How many days does it take to review a mortgage application: checking the borrower’s profile at Sberbank, reasons for refusing to issue a loan

Sberbank is the largest financial conglomerate in Russia. The bank provides a wide range of services. And in the total volume of assets of the banking sector, the loan portfolio corresponds to almost 40% of loans issued to the population.

Statistics indicate a high degree of trust among bank clients. Citizens prefer to use Sberbank's mortgage lending services. If the borrower meets the bank’s conditions and requirements, all that remains is to wait for its decision.

Next, we will talk about how long to wait for mortgage approval from Sberbank, what difficulties you may encounter and how to solve them.

Features of obtaining a mortgage

The process of obtaining a mortgage is quite long, complex and multi-stage . Issuing a home loan for a very long period is associated with great risks for both the lender and the borrower.

But Russians still take this step, because a mortgage is perhaps the only chance to improve their living conditions. Participating in all stages of applying for a mortgage, candidates are increasingly languishing while waiting for the bank’s verdict.

The regulations of the entire procedure are based not only on the consideration and acceptance of certificates, the bank will have to conduct an appraisal examination of the housing, and this may increase the time for making a decision.

Knowledge of all the nuances of registration allows the applicant to plan his actions in the long term - preparing a package of documents within a certain period of time without compromising his work. Unforeseen circumstances or delays may also occur.

Sberbank offers its clients ways to speed up the process without extra costs by providing information via the Internet.

Processing times for payroll clients

Paper applications from payroll clients of a financial institution are reviewed in a shorter time than 5 days. The reduction in terms of time for them is on average up to two days.

This is due to the fact that they do not require the collection of documents confirming the level of income and the presence of official employment. The fact of salary transfer confirms this. They have a simplified system for collecting paperwork for obtaining a mortgage. All other categories of borrowers will have to spend time collecting the documents required by standard rules.

Deadline for considering a decision on a Sberbank mortgage loan

It is difficult to accurately determine the deadline for mortgage approval at Sberbank. The total time of interaction with a financial institution from the date of the first application to the issuance of the approved amount depends on the efficiency of the client. This is due to the fact that the registration procedure includes several stages.

Stages of mortgage approval in Sberbank

1. The first contact with a financial institution is to select a banking product, study the terms of the mortgage program and calculate the cost of the mortgage.
2. Collection and submission of documents to confirm the financial stability and reliability of the borrower and guarantors.
3. Receiving a response from Sberbank - from 2 to 5 days.

If Sberbank approves your mortgage, the next steps will be:

• Search and selection of housing.
• Preparation of real estate documents and transfer them to the bank.
• Conducting an expert assessment by specialists.
• Object insurance.

The result of the last two stages should be the approval of the property.

• Next, a home purchase agreement is concluded, a down payment or maternity capital is made. First, there must be an agreement with the Russian Pension Fund on the possibility of using maternity capital to pay off the down payment.
• Afterwards, documents are drawn up on the transfer of the property as collateral to Sberbank.
• The approved loan is issued to the borrower and transferred to the seller's account.

Simple calculations show that all these cycles can be overcome in 2 to 5 days. But if we take into account that any of the stages may have its own difficulties and nuances, the total time of interaction with the bank can last up to a month or more.

A client who was counting on a quick result may find himself in an awkward situation. Is it possible to avoid such a scenario? Let's look further.

Factors influencing the consideration of an application

The first factor that determines how quickly you will get a mortgage is the type of mortgage program . The time required for approval of a loan for building a house or buying an apartment, regulated by Sberbank, is from 2 to 5 days, excluding weekends and holidays.

Up to 6 days, military mortgage programs and refinancing of loans received from other financial organizations are considered.

At this stage, the level of stability, financial and social situation of the borrower is considered. Having a permanent job and a sufficient level of income is of enormous importance.

The bank must be confident that the obligations assumed by the borrower will be fulfilled. An equally important role is played by credit history and the lack of existing loans.

