How to take out a mortgage for an apartment - 11 ways to reduce overpayment

Pitfalls of mortgages at Sberbank, main dangers

Experts highlight several areas that need to be taken into account before applying for a mortgage at Sberbank.

The wording “mortgage” in legal language means that two contracts will be concluded. The first is a housing loan agreement, the second is a real estate pledge agreement. Therefore, risks should be assessed for each area separately.

Risks and secrets of mortgages at Sberbank

Main details of the loan agreement:

Verbatim reflection of the terms of the transaction in the text of the document
Special requirements for borrowers.
Restrictions imposed by the bank on the borrower until the loan is fully paid off.
Currency risks.
Additional financial requirements for mortgage payment procedures.
Commissions and other bank fees for servicing the agreement.
The need to involve third organizations in the transaction, whose services must be paid for by the borrower.
Sanction fees.

Main risks of the collateral agreement:

Restrictions on transactions with real estate.
Conditions for the protection of collateral real estate.
Risks of loss of property.
Rights of third parties.

In addition, there are a number of additional services that can only be indirectly related to the mortgage transaction. These include:

registration fees and charges;
expenses for banking transactions with client money;
payment for notaries;
costs for appraisers;
payment to insurance companies, etc.

Each of the options should be considered in detail in order to know what you need to be prepared for when concluding a mortgage transaction with Sberbank. All difficulties that may arise in this direction are identified through a detailed study of the text of documents for a home loan from Sberbank.

Pitfalls in legislation

The different stages of concluding a mortgage transaction have their pitfalls. In addition, there are nuances in the legislation, in the chosen product of a particular bank, and in the personal fears and limitations of the borrower.

Let's take a closer look at the existing pitfalls in Russian legislation.

Pledge of real estate

The key regulatory act regulating the relationship between the parties to mortgage lending is 102-FZ “On Mortgage”. This law determines that the purchased housing, after the transaction is completed, will be pledged to the lender and will become collateral for the loan received.

In simple words, this means that until the end of the loan agreement, the property essentially belongs to the bank and the borrower has the right to dispose of it only with its permission. That is, any transactions for the sale, exchange, donation, redevelopment or other improvements/changes in the pledged property must be agreed upon with the lender.

CONCLUSION: Any actions with the apartment that could reduce its market value are prohibited to the client.

By signing the agreement, the borrower automatically gives voluntary consent to all these restrictions, which will be lifted only after full repayment of the debt and removal of the encumbrance in Rosreestr.

You will learn how to get around these pitfalls of a mortgage from the articles: “Is it possible to sell a mortgaged apartment”, “Is it possible to rent out an apartment purchased with a mortgage”, “Redevelopment in a mortgaged apartment”, “Is it possible to donate or bequeath a mortgaged apartment”.

Possibility of eviction for non-payment

The Civil Code of the Russian Federation and 102-FZ stipulate the circumstances under which a borrower may lose his home. The basis may be non-fulfillment or improper fulfillment of its obligations by the client. That is, if there are constant delays or even in case of refusal to service the loan, the bank has the right to foreclose on the pledged property.

As a rule, before going to court, the bank carries out pre-trial work, which includes providing the borrower with a credit holiday, providing government support measures and writing off part of the debt, options for refinancing and restructuring the loan. If all these tools do not help, then the bank turns to the judicial authorities.

If the court satisfies the creditor's demands in this matter, the borrower will be forcibly evicted from the apartment. The housing is then put up for auction, and after the sale, the bank compensates for its losses using the proceeds.

Currency risks

Mortgage loans as a result of the 2014 crisis, when there was a sharp drop in the ruble exchange rate, have lost their relevance today. Most Russian banks have abandoned foreign currency mortgages for obvious reasons.

By taking out such a loan, in the event of exchange rate fluctuations, the client assumes the risks of increasing the amount of the monthly payment and a significant increase in the final cost of the loan in relation to the market price of the property.

Even if there are options for obtaining a mortgage at minimal interest rates in dollars or euros, you should opt for a ruble loan with lower risks.

