Applying for a mortgage at Rosbank: review deadlines, required documents, possible reasons for delays

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What confuses borrowers most about mortgage lending? Most people, without hesitation, will answer – the time frame for consideration. It also happens that an application only for a loan, without checking the property, takes up to 30 days in some banks.

Here, involuntarily, you give up and you don’t want anything anymore. And the negative experiences that many borrowers share online only make the situation worse. How are things actually going with the consideration of applications?

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In fact, there is no specific answer here, because all banking institutions have their own internal policies, have their own limits on studying documents, and have different programs. Today we will talk about how long banks usually take to consider a mortgage application and how to complete it correctly so that the apartment you like does not go to another buyer during this time.

Why do mortgage deals take so long?

The first thing a client who decides to apply for a mortgage needs to understand is that it is one of the most high-risk loan products. And the bank’s task, when a client contacts them, is to thoroughly check all the information provided and calculate all the risks for many years to come.

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Moreover, at the moment we are talking exclusively about the consideration of the credit questionnaire itself, without touching on the issue of checking the real estate and its evaluation. The borrower must undergo a test called scoring, which takes into account everything - age, status, marital status, presence of dependents, real estate or transport ownership, work experience, income, credit history and much more.

What is needed for a positive decision: terms of provision

Not every citizen can be approved for a mortgage loan. To do this, a number of conditions must be met:

1. Citizenship . To obtain a mortgage loan, an individual must have citizenship of the Russian Federation. This requirement is requested by most banks and credit institutions. For foreign citizens and citizens of the republics of the former USSR, separate conditions are provided.
2. Availability of registration . You must have a residence permit in the Russian Federation. But there are a number of banks (for example, VTB 24) that can neglect this condition.
3. Borrower's age . There are age restrictions for obtaining a mortgage loan. Acceptable age limits range from 21 to 70 years. Some banking institutions allow a minimum lending age of 18 years and a maximum of 75.
4. Experience and place of work . The lender must have confidence in the borrower's ability to repay the debt. Therefore, the borrower must have at least six months of work experience in the current workplace.
5. Wage level . A mortgage loan involves the issuance of large sums of money, so banks and credit organizations have established that the borrower’s monthly income must be at least twice the size of the monthly loan payments.
6. Availability of co-borrowers and guarantors . If the borrower’s income is not enough to approve the loan, then he can indicate his guarantors when repaying the loan. In this case, the bank will consider the income of not only the main borrower, but also the persons involved.
7. Credit history . Many banks study the borrower’s credit history in an organization - the Credit History Bureau, which stores all the citizen’s banking transactions. And if the credit history is bad, the bank has the right to refuse lending.
8. Availability of all necessary documents. List of documents that need to be provided to the bank:
   Passport and second identification document.
9. Certificates confirming income - 2-NDFL or other documents in any form.
10. A certified copy of the work record.
11. A copy of the employment contract - if there is a part-time job, then the contract for this job.
12. A copy of the tax return for the reporting period - to confirm other sources of income other than salary.
13. Documents confirming ownership of property: real estate, transport.
14. Confirmation of ownership of securities (if any). Copies of loan agreements taken earlier.
15. Men under 27 years of age must have a military ID.

How does the application review process work?

1. Preparation and collection of necessary documents. On average, it takes from 1 business day to 1 week. It all depends on the speed of work of the accounting department in the employing company and the HR department. The list of papers for obtaining a mortgage loan is presented here.
2. Submitting an application. On average, no more than 2 hours (provided that the manager is a trainee, and runs 10 times to clarify information with senior colleagues). In fact, you can fill out a mortgage application form at home and take it printed out to the bank along with the documents. This will significantly reduce filing time. We will tell you how to apply online in this article.
3. Entry of the questionnaire into the database by the manager. If the manager is a drag, or there are too many people at the bank who want to get a loan at the same time, then the process can take up to 2-3 days. The questionnaire can lie there and wait until a bank employee gets his hands on it. However, it is usually sent to the bank on the day it is submitted by the client. If it falls on the weekend or the end of the working day, then the application will be submitted on the next working day.
4. Checking your credit history. It takes no more than 3 hours, including checking the scoring and all 4 BKI databases. Read more about credit history and its importance in this review.
5. Verification of personal data. Registration, registration, personal data, marital status. It may take up to 2 days if the bank is a supporter of “manual” processing of applications. When processes are fully automated – no more than 4-5 hours. It is difficult to get a loan with temporary registration, but it is possible, details here.

