Mortgage co-borrower requirements at Sberbank

The banking system is constantly being improved. With the onset of the difficult economic situation in the Russian Federation, many financial institutions have tightened the procedure for issuing loans in large amounts. So, for example, according to statistics, the amount of non-returned funds to banks has already exceeded the trillion rubles bar. To protect themselves from serious risk, a number of financial institutions offer the issuance of funds with the participation of co-borrowers. Mortgage programs of the Sberbank credit organization, popular in our country, did not become an exception. Many citizens are the salary clients of this institution, therefore, it is there that they first apply for a loan for housing. What are the requirements for a mortgage co-borrower in Sberbank, who can it be, what rights and obligations does it have?

When may it be required?

In practice, in order to realize his cherished dream and acquire his own angle, a citizen may be faced with the fact that the level of his official earnings does not correspond to the level set by the bank. Consequently, the likelihood of approval will sharply tend to zero. In the absence of additional earnings, such financial support will not be enough to make monthly payments under the agreement. In this case, it is advisable to involve the co-borrowers. Attracting a solvent person to your loan will significantly increase the chances of approval.

Who is a co-borrower?

Any solvent citizen can act as him. However, it is important to take into account that a number of certain requirements are imposed on the co-borrower in Sberbank for a mortgage. Therefore, it is not enough just to have a person who is ready to play his role. The candidate must provide a package of supporting documents, in particular a certificate of financial well-being. Accordingly, it is necessary to take the choice of a candidate very seriously in order to increase your own chances of getting a loan.

It is important to take into account that, by default, the spouse is a co-borrower when making an offer at Sberbank. If he refuses to fulfill this role, then it is necessary to draw up a prenuptial agreement in which this condition will be spelled out. This will avoid controversial issues in the event of a divorce.

Another aspect that should be emphasized: the co-borrower at Sberbank on a mortgage and the guarantor have absolutely two different functions. The first is a citizen, who must ensure the receipt of finance under the contract after the main borrowers. This is a basic difference that separates the two main concepts. The surety is the last to be borne by the guarantor. The co-borrower even has the right to claim the acquired area when investing funds.

What responsibilities exist?

Among the main obligations, the following aspects can be distinguished.

1. After concluding an agreement with Sberbank, both persons are liable. Accordingly, the co-borrower must also be responsible for fulfilling all the prescribed requirements.
2. The current legislation of the Russian Federation allows the co-borrower to apply for a share of mortgage housing. Often this practice occurs between both spouses.
3. If the co-borrower is indicated as the second owner, he can apply for a tax deduction when all documents are submitted.

What are the requirements?

All conditions and requirements for co-borrowers are absolutely standard in the framework of the current legislation. As a rule, when registering a mortgage you can attract no more than three co-borrowers.

The following package of documents will be required:

• a Russian passport with a residence permit in the region where the bank branch is located (Russian citizenship is required);
• TIN;
• a certified copy of the labor, as well as a document confirming financial income;
• proof of education (diploma);
• information on the composition of the family (certificates in the presence of minor children).

To obtain approval, the above documents must be submitted to a loan officer to review the full application. If the official spouse acts as the co-borrower in Sberbank on mortgage, it is mandatory to provide a certificate from the registry office. If the person is a salary client of the bank, then this information is also recommended to indicate.

It is also necessary to fill out a standard questionnaire for the co-borrower for a mortgage of Sberbank. The sample is as follows:

A sample of filling out a mortgage application form at the Sberbank co-borrower can be found on the official portal of the lending institution or on the information stand in the organization’s department for a personal visit. In addition, in the halls of the bank there is always a specialist who is ready to help.

Are there any restrictions?

Since the mortgage co-borrower at Sberbank also assumes responsibility for the full repayment of the loan, the financial institution imposes a number of mandatory conditions on the applicant:

1. The candidate must not be younger than 21 years old or older than 75 years.
2. A citizen must be capable.
3. Work experience at the last place of work - at least six months. The total length of service is one year over the past five years.
4. The co-borrower must provide an official certificate as proof of financial income. This can be a bank form or standard 2-personal income tax.

It is also worth taking into account that there are a number of conditions when a citizen is not required to act as a co-borrower:

• if the spouses have not officially registered the union;
• if one of the spouses is not a citizen of the Russian Federation or does not have citizenship;
• at the conclusion of a marriage contract.

The average time for processing personal data and documents is 2-4 days. In some cases, the bank has the right to request other information.

Basic rights

Data on the co-borrower for a mortgage of Sberbank, its rights and obligations are recorded at the conclusion of a debt agreement or contract of sale. It is permissible to register a certain share or part in the property of the co-borrower. Before concluding an agreement, it is necessary to review all the conditions, since in the future it will be quite problematic to cancel the decision. The rights of the co-borrower are determined by:

• the status of the property in respect of which a mortgage agreement has been concluded and the legal regime of encumbrance;
• by agreement of the main persons involved in the loan agreement, i.e., the borrower and co-borrower (such documents include a marriage contract).

Can I stop being a co-borrower?

In practice, there are situations when a borrower refuses to pay payments under a mortgage agreement. In this case, a reasonable question arises as to whether it is possible to change the title borrower. Sberbank provides such an opportunity. To do this, you need to contact a banking institution and change the information in the documents.

How to withdraw a co-borrower from a mortgage of Sberbank? If the need for it has disappeared, then usually, after consulting with a specialist, the financial burden is removed. As a rule, each case is considered individually. It is important to take into account that in the event of a serious illness or recognition of a citizen as legally incompetent, he has every right to stop being a co-borrower.

To replace the co-borrower, the consent of all participants in mortgage lending is required. In addition, the regional leadership of the bank should be informed of its intention to change the composition of the participants.

Conclusion

A mortgage co-borrower in Sberbank plays an important role in a credit transaction, so before agreeing to sign an agreement, it is important to evaluate your own capabilities and financial strength. All arrangements must be documented.

If one of the spouses wants to play it safe, it is advisable to sign a prenuptial agreement before applying for a mortgage in order to protect their own property for all occasions. It is also recommended that you thoroughly approach the choice of co-borrowers in order to avoid future division of property.