that for a certain time you will have to pay installments every month to repay two loans. This type of development of the situation is very burdensome for the family budget, but if you are confident in your abilities, then nothing prevents you from doing just that.
2. For married couples whose age does not exceed thirty-five years, there is the opportunity to participate in the “Young Family” program, which was organized by the domestic government. If you are approved for this program, you will receive a special subsidy that is intended to help pay your down payment on your mortgage. In this scenario, thanks to support from the state, you will only have to make monthly payments.
3. Citizens who work in budgetary organizations have the opportunity to claim special payments provided by local authorities. These payments are made as part of the housing program for public sector employees and can be used to pay the down payment.
4. Military personnel who have the opportunity to become a participant in the specialized NIS program, which is organized by the domestic Ministry of Defense, deserve special mention. Participants in this program do not need money to make the initial payment, since the funds will be transferred from the NIS fund account.

Beware: scam

On the Internet you can find another option for buying a home without a down payment - taking out a mortgage with an inflated price for the object of the transaction. But this scheme refers to illegal procedures. If Sberbank reveals the fact of fraud, then, at best, the seller and buyer face the cancellation of the transaction and blacklisting of the bank, and at worst, charges of fraud.

It is dangerous to succumb to the provocation of the second party, which tends to inflate the cost of housing:

1. Most often, offers of this kind are unsafe, especially if the seller and buyer do not know each other well.
2. If fraud is detected, this will negatively affect the borrower’s credit history.
3. If the price of housing is already too high, then if the cost is overstated, a significant difference will arise, which the bank will identify during an expert assessment of the property.

In addition to scammers, owners of illiquid housing or developers in inconvenient locations often resort to such schemes. They use gray schemes and somehow sell real estate. The buyer’s benefit is that the seller will enter into an agreement and help buy the living space without the lengthy collection of the initial amount.

basic information

You can get answers to any questions directly at any bank branch, by calling the official hotline, or by reading this article. The minimum down payment amount is established based on the rules of the mortgage process and is paid when drawing up a mortgage agreement. The mortgage process continues only after the first installment has been paid off. If a situation arises when the amount provided by the client is less than the permissible threshold, the loan application is sent for re-consideration by bank employees. After this, a decision is made, which, in most cases, leans towards refusal. An initial amount that exceeds the required minimum, in turn, greatly increases the likelihood of receiving a positive response to the submitted application (even for a consumer with a bad credit history). With a larger initial fee, the bank takes on possible risks that arise when financing unscrupulous persons. As a rule, the employees of the institution are guided by the amount provided, since even in case of default, it will be able to pay off the company’s expenses by selling the collateral.

Sberbank check

At the stage of filling out an application for a mortgage, Sberbank provides the borrower with a list of appraisal companies that carry out real estate examinations. These are qualified institutions that conduct independent analysis. The bank trusts the opinion of these agencies. Therefore, it has now become much more difficult to build a deal on collusion with the seller and inflate the cost of the purchased property.

The second point: the seller is obliged to confirm to the bank the receipt of the down payment from the buyer. Typically, a receipt is used for this purpose. Recently, banks are much more likely to require an account statement, which shows the balance for the amount of the credited first payment. Or obliges the parties to use current accounts of individuals in Sberbank. The bank also offers to conduct such transactions through a letter of credit.

If Sberbank is ready to accept the seller’s receipt as a supporting document, then it is worth paying attention to such points. The document must indicate:

• Date of preparation;
• information about the seller: full name, passport details, addresses and contacts;
• information about the buyer: full name, passport details, addresses and contacts;
• sum;
• description of the basis for drawing up the receipt.

After checking the receipt by the bank, the seller re-registers the real estate documents to the buyer. After making an entry in Rosreestr and notifying the credit institution, the bank begins the procedure of transferring money to the seller’s account. This will take up to 5 working days.

about the author

Klavdiya Treskova - higher education with qualification “Economist”, with specializations “Economics and Management” and “Computer Technologies” at PSU. She worked in a bank in positions from operator to acting. Head of the Department for servicing private and corporate clients. Every year she successfully passed certifications, education and training in banking services. Total work experience in the bank is more than 15 years. [email protected]

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Buying an apartment on the primary market

The down payment on a mortgage at Sberbank for this category should not be less than 15% of the stated price of the property being purchased. But if a situation arises when the client cannot officially confirm his solvency or has a damaged loan history, his interest rate increases to 50%. This segment also includes the purchase of housing in new buildings, the purchase of a house that has already been built or is under construction. The loan interest rate can reach 10.4% per annum, but with subsidies from a construction company, its size is reduced to 8.5%. The banking system also provides the opportunity to take advantage of a preferential rate, but their number is limited, so it is recommended to inquire about availability directly from the construction company. The reduction in percentage is also affected by the implementation of the proposal for electronic execution of the contract.

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Author of the article: Klavdiya Treskova

Consultant, author Popovich Anna

Financial author Olga Pikhotskaya

Purchasing a constructed home on the secondary market

The purchase of such real estate is carried out not directly from the developer, but from the previous owner of the living space - an individual. Such a transaction also has differences and its own characteristics:

• The minimum annual interest rate is 10.7%;
• The starting rate is determined by the client who submits an application under the program to help young families (for other situations it is discussed individually);
• Persons who own salary cards have the opportunity to take advantage of special conditions.

If you have any questions, you can consult for free via chat with a lawyer at the bottom of the screen or call by phone (consultation is free), we work around the clock.

Upon receipt of approval of the application, it is possible to involve several people who act as co-borrowers. Thanks to this, it is possible to increase the loan size to the maximum allowable level. The lender does not require confirmation of its solvency when making the first payment of at least 50% of the borrowed amount. In other cases, the initial repayment requires at least 20%.