Verbatim reflection of the terms of the transaction in the text of the document

Sberbank is attractive because it offers some of the lowest mortgage rates. The bank's active participation in government programs to support certain categories of citizens allows them to take out a housing loan on preferential terms. Currently running programs:

for young families;
military mortgage;
special conditions for state employees;
preferential rates for young researchers, teachers and doctors.

You can pre-calculate the likely interest rate on a loan using Sberbank’s mortgage calculator. The undoubted advantage of Sberbank is that it does not limit borrowers in choosing real estate. Loans are issued for:

apartments in new buildings;
residential properties on the secondary market;
construction of individual housing and country real estate.

In this case, the type of housing purchased will affect the rate. The lowest (from 7.90%) is provided for new apartments, and the highest (from 12.25%) for individual housing construction. Sberbank mortgages have long payment terms. You can use a loan, the payment for which is calculated over 30 years.

When choosing a loan program, you should consider that:

the loan rate in the bank’s offer and in reality may differ significantly, as it is calculated individually, according to the financial situation of the borrower, the size of the down payment and the term of the mortgage;
the longer the loan is calculated for, the greater the total overpayment on it will be, but the easier it is to obtain bank approval;
if the family has maternity capital, Sberbank allows its use at any stage of mortgage payments;
those clients who receive wages on a Sberbank card can count on special conditions (the rate can be reduced by 0.5%);
electronic registration when preparing documents will reduce the rate by 0.1% per annum;
clients who have not previously been serviced by Sberbank may have their rates increased, as well as those who refuse insurance.

Before obtaining bank approval for a housing loan, you should make sure that the conditions for which the preliminary calculation was made are reflected verbatim in the contract: rate, contract amount, payment schedule and total loan term.

Pitfalls of special programs in 2021

In 2021, effective programs are being implemented to assist special categories of Russian citizens when applying for a mortgage:

family mortgage at 6% per annum;
military mortgage;
maternal capital;
young family;
social mortgage;
rural mortgage;
Far Eastern mortgage;
wooden mortgage.

Each has its own nuances.

Mortgage at 6% per annum for families with children

Such a mortgage will be available to families who will have a second or third child between the beginning of this year and the end of 2022. The rate of 6% will apply for a maximum of 8 years from the date of loan issuance. After this period expires, the rate will be tied to the refinancing rate (its current value + 2 percentage points).

You can only buy housing under this program from legal entities. The purchase amount is limited to 3 million rubles for the regions and 8 million for Moscow.

Military mortgage

A mortgage for military personnel who have been participants in the savings-mortgage system for over 3 years will allow them to buy comfortable housing worth up to 2.33 million rubles at 9.5% per year.

With the help of NIS, the borrower can save up for a down payment, and through monthly payments transferred from the budget, the debt under the loan agreement is repaid. It is impossible to resign during the validity period of such an agreement, otherwise the bank will terminate it and the military man will be obliged to return the funds received to the state.

Maternal capital

Maternity capital funds can be used for credit purposes immediately after the birth of a child who has given such a right. The amount of 466,617 rubles can be used to pay the principal and interest or pay the down payment.

The expense item is determined by the borrower himself in agreement with the Pension Fund, who will transfer the money to the bank within one month.

Young family

Young families in which spouses are under 35 years old can apply for a preferential mortgage with subsidies from the state budget. The size of such a subsidy depends on the number of family members, region of residence and the average price of 1 sq. m. m. in a specific municipality.

To participate in this program, you will need documentary evidence of your need for improved housing conditions.

Social mortgage

Social mortgages are issued for an approved list of categories of citizens of the Russian Federation - single-parent families, large families, low-income citizens, disabled people and families with disabled children, employees of budgetary organizations. Such persons are offered free subsidies or an interest rate compensated from the budget.

Registration is carried out in the order of placement on the queue as those in need of housing.

Wooden mortgage

A wooden mortgage means obtaining a loan for the purchase of suburban wooden real estate, thereby stimulating the development of low-rise construction and the development of remote areas.

