When applying for a mortgage loan, borrowers always have a large number of questions, and not only regarding interest rates, but also how long it takes to obtain a mortgage from Sberbank. This period extends from the moment the loan application is submitted until the agreement is signed between the credit institution and the client.
Many lending institutions advertise that mortgages can be processed within two or three days. But this figure is far from reality. You should not expect that a mortgage will be issued at Sberbank during such a period of time. This procedure is complex and is carried out in several stages, each of which takes a certain time. The process is labor intensive and requires a total of several months to complete.
In order to find out how long it takes to obtain a loan to buy an apartment from the country’s largest bank, you will need to consider the main stages of this process and find out their approximate timing.
Choosing a loan program
This is the very beginning of applying for a mortgage at Sberbank. First, the borrower needs to decide which program he wants to use a mortgage under. Today Sberbank provides the following options:
- Purchasing apartments in a building that is considered a new building;
- Purchasing real estate in an apartment building under construction;
- Registration of a mortgage for the construction of a private house;
- Loan for the purchase of a country property.
When applying for a mortgage at Sberbank, it is very important to choose the most suitable lending option for yourself. Please read the terms and conditions carefully and consult with the bank’s credit specialists.
Collection of documents for the bank to make a decision on the mortgage
The timing of obtaining a mortgage at a credit institution depends on how long it takes for the client to collect a package of documents and an application so that the bankers make a decision on the application. To shorten this period, you can prepare papers in advance and transfer them to Sberbank without wasting time. The package includes the following documents:
- Copies of passport pages;
- A certificate confirming the borrower's income level. It must be of the established pattern;
- Duplicate work book. It is required to confirm the citizen’s work experience;
- An application filled out by the borrower and submitted to the bank.
After submitting the application and all these documents for a mortgage, employees of the lending institution will review them and then make a decision. If it turns out to be positive, then you can move on to further stages. On average, it takes eight days to review client applications and verify provided documents. This period is indicated on the official portal of the organization. In fact, a decision on a mortgage at Sberbank is made in about 16 days, taking into account holidays and weekends.
If the bank approves the application, then the client has the opportunity to move to the next stage of applying for a mortgage. If rejected, you can reapply after two months.
How long to wait for mortgage approval
After you have submitted an application for a mortgage to the bank, you just have to wait for a positive decision. How long will it take? In different banks, the procedure takes a different number of days. The speed of approval depends on the volume of applications, the principles of the institution, the efficiency of specialists and other factors. How long to wait for mortgage approval: average and maximum terms In large banks, the consideration of mortgage applications may take longer because the number of people wishing to take out a loan is large. In small institutions there are not many requests, so applications are approved faster. Waiting for an application to be approved is not the only time cost. After receiving this decision from the bank, you will have to wait for the property to be approved. The lender must check the apartment you want to sign up for under contract. On average, it takes up to 5 working days. Please note that these deadlines apply provided that all documents are in perfect order. If you forgot to submit something or filled it out incorrectly, the verification procedure will be delayed. Why does it take so long to approve a mortgage? Borrowers know that a consumer loan can be approved in a day or a few days. Why are mortgage approval times so long? The fact is that a mortgage loan is one of the largest. Banks issue sums of several million, so the verification of the borrower must be more thorough. All information is thoroughly studied. Data is checked against several databases. All this takes some time. It is imperative to study the client’s characteristics, income, CI, work experience, and ownership of real estate. Application review process To submit an application, you must collect a package of documents according to the list provided by a specific bank. After this, the application is submitted directly online or at the branch. You fill out the application form, attach documents, and from the moment the application is accepted, the review procedure begins. The bank specialist enters the data from the application form into a special program. There the information is processed. Usually the data is entered on the day the client submits the application, but sometimes the process drags on for 2-3 days if the manager has a lot of work. The scoring test takes several hours. After this, a “manual” verification of information begins. The data on registration and registration, marital status, and age of the borrower must be verified. Next comes the security check. If guarantors or co-borrowers are involved, they are also checked. The procedure takes 1-3 business days. The next stage is underwriting. The bank assesses credit risks and calculates the possible amount. An analysis is carried out of the applicant’s solvency and his willingness to repay the debt. This procedure takes another 1-3 days. After all checks, a decision is made. The credit committee approves the application or says no. If approved, the documents are sent to the bank manager. Next, the client is informed about the results. How to speed up the procedure? The mortgage approval period depends on additional factors, including: 1. Readiness of documents. If you have completed everything correctly and the bank does not have to return papers or wait for missing certificates, then the review will take less time. 2. Availability of co-borrowers or guarantors. When a mortgage is issued with the participation of third parties, they are also checked. This will take longer. 3. Availability of business relations with the bank. Checking a regular client is different from checking a new one. If you are already serviced by a bank, this has a positive effect on approval times. To speed up the consideration of the application, it is necessary to collect all the necessary documents and check the quality of their execution. For example, it is better to issue a 2-NDFL than a certificate in the form of a bank. The first option gives the lender more confidence. It is easier for salaried clients or deposit holders to get a mortgage from their “home” bank. To reduce the processing time, please contact the institution with which you have already collaborated or are cooperating. In some cases, the bank may extend the period up to 2 weeks and request additional documents. Don't panic, this is normal procedure. When filling out an application, try to answer the questions as completely as possible, indicating truthful information.
Do not try to fraudulently obtain approval. Screening mortgage borrowers is a complex process. The bank uses different sources to obtain information, so be prepared for a comprehensive analysis and be as honest as possible with the lender.
