Consider the procedure for obtaining a mortgage. What do you need to do first? Where to go? Mortgages frighten citizens not only by the need to repay money over an extended period, but also by the complexity of the procedure for processing a loan itself. Before you take a mortgage, you need to study the step-by-step instructions along with the features of individual lending products. In our article, we will consider the procedure for obtaining a mortgage at Sberbank and VTB 24 Bank, as well as a step-by-step instruction for this procedure.
Mortgage Housing: The Seven Key Steps to Acquiring
Deciding on a mortgage in the difficult conditions of the economic crisis is always extremely difficult. It is required to perform a step-by-step analysis of all available apartment acquisition opportunities along with the cost of mortgages and consumer loans. It is also important to examine the overall situation in the real estate market. After a decision is made to take housing on credit, it is required to get acquainted with all stages of the transaction in advance before drawing up the corresponding contract. So, the procedure for obtaining a mortgage in Sberbank is as follows:
- First of all, it is necessary to study the real estate market along with a rough estimate of the value of the selected property, and in addition, the size of the loan itself.
- Analysis of mortgage programs offered by Sberbank.
- An approximate calculation of the monthly payment and an independent assessment of the chances of obtaining loan approval.
- Collection of documents required for applying for a loan.
- The procedure for searching and collecting documents for the selected property after the approval of the loan application.
- The procedure for executing a transaction for the sale of an apartment along with the signing of a mortgage agreement, and in addition - agreements on insurance of housing, life and health of borrowers.
- The procedure for registering property rights to real estate. Mortgage registration procedure.
Real Estate Market: A Case Study
As part of the registration of mortgages for secondary housing, a preliminary study of proposals on the real estate site is planned. This is where you should start in order to profitably purchase an apartment in a mortgage. This stage is extremely necessary, as otherwise it will be difficult to determine the loan amount.
The procedure for obtaining a mortgage at Sberbank is usually strictly enforced.
Partner Developers
A loan for new buildings can be obtained from the partner developers of this institution, and also from other organizations. In the first situation, the rate may be lower. For example, in 2017, a mortgage on housing from an accredited developer cost two percent cheaper compared to buying real estate from other companies. In the framework of concluding an equity agreement with unaccredited developers, they additionally submit the following documents:
- Extract from the state register.
- A document that will certify the rights of the authorized person who signed the equity agreement on the part of the developer.
- Permission for construction.
- Documents that confirm the status of the land. In this case, a lease is required along with a certificate of ownership.
- Permission to commission the facility.
- Act of acceptance.
The methods for collecting information can be different: you can contact the relevant agencies, study publications along with selection instructions in specialized newspaper publications and on websites.Sberbank has a branded service that selects housing in the secondary market and among new buildings.
The procedure for registering a mortgage for secondary housing is not too different from a loan for a new building.
Having found out the cost of the apartment in the selected group, it is necessary to assess the possibility of making a down payment at the expense of own funds. In Sberbank, according to housing lending programs, an initial amount of at least fifteen percent of the principal value is required. The size of the down payment affects the amount of the interest rate: the higher it is, the less you will have to pay interest on the mortgage.
Next, we will get acquainted with mortgage programs from Sberbank, and also analyze them.
Mortgage programs and their analysis
The procedure for obtaining a mortgage involves the analysis of credit programs.
Sberbank offers six products for the acquisition of real estate on the site of the primary and secondary market. Products are offered for preferential categories of borrowers, for example, for military personnel and young families with the ability to make a down payment or pay off part of the debt from maternity capital. In addition, there are programs designed to purchase suburban real estate, and in addition - the construction of an individual house.
It is becoming quite popular to buy an apartment in a mortgage. The order of registration of the sale is quite simple.
The minimum rate is 7.4%. It is offered as part of a program called "Promotion on new buildings." According to this project, it is possible to purchase real estate on the primary market site from developers determined by Sberbank, that is, sellers. Moreover, the maximum possible loan amount is 85% of the contractual value of the purchased property. The procedure for registration of mortgages for housing under construction is increasingly being used.
You can buy real estate in the secondary market on credit. This can be done at a rate of 8.5% on a stock called “For Young Families”. When choosing a program in Sberbank, you should clarify all the nuances regarding the mortgage for an apartment. The size of the rate directly depends on the availability of salary cards in Sberbank. It may also depend on the amount of the first payment and the maturity of the loan taken.
What else does the procedure for obtaining a mortgage in Sberbank suggest?
How can you evaluate your own chances of getting a loan?
In order to assess your potential for a loan, you should use the calculator for calculating mortgage lending at Sberbank. By entering information on the income and expenses of the borrower's family, and in addition, on the value of the object along with the size of the first payment, you can find out the amount of the monthly fee, as well as the total overpayment on the loan. The calculator plus everything reflects the maximum loan amount that a borrower with a certain income level can apply for. By the way, the procedure for obtaining a mortgage at VTB 24 is very similar to Sberbank.
Calculations on credit calculators are always preliminary, and in this regard, for accurate information, you should contact the Sberbank branch directly. The monthly loan payment should not exceed fifty percent of borrowers' income. Plus, it is important to consider the requirements of Sberbank, which are presented to potential customers. The following citizens of the country can expect to receive a mortgage for an apartment:
- Persons who are between the ages of twenty-one years and seventy-five years at the date of full settlement of the loan. Or persons up to sixty-five years old if the borrower did not confirm the fact of employment during the application process.
- Working citizens, the experience in the last place of which is at least six months.In the event that the applicant receives a payment not on the bank salary project, his experience over the past five years must be at least one year.
Next, find out what documents you need to collect in order to apply.
The procedure for obtaining a mortgage at VTB 24 also involves the collection of similar documents.