The purchase of environmentally friendly housing will be subsidized by the state by reducing the interest rate to 10%. The subtlety of a mortgage is that there is no need for collateral for the home being purchased. The loan amount cannot exceed 3.5 million rubles, and the down payment will be from 10%.

Rural mortgage

This support program from the state applies to rural residents who work in socially significant enterprises or are engaged in agriculture. Program participants are entitled to a preferential mortgage at a rate of 0.1 to 3% per annum. Detailed conditions here.

Special requirements for borrowers

The bureaucratic component is one of Sberbank’s weak points. However, this allows the organization to weed out insolvent and unreliable clients. The borrower will have to prove that the monthly payment will not exceed 50% of his income for the month.

Sberbank mortgage - requirements for the borrower

When issuing a loan, the bank allows you to take into account not only your salary, but also:

any permanent additional income of the person being credited;
family income;
financial situation of co-borrowers (up to three people);
Third party guarantees are also taken into account.

Basically, the requirements for mortgage applicants are standard:

Russian citizenship;
official employment;
age range (21-75 years);
registration at the place of residence is permanent.

In almost any branch of Sberbank, when applying for a mortgage, they will strongly offer life insurance for the entire period of payments. The procedure is quite expensive. According to the law, a citizen has the right to refuse to fulfill this condition, but at the same time, the bank can insure its risks and raise the interest rate on the loan.

The size of the down payment can significantly affect loan approval. Fee amount:

under normal circumstances, it is paid from the borrower’s personal funds;
under preferential programs can be repaid with a housing certificate;
can be paid for with maternity capital.

Banks are reluctant to accept preferential payments to offset the down payment. It is less risky for them if the borrower pays the principal of the debt or interest with them. Sberbank is not aware of such restrictions, but local specialists can influence the borrower’s decision to take advantage of benefits to pay the down payment.

Bank employees can also provoke an increase in this amount. You should find out in advance what the minimum down payment amount is currently provided. For 2021, Sberbank announced a reduction in the down payment to 15%.

The benefits of refinancing a mortgage with another bank

If a person decides to refinance a home loan, he should be prepared for the fact that the procedure is associated with a number of advantageous advantages and disadvantages. The advantages of the program include:

interest rate adjustment;
changing the deadlines for closing obligations;
the ability to combine several loans at once;
adjustment of loan currency;
receiving additional funds for personal needs.

However, you need to make a decision about using mortgage refinancing based on the personal characteristics of the situation.

Reduced interest rate and payment.

Attention

Refinancing a mortgage to reduce the interest rate is beneficial if the difference between the indicators exceeds 2%, and there are more than six months left until the obligations are closed. Otherwise, there will be no real return from using the service. The benefits from using the service will not cover the need to pay for insurance, account opening fees and other fees.

To reduce the amount of monthly payments, you need to extend the loan. So, instead of 7 years, you can conclude a new contract for 10 years. If the interest rate is reduced at the same time, the payment can be reduced by almost 2 times.

Reducing or increasing the loan term.

Adjustment of the term of use of the loan will affect the amount of payments. If the borrower wants to reduce them, it will be necessary to extend the period of closing the mortgage obligations. Shortening the term of your mortgage when refinancing will result in higher monthly payments. However, as a result, the person will pay off the debt faster. Let's say a person received a mortgage for 10 years. He can reissue the loan for 3-5 years. Monthly payments will be significantly reduced. However, the final amount of the overpayment will be significantly less, because banks charge interest only for the actual use of funds. As a result, the person will save significantly and benefit from refinancing and mortgages.

Possibility of combining several loans.

Statistics show that citizens of the Russian Federation have at least 2 outstanding loans. It is inconvenient to repay several debts at once. Delays often occur due to inattention. Refinancing allows you to combine everything into one loan. Banks offer to open up to 5 – 6 available loans. If the main obligation is a mortgage loan, the property will need to be pledged as collateral. At the same time, the terms of the refinancing offer will be very favorable. The average interest rate for mortgage refinancing is about 10% per annum. This is significantly lower than for consumer loans.