Sberbank's salary clients, who receive their salaries on a bank card, have a significant advantage . The fact of salary transfer confirms the level of their income, and such clients are exempt from the need to provide certificates of employment and their income. This speeds up the registration procedure.

So, your mortgage can be approved within 1-2 days. All other categories of citizens will have to submit a standard package of documents, which will include certificates of employment and income.

Difficult situations at the stages of mortgage approval

At any stage of consideration of a mortgage application, delays may arise due to human factors or other difficulties:

1. Scoring assessment. It is carried out automatically. It is part of a program with built-in algorithms for assessing the borrower’s solvency. The system analyzes the information provided by the client regarding his marital status, children, permanent and additional income, main place of work, and ownership of property. This stage also includes a credit history check.
2. Security service and underwriting department . Specialists from bank departments check the authenticity of documents and certificates provided by the borrower. During the verification process, you may receive phone calls to work and your relatives. Risk department employees study the nuances of employment, assess solvency in the future, and conduct analytics of all data.

When the final verdict is made, the client will receive SMS notifications on their phone. Personal communication is possible.

If the decision is positive, do not get your hopes up - an even more labor-intensive part of applying for a mortgage awaits you. This is the selection and approval of a property.

According to the approved regulations of Sberbank, the review of housing documents is 10 days. However, this period may also be extended due to the non-compliance of the residential property with the requirements of the financial institution.

Factors affecting the review period

The first factor that influences the consideration of the application is the type of credit program chosen by the Sberbank client. If the borrower plans to use a mortgage to build a house or purchase housing in new buildings on the secondary market, then the period will be from two to five days. At the same time, during the discussion of the application by bank employees, holidays and weekends are not taken into account.

It may take up to six days to review application documents for a military mortgage or refinance of a mortgage loan from another lending institution.

Also, an important factor that influences how long the bank will work with the client’s application is whether he has a permanent job. At the same time, the credit institution carefully reviews the list of documents confirming the borrower’s solvency. It is necessary to ensure that he can fulfill his obligations under the debt. Credit history also matters.

How much does the mortgage approval period depend on the submission of documents?

The answer to the question of how long it takes to approve a mortgage at Sberbank will largely depend on the correctness of the documents submitted to the bank. To speed up this stage of the procedure, it is worth having documents with you when you first visit the bank.

These include:

• passport of a citizen of the Russian Federation or temporary registration document (if there is no passport);
• application for a mortgage: filled out during the interview on Sberbank letterhead;
• marriage certificate;
• children's birth certificates;
• documents that would confirm your financial status - certificates in form 2NDFL or certificates similar to Sberbank. Pensioners submit pension certificates. If there are additional sources of income (from renting out an apartment, help from relatives from abroad), it will also be good if you provide documentary evidence of each source of income;
• a document from the main place of work, which will confirm the availability of work and work experience at this place;
• a copy of the work book, certified by the seal and signature of the employer;
• work contract or employment contract.

If guarantors are involved in obtaining a mortgage loan, they will also have to collect a similar package of documents.

Spouses automatically become co-borrowers. If both spouses have stable jobs and good earnings, this will be a positive factor for the bank.

Processing borrower parameters

It is impossible to determine with accuracy how long it will take for a specific applicant to approve a mortgage at Sberbank, since the method of filling out the application is of great importance: online or during a visit to the office. The first method is more convenient, since you do not need to visit a branch.

The second way is more practical for several reasons:

• the correct completion of the form will be checked by the Sberbank manager;
• Along with the application, a package of papers is immediately submitted for consideration, which will allow the credit institution to quickly assess the solvency of the potential consumer;
• You can ask the employee to answer your questions.

When choosing to apply online, it is important to understand that Sberbank will not provide the final decision. This is too risky since the necessary documentation is missing. A financial institution cannot assess a consumer’s financial viability and employment status without the appropriate papers. You should prepare for the fact that additional analysis will take more time.