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6. Security check. They check the client’s employer, co-borrower, guarantors - in general, all participants in the transaction. (The same applies to the previous stages, starting with checking the credit history. All participants in the mortgage transaction are checked.). The process may take 1 to 3 business days. Depends on the speed of the security service of a particular bank.
7. Underwriting. Calculation of risks and maximum available loan amount. Depending on the bank, this process takes from several hours to 3 business days.
8. Credit Committee. The final decision is made there. Usually takes place 2 times a week. After the credit committee, the application is sent for confirmation to the bank branch manager. After this, information about approval or refusal of the loan application appears in the system. If you want to improve your chances of being approved, check out the guidelines at this link.

How long does each stage take?

On average, the mortgage review process takes from 5 to 10 business days. It happens that a bank or a particular branch simply works slowly. And the process can take up to one month.

We have collected original reviews on this topic here, reviews from real people, many comments, worth reading.

There is also an influx of applications, when they simply do not have time to process them and the process is delayed again.

Therefore, if you like a particular apartment and don’t want to miss it, it makes sense to apply for a housing loan to several banks at once. And also pay attention to the list presented below.

How to get a mortgage approved faster

There are several life hacks on how to get bank approval as quickly as possible.

1. Submit your application at the end of the month. The thing is that credit managers have sales plans that they must fulfill in order to receive a bonus. If the plan is, as they say, “on fire,” then in the last days of the reporting period the manager himself will make every effort to ensure that you receive the loan as quickly as possible. Sometimes this can literally take several business days.
2. Contact the bank where your salary project is being processed. Firstly, you will be able to get a more favorable loan rate, and secondly, the bank will not waste time checking your personal data, employer, and so on. The time it takes to consider an application will be greatly reduced, and much less documents will need to be collected.
3. Use the services of a broker. Especially if there are problems with the package of documents. For example, not permanent registration, but temporary registration in the city where you apply to the bank. Brokers build relationships with banks in their own way, and get approval well even in difficult situations. In addition, they can conduct a turnkey transaction, and will not only help resolve the issue with money, but also help select a property, conduct an assessment and draw up other necessary papers. The only negative is that you will have to pay for the broker’s services, but this is better than being refused by the bank.
4. Use electronic services. Sberbank has been developing its own portal for purchasing apartments with a mortgage for several years now. On it you can not only select an object, but also submit an application, receive approval and complete electronic registration of the transaction. This way you can buy an apartment even in another city and without visiting the bank. Consideration of a loan application, according to information from Sberbank, takes two hours. This is the fastest, but, of course, not a guaranteed result.

Is it possible to submit applications for consideration to different banks? The law does not prohibit this. On the contrary, if you put in a word with the loan manager that you are waiting for approval from a couple more banks, this will make him work faster. Competition among banks today is quite strong, and mortgages are a profitable product for them. But you should not abuse this rule and submit applications to more than three banks at once.

Top 5 banks that quickly make decisions on issuing a home loan

1. VTB 24.
2. ICD.
3. Bank of Moscow.
4. UBRIR.
5. Absolut Bank.

Top 5 banks that often delay consideration

1. Sberbank.
2. Orient Express Bank.
3. Delta credit.
4. Rosbank.
5. Rosselkhozbank.

It is Sberbank of Russia that most potential borrowers are interested in; how long does it take to consider an application for a mortgage? If you believe the information from the official website, then in this company the maximum period is 5-7 working days; for salary clients this period is reduced to 3-5 days, taking into account the fact that all the necessary documents have been collected and brought to the office.