Converting a foreign currency loan into ruble.

Restructuring is usually used to adjust a foreign currency mortgage loan. However, refinancing is also acceptable. Experts advise converting a foreign currency mortgage into a ruble one in order to benefit and avoid further exchange rate fluctuations.

Receiving additional money for personal needs.

By providing mortgage refinancing, a number of banks offer not only to close existing loans, but also to issue funds for any needs. The amount that the borrower is entitled to receive reaches 1.5 million rubles. Moreover, the loan is not allocated as a separate loan. Its repayment will occur as part of the general settlement of obligations.

Restrictions imposed by the bank on the borrower until full payment of the loan

By agreeing to buy a home with a Sberbank mortgage, the borrower accepts in advance the need for certain restrictions. It is important that they are legal, reasonable and do not go beyond the scope of the bank’s interests. The contract may contain conditions such as:

the need to notify the bank when changing place of residence or leaving the city for a long time;
the obligation to notify the bank if the borrower’s income level or marital status has changed;
prohibition on early repayment of the mortgage or exceeding monthly payments;
the bank’s preemptive right to unilaterally increase the rate, change the payment schedule or their size.

The legality of such requirements is questionable and, if a fine is expected for violating such conditions, it can be challenged in court. It’s another matter if the bank provides for the possibility of demanding early repayment of the mortgage as sanctions - terminating the contract. In this case, you can be left without an apartment and without funds spent on payments.

Important! Sberbank does not impose any restrictions on early repayment of a mortgage.

The standard Sberbank mortgage agreement allows for the possibility of reducing the rate unilaterally. If it changes, the bank guarantees the client a new schedule, without changing payment dates.

Since the money is provided for the intended use, for the purchase of real estate, the bank reserves the right to control the expenditure of funds, in terms of:

verification of documents and the actual intended use of the money issued;
the condition of the property and the conditions of its maintenance;
legality of residence in the residential premises of third parties.

If violations are discovered, the contract may be terminated, and the client will be required to pay for the premises before the due date and pay a penalty.

If bank specialists find out the circumstances on the basis of which they decide that the client can no longer pay the loan installments, they also have the right to terminate the agreement.

Advantages

What are the advantages of taking out a home loan:

Variety of mortgage programs. At Sberbank you can purchase any residential property on credit - from a country house to an apartment in a new building (read about how to get a loan for a country house here).
Availability of preferential conditions for certain categories of citizens. As part of state programs, Sberbank sells mortgages for the military, young families, and employees of budgetary organizations.
Low rates for housing in new buildings. Sberbank is still one of the leaders in low rates. Annual promotions from the bank’s partner developers allow us to offer clients attractive lending conditions.
Opportunity to buy housing with a minimum down payment or without it (if maternity capital funds or subsidies are used).
Deferment of principal payment. The opportunity is provided to families at the birth of a child. In what other cases you can get a deferment, read here.
Possibility to apply for a housing loan using two documents , subject to making a down payment of 50%.
The offer is beneficial for those who cannot confirm their income with an official document or want to quickly obtain a loan.
Preferential loans for participants in the bank’s salary project. Those who receive their salary on a Sberbank card can count on a 0.5% discount on the base rate. Read more about benefits for salary clients in our article.
Bank reliability. If, in a crisis, dozens of financial institutions lose their licenses and go bankrupt, then Sberbank, regardless of the economic situation in the country, does not give up its position.
Safe purchase and sale of real estate. Since the purchased home becomes the bank's collateral, the security service carefully checks the seller's documents and mortgage papers, which helps avoid possible fraud during the transaction. You can find out about the purchase and sale of an apartment with a Sberbank mortgage here.

Currency risks

After the next economic crisis in 2014, experts do not recommend taking out a mortgage in foreign currency either from Sberbank or from any other credit institution.

A foreign currency housing loan at a floating rate is a risky operation. Despite the fact that when applying for a mortgage the conditions may seem favorable, the bank cannot guarantee their stability for a long period, up to 30 years.