Coordination of housing option

If the bank approves the client's initial mortgage application, from that moment on, 90 days are provided to find housing and complete documentation.

If housing is found, you need to contact Sberbank to schedule an appraisal. The timing of the assessment depends on the type and condition of the residential property.

Apartments in new buildings accredited by Sberbank are approved the fastest. The developers of residential complexes and the bank have partnerships - this simplifies the appraisal and conclusion of the transaction.

If the new building is completed and has passed all commissions, there will be no problems with the lender. And if the house is under construction, additional security will be required.

The developer prepares the documents for the house in which the apartment is being booked with a mortgage. Among them are the following papers:

• agreement with information on the property;
• permission to erect a building and information about security;
• act on redistribution of housing stock;
• certificate of partial ownership of the plot where the house is being built;
• permission to sell the apartment.

Features of mortgage approval for secondary housing

Buying a home with a mortgage on the secondary market in 2021 causes more difficulties, and, therefore, slightly delays the process of approving a home loan.

The bank has a number of requirements for such housing:

• the house should not be in disrepair and not be unfit for habitation;
• the object must comply with the established technical characteristics;
• special attention is paid to legal subtleties - the absence of arrest, redevelopment, encumbrances, consent to the sale of all owners.

If the housing does not meet the requirements of Sberbank, the application can be submitted again if the allotted 90 days have not expired.

Actions after receiving a response

If the bank accepts the request, the borrower is given 60 days to use the loan offer. During this time, the client will need to select a suitable real estate option, collect all the documentation for the property and go with it to the branch.

One should take into account the large amount of time it takes to assess the living space by an expert in the case of a purchase on the secondary market. It is also recommended to find out in advance about the bank’s requirements for purchased apartments. The speed and accuracy of collecting documentation directly affects the further registration procedure.

How to avoid delays and procrastination?

The need to submit an expanded package of documents may affect the extension of the mortgage consideration period. An incompletely formed package of documents will also have an impact.

To avoid delays at the housing assessment stage, experts recommend providing the following documents to the bank:

• bill of sale or pre-contract with deferred payment;
• report of the housing assessment commission;
• technical passport of the object;
• extract from the Unified State Register;
• a copy of the certificate of ownership;
• documents from the home seller stating that his family members do not object to the sale; in case of shared ownership there must be refusals of all participants;
• a certificate confirming that there are no debts on the property, that the property is not under arrest and that no legal proceedings have been scheduled for it.

Reasons for the long review

The reasons for the lengthy consideration of a candidate’s application include the human factor - the sluggishness of the borrower . Also, the package of documents may be collected incorrectly. Or if the deal is difficult, approval will also take a long time.

Other reasons for the protracted consideration include the following:

• the presence of several guarantors - for each representative all documents must be carefully checked;
• a long search for suitable real estate or its non-compliance with Sberbank requirements;
• an incomplete package of documents or the need to litter additional papers;
• a long process of analysis or collection of all documents due to the fact that the expiration date of the certificates submitted during the initial application has expired;
• interaction problems - slowness of bank managers or inability to contact the borrower on time.

Submitting an application for a mortgage and its consideration period

There is a category of clients in whom Sberbank treats with great confidence, and therefore they can count on expedited consideration of the application, favorable conditions, etc. These include:

• clients who attract co-borrowers, whose income is also taken into account when applying for a loan;
• clients receiving salaries on a Sberbank card;
• young families and beneficiaries can count on a loan of 85% or more of the price of the mortgage home. The former can also receive benefits from the state;
• clients wishing to make a down payment of half the value of the mortgage property.

Having submitted the application and primary documents (passports, IDs), all that remains is to wait for consideration. As a rule, the standard processing time is up to 2 days
. But this period may increase if Sberbank needs to carry out additional verification.

How to speed up the application review process?