However, for those who do not want to wait, there are special programs - “Express Mortgage” for two documents. The interest rate on such loans is slightly higher and the down payment is larger, but applications are processed within 3 working days maximum.

In addition, do not forget that in addition to assessing the borrower himself, the bank also has the property of assessing real estate. And this process can take up to 14 days, depending on the legal purity of the object and the readiness of the documents.

4 banks that are happy to issue mortgage loans

Therefore, the average time to complete a deal for mortgage lending is about 1 month, sometimes a little more. Whether you want it or not, you need to be prepared for this and be patient.

That is why experts usually advise looking for housing only after receiving approval from the bank. And you definitely shouldn’t make an advance or a deposit for the apartment you like, because if you consider it for a long time, it may simply burn out.

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If deadlines are running out , you can turn to a mortgage broker for help. Experienced specialists with good contacts in banks manage to carry out mortgage transactions within 1 week - from the moment of submitting documents to the bank until the moment of signing the loan agreement.

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The following important factors influence the duration of the assessment of a potential borrower:

• The presence or absence of cooperation with the bank to which the application is submitted. Of course, the attitude towards a new or regular client is fundamentally different. Borrowers who receive their wages into an account at the chosen bank have a special advantage. Decisions on such applications are made as quickly as possible, with a minimum of documents required.
• A package of papers. The fewer questions there are, the higher the speed of consideration of the application. It is important to provide as many documents as possible confirming solvency and financial security.
• Availability of guarantors and co-borrowers. Involving them in the process increases the chances of getting a positive decision. Their CIs and documents are also subject to careful analysis and verification, which influences the final decision of the lender.

How long does it take for Sberbank to review an application?

Sberbank enjoys well-deserved popularity among the population for processing mortgage loans. Indeed, low interest rates, fast loan terms, ongoing promotions and discounts attract many borrowers.

A pleasant bonus, in addition to preferential lending conditions, is the minimum processing time for an application. Officially, this period ranges from 2 to 5 working days. In practice it can change significantly.

If the client is not satisfied with the lender regarding the quality of the credit history, adequacy of income or other important factors, then the bank usually makes a negative decision almost immediately. This usually happens at the scoring stage using a special program.

If a potential borrower passes the scoring test, his application is submitted for consideration. The underwriting department is involved in the analysis. They are the ones who carefully check the client’s reliability and the absence of significant risks if the client enters into a loan agreement.

Practice and reviews from existing clients indicate that the average time to make a decision for each borrower is up to two business days. The bank itself is interested in speeding up interaction with the client and processing all paperwork, so there are practically no openly negative reviews about delays in mortgage consideration. The exception is the inspection of the property. It can drag on for a very long time and is not always the fault of the borrower.

If such are found, then usually the reason is hidden in the borrower himself - either the package of documents was not completely collected, or errors were made in the application form, or there were other nuances.

The period for considering a property for a mortgage may already be quite long because... verification of all documents is required. Usually it takes 2-3 days, but it can take longer if a mortgage is issued on a house and land.

How to speed up the application review process

• If you have never been serviced by the chosen bank, then the check will be more thorough. If you receive a salary from a given financial institution, open deposits with it, repay loans or take out a card, then the bank already has an idea of ​​you as a client. Salary clients can even get a mortgage with just two documents. To find out where the best offers are now for such programs, read this link.
• Using the documents provided. Official papers of type 2-NDFL have a lot of weight. The verification will definitely take more time if a certificate in free form or in the form of the employer is provided to confirm solvency. These papers are quite easy to forge, and therefore special attention will be paid to them.

The speed of consideration can also be affected by applicant analysis systems, the quality of verification services, the experience of financial institution employees working with applicants, etc.

Sometimes it doesn't hurt to use it. Read about what help a broker can provide in this article.

01/13/2018 Information about the authors | Category: Mortgage