The danger is that:

if the exchange rate increases, the bank will independently increase the rate;
a decline in prices in the real estate market may lead to the price of a mortgage product being disproportionately high;
a worsening economic situation may lead to the client simply not being able to pay increased contributions.

It should be remembered that the negative consequences of the lack of stability in such programs can significantly exceed their benefits.

Never take out a mortgage for more than 10 years

The bank will be happy to offer you a mortgage for 15, 20 or even 30 years. The longer the term, the lower the monthly payment will be. And it is true. You just need to look not at how much you pay per month, but at how much you will overpay for the apartment as a whole.

Suppose you buy an apartment worth 5,000,000 rubles and take out a loan of 4,500,000 rubles for 20 years at a rate of 12% per annum. As a result, you will pay the bank 148% (or 7.4 million rubles) of the cost of the apartment as interest, i.e. in total, you will pay 2.5 times the price for it! Better spend these millions on your family and your future, and not on enriching bankers.

Additional financial requirements for mortgage payment procedures

Sberbank has no special restrictions on paying mortgages, either on schedule or ahead of schedule.

Important! If the borrower issues a long-term order to Sberbank to write off funds from a credit card to pay off the mortgage, you should pay attention to its term and extend it on time.
Otherwise, as soon as the order officially ends, the transfers will stop, and a debt will arise on the mortgage.

If you want to repay your mortgage at Sberbank ahead of schedule, you should notify the lender of your decision in a timely manner. This must be done before the next scheduled payment date on a working day.

Conditions for a mortgage on a house in Sberbank under the “Ready Housing” program

The condition for issuing a loan is the presence of collateral in the form of existing housing - it does not matter whether it is an apartment or a house.

Benefits of the program:

There are no additional fees. You will not need to pay costs for applying for a mortgage on a house at Sberbank.
Lower interest rate for those bank clients who have a Sberbank salary card and receive an official salary on it.
There is a chance to attract additional co-borrowers (spouse, relative) - this usually increases the possibility of loan approval.
A proposal to approve a credit card with a limit of up to 600,000 rubles. It is assumed that this amount may be spent on repairs, decoration or additional construction or gardening work.

Recommended article: Early repayment of a mortgage at Sberbank

A Sberbank mortgage on a house is issued in Russian currency - rubles. For approval, a deposit of at least 15 percent of the value of the entire property is required. At the same time, the interest rate does not depend on the size of the down payment, but it is never less than 9% per year.

The longest loan is issued for 30 years, but 15-20 year offers are more common. The minimum loan amount is 300,000 rubles.

It is necessary to have a guarantor or collateral in the form of real estate. There is also a bonus if you purchase a plot of land not alone, but together - the presence of a co-borrower increases the chance of receiving the maximum amount for approval.

What does the interest rate depend on:

Depending on whether the borrower is a client of Sberbank or not. For “foreign” applicants, the percentage can be raised by 0.5.
Will the debtor take out insurance? It is important to note that this is not a mandatory procedure, but it is not beneficial for the bank to start a lawsuit in the event of non-payment due to an accident. It is much more effective to receive a payment from the insurance company. Canceling insurance may increase your monthly payments by another 1% per annum.

So, the most realistic way to get a mortgage for a house is from Sberbank at 9.5-10.5%.

Also, to approve a loan, the lending object and the individual who borrows must meet the following requirements:

The borrower's age is at least 21 years. At the end of the loan period, he must be no more than 75 years old.
Russian citizenship and presence of registration in Russia.
Full time job. The employee must have been in the current position for at least six months. Plus another 1 year it must be officially established over the past five years.
An undamaged credit history and no existing credit obligations.

Recommended article: How to get a second mortgage

Can you get a mortgage with a bad credit history? - read the article.

The same conditions apply to all co-borrowers - there can be up to three people. In this case, their income is summed up, and responsibility is distributed equally to everyone. The legal spouse automatically becomes a co-borrower. How the bank evaluates the creditworthiness of borrowers, read another article.