In our country, when asked about deadlines, they always get the answer “for yesterday.” Russians don't like to wait. In this section, experts offer you several effective ways to speed up the process of mortgage approval by Sberbank:

1. Use the DomClick service for selecting new buildings, created by Sberbank, to conveniently search for a property that meets all the criteria of a financial institution.
2. On the official website of Sberbank https://www.sberbank.ru you can submit an application online: it will be considered as a priority. And you will be given an answer in 2-3 days. In addition, this method saves your personal time, which would otherwise have to be spent visiting a bank branch.
3. One of the most important points by which you can significantly reduce the waiting period is searching for housing in advance. Decide in advance on suitable options, check their cost, and check for compliance with the bank’s requirements. Thus, after preliminary approval, you can begin collecting documents for housing and bring the transaction date closer. All that remains is to wait for Sberbank’s response on the decision regarding the chosen housing.
4. There is another way to reduce the waiting time when preparing documents - use the electronic transaction registration service without visiting Rosreestr and the MFC. To do this, all parties to the transaction must issue an electronic digital signature, which will allow all documents to be signed electronically. The manager will send the documents to the authorities via Internet resources, and the potential borrower will receive a purchase and sale agreement and an extract from Rosreestr by email.

Advantages and disadvantages of getting a mortgage from Sberbank

At their own discretion, clients have the right to use any of the proposed mortgage options. Sberbank of Russia has special programs designed for government assistance, participation in socially significant mortgage projects, as well as offers with a minimum of documents.

To approve a mortgage loan, future borrowers need to submit a request for consideration at a Sberbank branch, or send it via the Internet using personal access to Internet banking.

Since online mortgage processing is much faster and does not require waiting in line, more and more citizens are using this method. Some bank clients are skeptical about Internet technologies, considering such cooperation to be unsafe. However, in fact, all information transmitted from the personal account is reliably protected from unauthorized access, and if the borrower follows precautionary measures, the risk of fraud is practically eliminated.

In addition to saving time and effort on approval, the advantages of online registration of a mortgage from Sberbank are:

1. Effective work with the application, with the ability to quickly explore all lending options and select the appropriate parameters. A convenient calculator will help you online calculate the necessary request criteria, determine the amount or acceptable time frame, taking into account your level of earnings. The application will automatically calculate the estimated monthly payment after the user enters information about the amount available for the personal contribution, the value of the property and the duration of repayment.
2. Reducing the risk of mortgage refusal. The percentage of approval by the lender depends on how well the parameters of the request are defined. If current earnings are not enough, the mortgage borrower has the right to request an extended loan term of up to 30 years.
3. Transparency of mortgage terms and clear principles of interaction with the bank. By changing the numbers in the mortgage calculator, the proposed parameters also change. There is no need to independently calculate the mortgage interest or the final overpayment. When filling out a request, you will see the conditions that a mortgage borrower who meets the bank’s requirements is entitled to expect.

There is no need to spend half a day visiting the branch, and the necessary documents are sent by the borrower in scanned form through the personal account along with the request. Moreover, the bank processes online applications faster than regular applications through a branch.

It’s not just customers who benefit from the transition to online mode. Having established a system of remote interaction, the financial institution pursues its goals:

• increasing the quantity and quality of processed loan applications, eliminating the need to waste time on reception at the branch;
• increasing the level of satisfaction of borrowers with the level of service provided and attracting new borrowers with minimal labor costs;
• introduction of new Internet technologies and training in remote servicing of borrowers-users of the online account.

If there are any difficulties filling out a mortgage application and submitting papers, the client can contact a Sberbank employee at any time through the built-in chat form or send a request by email. You can also get advice on obtaining a mortgage by calling our toll-free hotline.

What to do if you are refused?

If you receive a mortgage approval refusal, find out the reason. Most often, Sberbank employees are interested in retaining the client. Consultants will tell you at what stage the error occurred and how it can be corrected.

It will not be difficult to replace incorrect data and obtain new certificates.

If your income seems insufficient to the bank, attract more co-borrowers with a good level of income. It will be necessary to register the participation of another guarantor. You can also offer the bank collateral in the form of liquid real estate.