The abundance of loan products is so great that, inevitably, many borrowers seriously think about changing a creditor bank. This is especially true of mortgage loans, more favorable conditions for which are increasingly found in neighboring credit organizations. At the same time, the borrower may well rely on a low rate and a loyal attitude of the new bank. For example, Sberbank offers its customers similar conditions. Mortgage refinancing in this financial institution will help to pay back the previous loan faster and will give you the opportunity to get a new one on more acceptable terms.
How can I pay a mortgage?
The longest and most expensive are mortgage loans. After all, money on them can be obtained immediately, but you will have to pay for many years. However, there are several options that allow you to say goodbye to the yoke that pulls to the bottom as soon as possible. One such example is prepayment. And it’s good if the borrower has the money for this business. In this case, significant problems will not arise (of course, if the bank agreement does not prohibit early repayment).
If there is no corresponding amount, the output will be loan refinancing in another bank. What it is? How beneficial is it to the borrower? What advantages does it have and on what conditions can it be issued at Sberbank? The answers to these pressing questions are contained in the article.
Refinancing Mortgages in Sberbank: get to know each other closer
Refinancing is a kind of refinancing. That's just it provides for the complete closure of the previous one and the execution of a new loan, but in a different bank. Currently, Sberbank has several programs at once that allow repaying current debt to third parties, without excluding loans to credit organizations from this list.
The refinancing program, which can be issued at Sberbank, involves the issuance of a new loan. It is noteworthy that due to the newly received loan, the client will be able to repay only the main amount of debt on the previous loan. The amount of accrued interest and expenses for other bank payments (for example, for servicing and commission fees) are compensated from the borrower's personal funds.
What are the options for participating in a refinancing program?
Each client who applied to Sberbank for the purpose of refinancing an old loan has several options for obtaining a long-awaited loan. One option is to issue a non-targeted loan secured by real estate. The term for the provision of such a loan is from one year to 20 years.
The amount issued in cash for this type of loan ranges from 500,000 to 2,400,000 rubles. Moreover, if the borrower is already, for example, a salary client, the conditions of Sberbank allow him to increase the loan amount to 10 million rubles.
The second option is to get a consumer loan guaranteed by individuals. The amount that you can count on this type of loan will be from 15,000 to 3 million rubles. The advantage of such a loan is the ability to arrange it for any purpose, including payment of debts on a previous mortgage loan. The rate at the same time will be from 14.9%, and the loan term - up to 5 years.
What are the conditions for refinancing?
If you decide to take a new loan at Sberbank, you should find out in more detail the conditions for refinancing.So, on-lending at this financial institution is subject to the following criteria:
- in the case when the loan amount does not exceed 80% of the value of collateral housing (previously purchased in a mortgage);
- upon issuing a loan amount not exceeding the balance of the principal debt of another bank;
- upon registration of collateral;
- upon registration of the insurance policy (subscribes to the case of partial damage or complete destruction of the mortgage property);
- in case of attraction of co-borrowers or guarantors;
- in the complete absence of debts and delinquencies for the previous loan.
The rate when the mortgage is refinanced in Sberbank (an online calculator will help you make the appropriate calculations) for individuals is set personally for each client and starts at 13% per annum.
Example of loan settlements in Sberbank
For example, the market value of real estate previously purchased on credit is 1,000,000 rubles. The date of the proposed loan at Sberbank is 02.07.2016. The loan term for general purposes is 10 years. The monthly income of the potential borrower is 50,000 rubles.
When performing the appropriate calculations, we get that the loan amount does not exceed 600,000 rubles, the rate will be 16.75%, and you will have to pay 10,333 rubles a month. It is noteworthy that the amount of overpayment here will be 639,961.20 rubles. That's how the refinanced mortgage in Sberbank is calculated. The calculator present on the website of a financial institution will make it possible to perform the calculations you are interested in. This is a very convenient service that allows you to prepare in advance for the expected payments.
How does Sberbank refinance mortgages in the presence of commercial real estate?
In addition to refinancing programs for individuals, Sberbank is pleased to offer a number of products designed for small business owners. In particular, entrepreneurs can obtain a loan under one of the following programs:
- "Business Turnover";
- "Business Invest";
- "Business Real Estate".
For example, the “Business Turnover” program will allow you to refinance previously received loans aimed at replenishing working capital at production and trading enterprises, as well as for buying real estate. It is noteworthy that entrepreneurs with an annual revenue of at least 400 million rubles will be able to participate in such a program. Such mortgage refinancing involves a loan term of up to 48 months, a loan amount of 3 million rubles, as well as a rate of 14.55% per annum.
The program "Business Invest" makes it possible to re-lend previous loans aimed at the purchase of fixed assets, repair and modernization of production facilities, equipment. Such loans are issued for a period of 1 to 120 months. The rate in this case starts from 14.48% per annum, and the loan amount - from 3 million rubles. In addition, such a loan involves the provision of collateral and surety of third parties.
Thinking about how to pay the mortgage received earlier for the purchase of commercial real estate, pay attention to the program "Business Real Estate". Participation in this project has a number of the following advantages:
- allows you to increase the terms of the loan up to 120 months;
- makes it possible to pay off the debt of an entrepreneur not only to other banks, but also to leasing companies;
- provides a chance to obtain individual lending conditions, depending on the specifics of the entrepreneur’s business;
- gives you the opportunity to purchase construction projects from trusted developers (partners of Sberbank);
- makes it possible to get a new mortgage loan without commission for its issuance and early repayment.
In addition, the percentage of mortgages in Sberbank corresponding to this program will be from 14.28% per annum (if the loan is issued for a year). In the case when the entrepreneur plans to issue a loan for a longer period, the rate is set individually, in accordance with his financial capabilities, the size of the down payment and the value of the collateral.
How does the refinancing process take place?
The process of processing refinancing is identical to the standard procedure for obtaining a loan. That is, the potential borrower must personally come to any branch of Sberbank, choose the appropriate program and, together with the package of necessary documents, write a statement indicating the estimated amount of the loan. And of course, after all this, the borrower will have to wait for the bank’s decision at least 10, but not more than 30 days.
What documents are required for refinancing?
If you contacted Sberbank, mortgage refinancing here involves the presentation of the following package of documents:
- loan application;
- borrower passport;
- documents of possible co-borrowers and guarantors;
- loan agreement of the previous bank;
- checks or receipts for paying a loan;
- application for early repayment of a loan issued by the creditor bank;
- documents for the property received on credit (in it the borrower should be listed as the owner or main tenant);
- a certificate of employment for the past six months (in some cases, a certificate of income is not required).
What additional actions do the borrower need to take?
In addition, the borrower should take out insurance and, if necessary, make an entrance fee in the range of 10-20%. At the discretion of the bank, the borrower is required to submit additional documents confirming its solvency. Here are the conditions under which Sberbank operates. Mortgage refinancing here is tantamount to any other loan issued by this financial institution.
What documents for refinancing do entrepreneurs need?
When refinancing a commercial mortgage, entrepreneurs should submit the following documents in addition to the application:
- original business certificate;
- the original charter of the enterprise and other title documents at the discretion of the bank;
- extracts from books for the last 5 reporting periods (taking into account statements on the turnover of accounts and with decoding);
- real estate documents;
- documentary justification for refinancing (cost estimates, copies of contracts with contractors, work schedules, etc.);
- loan agreement of the previous bank;
- receipts and other proof of payment on the loan.
In a word, if you decide to get rid of an unprofitable mortgage loan received at another credit institution, feel free to contact another, for example, to Sberbank, where the refinancing program operates.