Conditions for the object of purchase:

The house is not in disrepair and is not intended for demolition.
No more than 50% wear.
Any heating is allowed (stove, water, gas)
The land plot may either be owned by the seller or the property may not be registered.

If you buy a house with a Sberbank mortgage, the location of the land is also assessed. It is important that roads are connected to the construction and access is provided, and there must be developed infrastructure around it.

Commission and other bank fees

Small credit institutions have the sin of making money on each procedure when applying for a mortgage and the associated cash flow.

What are the fees and how does a mortgage transaction take place at Sberbank?

Paid may be:

submitting an application for approval;
opening, maintaining and closing credit accounts;
transfer of cash and non-cash funds;
issuing a credit card;
currency exchange, etc.

Bank fees are specified in the agreement and can be collected from the client monthly or annually. According to official information, Sberbank has no commissions. However, it is better to find out in advance what you will have to pay for during the transaction.

Paid services - assessment

When working with clients, Sberbank puts forward a requirement for an independent assessment of the property being purchased. The appraisal does not allow the borrower to deceive the bank and receive an amount greater than the value of the property.

The borrower has the right to choose an organization for this type of work independently; the main thing is that it must be accredited. At the moment, Sberbank has about 30 such companies.

Wherein:

employees can impose a specific organization to carry out the assessment;
based on the results of the work of appraisers, the value of the property may be underestimated or overestimated compared to the market price of the property;
the client does not have the opportunity to influence the amount of payment to the appraiser;
the borrower is obliged to comply with the results of the assessment.

Among all the pitfalls of Sberbank mortgages, this is considered the most common. The valuation of objects is usually underestimated, and the client receives an amount lower than what he expected.

The difference in the cost of the premises has to be paid from personal savings. It is important to remember that the established value will form the basis for compulsory insurance of collateralized property.

When providing property insurance, additional products may be imposed, such as insurance:

life and health;
risks of non-payment of mortgage;
from loss of earnings;
ownership rights to purchased housing, etc.

It is necessary to carefully evaluate how beneficial the proposed product is to the borrower. Otherwise, experts recommend avoiding additional expenses. It is cheaper if insurance occurs for the amount of the balance, and not for the entire volume of the mortgage.

Don't forget about insurance

The cost of insurance when purchasing an apartment with a mortgage ranges from 0.5 to 2%. Moreover, this money must be paid a year in advance and then renewed annually. Therefore, you need to take a responsible approach to choosing an insurance company. The amount of insurance depends on many factors, such as the age, working conditions of the borrower and the absence of chronic diseases, as well as the condition of the property being purchased.

What is included in the cost of insurance?

real estate insurance
borrower's life and health insurance
title insurance in case of loss of ownership of the apartment

As a rule, the bank offers to conclude an insurance contract with it directly or through insurance companies recommended by it. The simplicity here is captivating, you don’t have to go anywhere and the whole procedure will require a minimum of effort from you.

In my experience, you can find better terms with other insurance companies. The difference can reach 100%.

Therefore, it is better to spend time and find out how much the service will cost in several insurance companies. Surely you will find more favorable conditions than those offered by the bank.

Remember, you will be paying off the loan for a long time and you will need insurance every year. Therefore, even a small difference in insurance can save you tens of thousands of rubles.

If you find insurance that is only 0.5% less, from an amount of 3 million in the first year you will pay 15 thousand less. And over a period of 20 years, how much less will you pay? Hundreds of thousands that's for sure!!!!!

Sanction fees

Sberbank imposes fines only for late mortgage payments

Particular attention should be paid to the section of the contract that contains sanctions for violating its terms. Banks can set:

fines;
fines;
increase the loan rate.

And also completely terminate the contract with the borrower. Sberbank imposes fines only for late mortgage payments.

They are spelled out in the contract as a penalty. In its typical form, it will be 20% per annum of the debt that has arisen due to non-payment.

Some of the subtleties that are important to consider are related to the fact that when applying for a mortgage, the property being purchased is pledged to the bank.

