Early repayment of a mortgage at VTB in 2021: full and partial

What are the conditions for early repayment of a mortgage at VTB?

Every borrower has the right to repay a mortgage loan early.
VTB Banking Organization gives each of its clients the opportunity to make an early payment on a mortgage loan. This can be done without paying additional fees. It does not take into account the loan term and the amount planned to be deposited. These provisions are regulated by the provisions of the Federal Law “On Mortgage”.

Therefore, VTB is obliged to comply with these requirements. The conditions for early cancellation are:

The need to write a statement. You will need to contact a bank branch before depositing funds into your account. Otherwise, employees of the organization may forget to recalculate.
It is recommended to call there before writing a statement. This is necessary in order to find out the exact amount that will need to be deposited into the account for repayment. In addition, the employee will tell you what to do and how to do it over the phone. The optimal time to deposit funds is the first half of the day, when the person finds out the amount of the debt. Then, by the end of the work shift, the funds will be credited to the account and no additional interest will be accrued.
The borrower has the opportunity to adjust the loan term downward, as well as the amount of monthly payments.
The application will not be accepted if completed and submitted between January 1 and January 3. This is due to the fact that financial transactions are not carried out at the specified time. Similar rules apply to the date on which the loan is issued.
If a citizen plans to pay off his mortgage, he has no right to violate the payment schedule.
If there was previously arrears in payments, upon repayment it is collected forcibly.
If the funds are not credited to the account on the day specified in the application, the application is considered invalid. This means that it will need to be re-formed to repay.
When payment is made earlier than the due date, you need to understand that the bank charges interest on the amount of the principal debt. This rule does not apply only when repayment is made on the scheduled payment date.
When the amount is not paid in full, VTB adjusts the payment schedule and issues a new document to the borrower.

Money is debited from the account on the day reflected in the agreement as the redemption date. When a citizen says that he wants to pay the loan in full before the due date, there is no connection to the payment date. You can deposit funds at any time. The main condition is that it will be necessary to send a statement to the bank in advance indicating the person’s intention.

There are different payment methods available. In particular, a person can put money on a card when using an ATM, go personally to a bank branch, or make a transfer from card to card.

Refund of interest paid

The return of interest paid to the bank is regulated by Art. 809 and 810 of the Civil Code of the Russian Federation . According to these regulations, financial institutions have the right to charge only for the portion of the funds used.

If the mortgage is repaid in full and ahead of schedule, it is possible to return the interest. And since VTB 24 Bank accepts annuity payments, borrowers are forced to first pay interest, and then the body of the loan. As a result, there is a large overpayment already at the beginning. If you pay before the due date, you need to demand the right to financial compensation.

Note! If you used a tax deduction, you won’t be able to get the interest back either.

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How to partially repay a mortgage loan?

To pay off part of your mortgage loan, you must pay attention to the due date. Typically, the loan agreement specifies that funds must be deposited into the account no later than 7 p.m. A citizen can deposit money into an account like this:

when accessing VTB24 Internet banking;
at the bank's cash desk;
through translations.

A specific procedure has been developed for making partial payments on a mortgage. It looks like this:

The day before the client plans to deposit money into the account, an application must be filled out and submitted to the bank. It states that partial repayment of the mortgage debt will occur.
If there is an overdue debt, it must be paid.
On the day the funds are deposited, interest is accrued on the principal amount, as well as during the term of the loan agreement. If the funds are not transferred by the end of the business day, bank employees will cancel the repayment application. In addition, it is important to remember that penalties may be assessed for failure to make the standard payment.

The bank has not established penalties or interest for early repayment. It is also stipulated that you can deposit any amount; this is not regulated in any way. There are several options for where to send the money. This could be a reduction in the loan term or monthly payment.

It is important to write a statement. If this condition is not met, the citizen risks that the amount will not be credited to the account. This does not mean that the money will be lost, it will remain in the account, and the amount of payment and interest will be calculated according to the previous conditions.

Drawing up an application

They begin the process of removing the encumbrance after making the last mortgage payment . First of all, they make a statement. The form is taken from the creditor bank or from Rosreestr. The following information is included in the document:

The “header” indicates the name of the body registering the property (Rosreestr).
In the second sentence, passport details, permanent residence address, legal details of VTB 24.
In the main part: a request to remove the encumbrance with the subsequent registration of ownership rights to the object. In the same paragraph, the basis is indicated - repayment of mortgage debt and the number of the agreement with the bank.
The “Appendices” section lists additional documents that come with the application.
At the bottom they put the date of compilation, signatures of the client and the bank representative.

We do not recommend completing the documents yourself. Save time - contact our lawyers by phone:

8 (800) 302-76-94Saint Petersburg

Important! There is no state duty for the removal of encumbrance in Rosreest. Payment is made for registration and issuance of a new USRN extract in the amount of 350 rubles.

Adjustment for standard payment schedule for partial repayment

The law stipulates that the bank is responsible for creating a new payment schedule if the principal debt is partially repaid. If a citizen writes an application for early payment of a debt several times, then each time a new schedule is issued. The new document comes into effect from the moment the debt amount is partially repaid.

When recalculating, the bank takes into account the personal wishes of the borrower. A citizen has the right to make the following demands:

Reduce the amount of regular payment. In this situation, the remaining conditions for mortgage lending remain the same. This also applies to deadlines.
Reduce the duration of the loan agreement. Then the amount of payments remains at the same level.

The borrower chooses any of the above options.