What documents are required to apply for a mortgage
To apply for a mortgage, you need to provide an extensive list of documentation to the Sberbank branch.
These are the following papers:
- Application form from the borrower.
- A copy of the passport of a citizen who intends to issue a mortgage.
- Copy of passport co-borrowers.
- The second document. In the role of the second document, for example, TIN or SNILS is suitable, and in addition, a medical policy along with a foreign passport or driver’s license.
- Certificate of registration at the place of temporary stay. Such a certificate is needed if the citizen has temporary registration.
- A statement of income, and tax returns are required from individual entrepreneurs.
- A copy of the work book to be certified by the employer.
- Marriage certificate if available.
- Birth certificate of a child, if available.
This is the procedure for applying for a mortgage.
The choice of housing and the collection of necessary documentation
After receiving a positive decision, as well as finding out the amount of the approved mortgage, you need to begin an active search and selection of the appropriate property yourself or with the help of realtors. It is important to consider the requirements put forward by the banking structure for a mortgage apartment:
- The building in which the loan facility is located should in no case be an emergency, much less planned demolition.
- The apartment should be missing illegal redevelopment.
- All required communications must be available.
After the object of interest is found, a preliminary contract for the sale of real estate is concluded. At this point, a deposit is usually made, which in the event of a refusal of the transaction is returned to the buyer. Or they can make an advance, which remains with the seller in the event that the buyer is guilty of disruption of the agreements. Next, a preliminary contract for the sale is provided to the bank along with a package of documents for the apartment, which consists of the following papers:
- The contract for the sale, donation, money and so on, that is, the documentation on the basis of which the seller has the right to property.
- Providing a cadastral passport of the apartment.
- An extract from the state register along with a certificate of ownership in the event that the object was acquired before the beginning of 2017. In addition, an extended extract from the register is presented if the registration of the last transfer of ownership occurred after the specified date. The bank accepts extracts from the registry that were issued no later than thirty days ago.
- Certificate confirming the absence of any debts on utility bills.
- Providing a copy of the apartment card.
- A photocopy of the seller’s passport along with the bank details of his account.
- Confirmation of the availability of own funds from the buyer. In this case, we are talking about the seller’s receipt of a certain amount or a certificate from a banking institution about the availability of money in the buyer's account.
What is the procedure for registering a military mortgage? About it further.
Nuances in collecting documents
When collecting the necessary documents, it is necessary to clarify a number of the following issues:
- In the event that the owners of the alienated property are citizens recognized as legally incompetent, including minors, consent from guardianship authorities may be required.
- If the property was purchased by a seller who was married, then you need a notarized consent from the spouse to conduct the transaction.
What else involves the procedure for obtaining a mortgage in a new building?
- In the event that a share of real estate is bought, they write a notarized refusal of the remaining owners to acquire other shares.
- In situations where a sale is completed by a trustee of the owner of the home, his passport is required along with a notarized power of attorney.
Next, an assessment of potential mortgage housing. Imagine exactly what stages future owners of real estate will need to go through, and besides, get acquainted with step-by-step instructions on how to arrange a mortgage in Sberbank, it is important in order to be able to determine the procedure for obtaining documents, because each of them has a validity period, and their production will also take time.
In the event that the documentation on the acquired property is not ready within the time allotted by the banking institution, you will have to submit a new application for a mortgage loan. The security service of Sberbank is studying the documentation, assessing the risks of issuing a mortgage. Next, the decision is communicated to the client, after which the process of registration of real estate in a mortgage is initiated, a step-by-step instruction of which is presented below.
The procedure for obtaining a mortgage at VTB 24 is similar.
Purchase and sale of real estate: conclusion of a transaction
At this stage, step-by-step signing of a number of agreements by the borrower takes place. For example, an agreement is signed on a lease of a bank cell in the event that such a need arises. An agreement on the sale of the property with the seller is also concluded along with an agreement on a mortgage in the bank.
After completing the specified documentation, payment is made for the acquired property. For example, the borrower pays the down payment, which should be paid to the seller’s account, then the bank institution transfers the amount of the mortgage. The seller receives direct access to money, as a rule, after signing the act of acceptance of transfer of housing, and in addition, after the registration and registration of the acquired property by the borrower in a multifunctional center or at a notary public. This is not the whole procedure for registering mortgages for secondary housing.
For the registration of a transaction with the further registration of a mortgage, the buyer pays a state fee in the amount of one thousand rubles. As part of the registration of an equity agreement in favor of the state budget, citizens contribute three hundred and fifty rubles. As for the services of a notary public, they will cost more.
The procedure for obtaining a mortgage along with the registration of a property can be facilitated if you use the paid service at Sberbank. For these purposes, electronic registration of the transaction is used. In a similar situation, the personal manager is involved in the support. An extract from the state register is usually received by e-mail address. Such a method of registration is permitted only on condition that the property is not shared property. That is, it is important that immediately after the registration of the transaction, the right to ownership of housing is not shared. Immediately after obtaining property rights, the borrower undertakes to draw up an insurance contract for the acquired property.
The procedure for issuing a military mortgage
The whole design mechanism consists of the following actions:
- A citizen undergoing military service under a contract receives an appropriate document (certificate) certifying his participation in the program of funded mortgage lending to military personnel.
- The soldier must choose a suitable property.However, it is not limited by the requirements of Russian law, therefore, both the primary housing market (for example, an apartment in a house under construction) is suitable, as well as the secondary one. It is very convenient.
What else does the procedure for registering a military mortgage on secondary housing or primary provide?
- A person must contact a credit institution. After choosing a specific property, a soldier will be able to cooperate only with the institution that works with military mortgages.