Restrictions on transactions with real estate

Collateral property has restrictions regarding its disposal prior to registration of ownership rights and removal of encumbrances. Real estate purchased with a Sberbank mortgage and registered as collateral cannot:

sell;
What are the pros and cons of a mortgage at Sberbank?
to rent;
transfer for free use;
give;
encumber property with the rights of other persons;
change technically (by reconstruction or redevelopment).

This way the bank is guaranteed that the property will lose value. If the borrower cannot pay the lender, the bank has the right to sell the premises to pay off the debt.

In some cases, Sberbank may make concessions to the debtor if the required type of use is agreed upon with him in advance.

However, this is a right, not an obligation of a credit institution. The borrower, by signing the agreement, undertakes to preserve the property and prevent its damage or loss.

Cons of a home loan

Despite a number of advantages, there are also disadvantages; a mortgage from Sberbank cannot be called ideal for several reasons:

Strict requirements for borrowers. The percentage of refusals at the bank is quite high (you will learn about the reasons for the refusal and what to do when receiving it here). The main reasons for rejection of applications are low income (mainly the client’s official earnings are taken into account), bad credit history, and the type of activity of the borrower that is not acceptable to the bank (for example, individual entrepreneur).
Lack of transparency in the information provided. Advertising slogans about low rates often hide unaccounted for additional payments that are included in the cost of the loan. For example, insurance.
Imposing insurance. When applying for a mortgage, the client is not required to insure life and health. However, persistent employees often persuade you to insure yourself under the pretext of a possible refusal to issue funds. This, in turn, increases the loan amount.
The application review and registration process may take a long time. If the maximum review period of 5 days is indicated on the Sberbank website, this does not mean at all that it will be observed. Depending on the workload of employees and the information provided by the client in the questionnaire, the period may extend to several weeks. More information about the application review period can be found here.

Risks of loss of property

The owner of the mortgage is obliged to notify Sberbank in writing of any damage to the collateral property. In addition, the timing and types of repairs are agreed upon. If the object is completely lost, the borrower is obliged to provide new collateral for the loan within a month, or repay the debt ahead of schedule.

The contract should check:

for what violations the contract is terminated;
how the issue of seizure of collateral property is resolved;
in which court is the resolution of controversial issues provided?

Often, despite federal laws, a bank may state in documents that it has the right to seize property before a court decision if the terms of the contract are violated. In this case, bankers can take the collateral through bailiffs, bypassing the court.

The location of the court provided for the resolution of legal disputes is also important. The requirement to consider cases under the agreement in the court at the place of registration of the bank has no basis.

Rights of third parties

When choosing real estate, especially on the secondary market and under a shared agreement, you should carefully check the presence of encumbrances. They may be hidden, but if discovered they will become a problem not for the bank, but for the borrower. If third parties claim rights to mortgaged housing, then its ownership will be decided in court.

If the rights are confirmed, the mortgage owner will be at a major disadvantage. He will have to transfer the property to the legal owners, and the bank will have to transfer the mortgage debt. The bank itself is completely protected from risks.

Additional expenses

Don't forget about the additional costs that accompany any mortgage transaction. You will have to pay a state fee for paperwork. Sberbank offers borrowers to use the electronic registration option. In this case, the bank can reduce the loan rate by 0.1% per annum.

Any document certified by a notary is an additional expense that should be taken into account. To avoid getting into an awkward position, you should first find out the full scope of expenses before getting approval for a mortgage from Sberbank.

The pitfalls of credit transactions can be so significant that they can change the borrower’s opinion about the need to take out a mortgage.

What else you need to know, tips

What do you need to know about mortgages at Sberbank? Experts do not give many recommendations to Sberbank borrowers. The organization has a good reputation, is quite stable and is supported by the state. Three basic tips before applying for a mortgage:

study contracts and documents in detail before signing them, especially what is written in small print;
if something in the documents raises questions or is not at all clear, you should find out information from several sources - from bank specialists and from an independent lawyer;
Before applying for a mortgage, you must not only have personal savings that can cover mandatory expenses at the beginning of the transaction, but also a reserve fund that allows you to pay for 3-4 months of the loan in case of financial difficulties during the period of regular payments.