Full mortgage debt repayment service

Closing a housing loan, similar to the early payment of part of the amount, is available during any period of validity of the agreement signed with VTB Bank, except for the date of its conclusion. But there are certain nuances here that every client should become familiar with.

If, according to the payment documents, the mortgage does not have accrued fines or penalties for late payments, you can repay the housing loan in full ahead of schedule at any time, regardless of the date the mandatory contribution is written off.

How to pay off your mortgage in full early?

Before early repayment, you need to find out the exact amount of the debt.
Even in a situation where a citizen completely repays the debt and overpays at least 1 ruble, this may require the generation of additional documentation. There is no need to perform unnecessary actions; for this reason, you need to find out the exact amount to be deposited into the account. You need to find out this information immediately before repaying the loan.

For example, this can be done when using an Internet banking system. The program will display the amount that needs to be prepared. To close the contract you need to do the following:

To write an application. It states that the amount owed will be paid in full.
If a plastic card was issued for the account under the agreement upon its conclusion, it must be closed. This will need to be done after the entire debt has been paid.
Deposit funds into your account within the specified time frame.
Obtain a document from the banking organization confirming that there are no debts.

In addition, you will need to ask a VTB employee to draw up an act indicating the closure of the mortgage agreement. As a rule, the type of agreement in question is drawn up with insurance. If early repayment occurs, the citizen has the right to contact the insurance company and demand the return of part of the funds paid.

To remove encumbrances, they contact the registration authorities, that is, Rosreestr.

What documents do I need to provide?

Speaking about the documentation that will be required when paying off a mortgage, first of all you need to prepare an act by which the citizen’s identity is verified. Most often, a bank employee asks for a passport. In addition, you will need the card used by the borrower to make payments.

When the debt is covered and the loan agreement is closed, you need to obtain documents confirming this. You should also obtain a mortgage note from the bank. This act indicates that the property is pledged. Until the debt is paid in full, the bank will not release the document.

How does the mortgage agreement close?

Before starting the repayment procedure, you need to notify the bank.
As stated earlier, in any case of early repayment of the debt, you will need to notify the bank about it. To do this you need to use a notification. This condition is considered mandatory. Otherwise, the amount credited to the account will remain there.

The notification must be in writing. You can submit it to any branch of a banking organization. The borrower must have a passport with him. If there is an urgent need to cover the debt, then it is possible to contact the bank’s support service using the telephone. Then you need to be prepared to give your passport details.

It is important to note that when changing identity documents, such information is transferred to the bank. Otherwise, difficulties will arise when closing the loan. The bank will change the data reflected in the loan agreement.

You also need to name the code word. Sometimes a VTB employee asks for additional information. The application can be submitted using Internet banking. The main condition is having access to your personal account. You will need to follow the following sequence of actions:

log in to the official website of the banking organization;
go to the section on loans;
select the line with early cancellation;
enter data in the form that opens;
press the “Extinguish” button.

Currently, VTB has announced that the described method will soon become the only way to pay off debt under loan agreements ahead of schedule. This is due to the increasing use of service automation. Debt calculation can be done at any time.

It is important to note that depositing the entire amount of the debt into the account does not mean that the mortgage agreement terminates. A mandatory action is to write a statement indicating a request to close the transaction. In addition, you need to apply to close the card account and cancel the plastic card itself, using which payments were made every month.

When the above conditions are met, the bank issues a certificate stating that it has no claims against a particular citizen. To remove the encumbrance, you will need to have a mortgage in hand. You also need to get it from the bank. A separate statement is written for this. Without it, it will not be possible to remove the restriction.

When the encumbrance is eliminated, a person has the right to do whatever he wants with the residential premises.

Repayment procedure

A prerequisite for successful repayment of a mortgage loan ahead of schedule is notification to the lender, which can be done by contacting the nearest bank office. The application is drawn up in writing according to the sample, and the applicant must have a passport of a citizen of the Russian Federation with him.

In the absence of advance notice, there is a high probability that representatives of the lending institution will not take into account the payment. There are often cases when borrowers arbitrarily increase the amount of the obligatory payment in the hope of speeding up the time for full repayment of debt obligations, and representatives of the banking structure, in turn, seeing the absence of a transfer in the amount fixed in the agreement, indicate a delay and, guided by internal regulations, write off interest excluding payment received. What follows is an explanatory process, which involves a waste of time and the need to revise the current agreement. To avoid such a situation, borrowers interested in early partial or full repayment of their mortgage should check with VTB 24 the conditions for carrying out this procedure in 2021, and only then make additional payments.

If for some reason the prepayment of the mortgage loan needs to be made urgently, you should call the bank’s hotline. To create an application, the operator will ask you to provide your passport details, mortgage agreement number, code word, and, if necessary, additional information.

Another convenient way to notify the lender of your desire to make an additional payment or completely repay the mortgage is to create an application in the VTB 24 Online system. To do this you need to do the following:

Log in to your personal account by entering your login and password in the appropriate fields.
Find a section with information about credit products.
Select the “Repay early” function.
Enter all the requested data in the dialog box that appears.

Representatives of VTB 24 have already stated that submitting an application online may soon become the only possible way to notify the bank of the intention to repay the mortgage early, so conducting transactions through your personal account can be considered the optimal form of communication with this credit institution. The bank’s new information policy also plays into the hands of conscientious borrowers: if you wish, you can draw up a notice of intention to make an additional payment on existing debt obligations in the presence and with the advisory support of an experienced financial broker, who will help avoid factual errors and obtain the lender’s approval for a quick procedure.