Apartment search
If you decide to take out a mortgage from Sberbank, then the most important step for you will be finding a suitable housing option. This procedure is labor-intensive and can take about a month. You can shorten your day by contacting professional realtors and real estate agencies. Specialists navigate the real estate market more easily and can easily find suitable options for the client. With them, it is possible to reduce the time it takes to obtain a mortgage.
Finding housing takes varying amounts of time. This period can be two weeks or a whole month. An apartment can be found at different times depending on numerous factors. The term depends on the customer’s requirements, the seller’s willingness to sell the property and many other conditions. The longer it takes to select a property, the longer the bank and the client will not be able to start processing a mortgage loan.
At this stage, borrowers independently decide whether to search for apartments on their own or turn to professionals in this matter. You can spend a day on this if you can immediately decide on an option. But it is better not to delay resolving this issue, since there are still further stages of registration, which also require time.
Features of consideration periods
Depending on the mortgage lending program, the processing time for an application may vary.
. Therefore, you need to know in which cases you will have to wait longer, and when the bank will make a decision quickly.
For military mortgage
This type of lending has its own characteristics. In this regard, the processing time for an application for a military mortgage in major large banks today is up to 5 days.
Previously, this issue was considered in different banks, and often today it takes from 10 to 14 days.
For a mortgage in Sberbank
This financial and credit institution is one of the largest and strongest lenders providing mortgage loans to its clients. At the same time, the period for consideration of the application by its specialists is, in accordance with the data of the official website of Sberbank of the Russian Federation, from 2 hours to 5 days
.
If the process drags on for another couple of days, there is nothing to worry about, since the bank may have many loan applications pending. The client may need to provide some documents, etc. Sometimes the review period is delayed for a longer period, since the client cannot quickly provide the missing certificates requested by the bank.
For a mortgage at VTB-24
If the decision is made on a salary client, the processing time for the application at VTB-24 may be about 1-2 days. When requesting an amount of more than 500 thousand rubles, you will need to collect more documents confirming the client’s solvency and reliability. In this case, the deadlines are extended over a longer period of time.
If you have a positive credit history issued by BKI, VTB-24 will take up to 4 days to review your application.
If the bank branch has a high load, the application may be processed in about 1.5 weeks.
For a mortgage at Rosselkhozbank
The procedure for reviewing mortgage loans at Rosselkhozbank takes up to 10 working days.
For a mortgage at Gazprombank
This financial institution makes a decision on the possibility of obtaining a mortgage within 3-5 business days after submitting the full list of documents that the bank requests under this program.
For AHML mortgage
For AHML, the review procedure is paid, it takes longer than in conventional banks - more than 10 days
.
Conducting an assessment of the selected housing
When applying for a mortgage loan at Sberbank, after searching for suitable real estate, a mandatory assessment of the residential property is carried out. This procedure is carried out exclusively by organizations that are accredited by Sberbank. This is an important point when getting a mortgage.
The conclusion is drawn up by experts from accredited institutions. This procedure is required in order to reduce risks for Sberbank and the client himself in situations where disputes arise. Much attention is paid to the preparation of the conclusion. The process takes from 2 to 3 days.
Mortgage insurance
By purchasing a home with a mortgage, you agree that it becomes the bank’s collateral, which means it will have to be insured.
If desired, the client can additionally insure his own life and health (the lender cannot impose this service). However, if you still refuse personal insurance, then be prepared for the bank to offer higher interest rates on the loan. As for choosing an insurance company, Sberbank itself will offer its client options. These will be companies with which the lender has been successfully cooperating for a long time. However, you can find an insurer yourself - this should not affect the bank’s decision on your application.
Once the mortgage transaction is completed, you will sign an insurance contract. It will indicate all payments due to you in the event of loss of housing or its damage.
It is difficult to say for sure how long it will take you to apply for a mortgage loan. This period can last from a couple of weeks to several months - it all depends on how well you act.
Real estate insurance
At this stage, you need to take out insurance for the selected residential property. This procedure is mandatory and provided for by Federal mortgage legislation. Insurance takes approximately one week. A citizen does not need to search for a suitable company. Sberbank has a list of accredited companies that will carry out the procedure if insurance has not previously been issued.
In addition to real estate insurance, Sberbank may offer the option of life and health insurance for the client. If you decide to take out a mortgage, then this procedure is not mandatory. It is offered by the bank on a voluntary basis. It is used as an additional guarantee for a credit institution. When applying for it, the client can count on lowering the interest rate and preventing its increase.
Collection of statements
At one stage, the client needs to contact the Sberbank branch where he is issued a mortgage loan and receive a loan statement there. This will take 1-2 days. To receive such a package of documents, the borrower will need the following:
- Identity document;
- Number and date of the mortgage agreement;
- Credit account number.
Also, employees of the banking institution must indicate the period of time for which the statement is needed. This process takes on average up to 2 days.
After all statements are ready and provided to the borrower, Sberbank and the client begin preparations for the transaction. The process also takes time and can last for a variable period of time. It depends on how quickly the credit institution checks. Its employee needs to make sure that all documents are in place and compiled correctly.
The influence of the borrower's age on the mortgage term
When determining how many years a mortgage is given, 3 main criteria are taken as a guide: income, credit history and age of the borrower. Moreover, the last factor is no less significant.
The lender must be confident that its client will be able to repay the debt consistently throughout the mortgage period. Therefore, the age limit is set within the range of 21-65 years (depending on individual requirements, they can shift in one direction or another). It is believed that a person over the age of 21 already has a more stable financial situation, he is old enough and therefore is aware of his actions. As for old age, the restrictions are quite understandable and are associated with a high probability of death. If an elderly person is approved for a mortgage, it will most likely be small and for a short period.