The fact that banks are not just trying to help citizens acquire personal property, but are trying to make money, does not require proof. The greater the benefit, the more interested the bank is in the client.

Advertising slogans do not disclose the risks and restrictions that the borrower will face during the period of obtaining and paying for the mortgage.

Therefore, before agreeing to a long-term loan with a low rate, you should study in detail all the conditions of Sberbank, including hidden costs and possible difficulties.

Refund of mortgage insurance at Sberbank:

See also Telephone numbers for consultation May 20, 2021 Yulia Yuryevna 863

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Discussion: 2 comments

Pavel says:
02/07/2019 at 09:10
Mortgage loans are becoming more expensive again and are already provided at more than 10% per annum! And Sberbank also wants to increase the down payment, and for this you will have to look for a regular consumer loan, and all this has a bad effect on the borrower!
Answer
Ivan says:
03/24/2019 at 19:23
Is it possible to make a claim to the bank if the actual costs of the mortgage loan significantly exceed the full cost of the loan specified in the agreement? Where is the best place to file such a complaint?
Answer

The procedure for obtaining a Sberbank mortgage on a house with land

You must first collect a package of documents. All documentation will be checked; if information is concealed or falsified, the bank will not only refuse you a loan, but will also blacklist you, which can lead to refusal by other financial institutions as well.

What requirements the bank has for mortgage documents can be read in a separate article.

You need to provide:

A sample application can be obtained from any Sberbank branch. It contains all personal data.
Photocopy of passport – all pages, even blank ones.
If you changed your last name, then you need the document on the basis of which this was done. For example, a marriage certificate.
A copy of the work record to confirm the availability of work and work experience.
Certificate in form 2-NDFL. (For those Sberbank clients who have a salary card, this is not necessary)
Documents for the property that will be offered as collateral. You can imagine the house itself and the land plot, which is purchased with a mortgage from Sberbank, as collateral.

If it is not possible to confirm your income, then read the article - How to get a mortgage without income certificates?

Recommended article: Mortgages for large families in Sberbank - conditions and benefits

Main stages of registration

When the application is approved, within three months you need to select the object of purchase and bring the documents to the house:

Title documents for the house and land (sale and purchase agreement, certificate of inheritance, court decision);
Legal documents (Certificate of state registration of rights, extract from the Unified State Register of Real Estate);
Technical passport for the house;
Certificate of registration or house register.

Requirements for a land plot purchased with a mortgage along with a house:

If the land plot is owned, then the boundaries of the plot (land survey) must be established.
If ownership of the land plot is not registered, then a certificate from KUGI (Committee for State Property Management) is provided stating that the land was not transferred into ownership or lease.

After providing all the documents for the property, an appraisal is ordered, and either a project purchase and sale agreement (house with land) or a preliminary purchase and sale agreement is drawn up. The most important aspects of a purchase and sale agreement with a mortgage are explored in another article.

If the seller of the house offers you to lower the price in the purchase and sale agreement, then read the article - Mortgage with underfinancing (lower price) - should you agree to such a deal?

After reviewing all the documents and the draft agreement, the bank approves the object and schedules the signing of the loan agreement. Before signing the loan, insurance is taken out.

Next, the documents are transferred either to the MFC personally by the seller and the buyer, or if the transaction is registered electronically, then a Sberbank specialist will send applications and a registration agreement signed with the digital signature of the seller and buyer.

Upon completion of registration, the Buyer receives a registered purchase and sale agreement and an extract from the Unified State Register of Real Estate, which he provides to the bank. Based on these documents, the bank issues money under the loan agreement.

The Sberbank representative will receive the registered mortgage.

Otherwise, the procedure is no different from regular mortgage lending and takes no more than a month - this is the period of inspections, reviews, and delivery of the necessary papers.

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Author:

Maria Yurievna Sokhan

Date of publication July 8, 2018December 17, 2018