The real story of getting a mortgage at VTB 24

How long does a positive decision on a mortgage application at VTB Bank last in 2020?

APPLY FOR A MORTGAGE AND FIND OUT A DECISION QUICKLY. Review of an application for a mortgage at VTB, regardless of the method of submission, takes 1-5 business days. After which the bank notifies the client about the decision, and if the loan is approved, then the housing loan agreement can be concluded within 4 months.

Decision notification

When submitting an application on the website (and when visiting a bank office too), the client provides a valid cell phone number, as well as an email. This number will receive a call from the credit manager as soon as VTB makes a decision to issue a loan or refuse it.

Moreover, if the form is filled out on the website, the manager calls back almost immediately to clarify the details. For information about the paper version of the application, read the article “Sample application form for a mortgage at VTB and instructions for filling it out.”

There is no way for a borrower to find out about VTB’s decision on a mortgage application via the Internet, since the bank does not maintain a unified database of applications. All that remains is to wait for information by phone. If a positive decision is made, the client will need to go to the mortgage branch of the bank with all the documents and sign an agreement.

If a refusal is received

A refusal to apply for a mortgage is not a death sentence; however, you should not rush to apply again. After refusal, the client can again apply to VTB for a loan after 60 calendar days, but it is not so much the time period that is important as the initial reasons for the refusal. It is necessary to analyze what led to the non-issuance of the loan and try to eliminate it:

improve your credit history,
attract guarantors,
confirm additional income, etc.

Otherwise, the 60-day period will not yield anything, and the bank will again refuse to issue a mortgage.

How long does a positive decision last?

If VTB has approved the mortgage, then the decision is valid for 4 months. It is understood that after this period, many details of a potential mortgage transaction could change - the value of real estate, the solvency and financial condition of the borrower, the progress of construction and the reputation of the developer (if we are talking about shared construction), etc. Therefore, if within four months the housing loan agreement was not concluded, you need to re-apply and again wait for the bank’s decision.

Is approval valid in other banks?

How long the approval will be valid has become clear. But there is one more question: will an affirmative answer to a mortgage given by one bank be valid in another financial institution? The answer is no!

If the request is approved by one creditor, then the verdict rendered will be valid only for this financial institution. This means that during the specified period you will be able to get a mortgage here and not elsewhere.

To get a response from another bank, you will need to contact it directly. Each creditor makes a decision that is relevant only within the specific framework, find out how much time you are given.

If two banks have approved your mortgage at once, then you will have to choose one of them. Moreover, you should communicate your intentions to both the chosen lender and another from whom you do not plan to take a loan.

VTB 24 approved a mortgage: further actions

Borrowers often think that the most difficult thing about mortgage lending is finding an organization that will agree to issue money. But the collection of documents and consultations with specialists finally ended with a positive result - VTB24 approved the mortgage. Inexperienced people are often lost and don't know what their next step should be. Nevertheless, there is no need to waste time, because the banking solution has a certain expiration date, after which it becomes invalid.

Standard procedure

Leading participants in the mortgage market, which includes VTB 24, have long worked out a scheme for issuing targeted loans. Employees will always give advice to clients, even if they have no experience in applying for loans. If the borrower has received pre-approval, he will have to do the following:

Search for housing . You can select a property yourself or with the help of real estate agencies. The bank does not insist on the participation of intermediaries, but can recommend reliable accredited realtors. Their help expands the choice and speeds up the deal.

Checking an apartment or house . The documents received from the seller are examined by specialists from the bank and insurance company. In order for VTB 24 to finally approve the mortgage, they must ensure the legal purity and legality of the purchase and sale. The liquidity of the living space, which will become collateral, will also be assessed.

Grade . The service is paid for by the client and provided by independent companies. The lender works with some appraisers, but you have the right to choose other experts.

Conclusion of a loan agreement . Please read the document carefully before signing. If something worries you, it is better to clarify controversial issues in advance to avoid disagreements.

Purchase of real estate . You can prepare documents yourself or with the assistance of realtors or lawyers.

Premises insurance . Collateral must be protected from the risks of loss and damage.

From the moment VTB 24 approved the mortgage until the final stage, no more than four months (122 days) should pass. This period is usually enough to buy a home on credit, although it’s better to hurry up and not wait until the last minute.

Choosing a bank for a mortgage

First we had to choose a bank. Friends and parents, naturally, advised Sberbank. They said something about its reliability and stability. We also trusted this bank, so, first of all, we turned there. True, they applied for a mortgage through another intermediary bank

Application for a cheap mortgage

Mortgage amount up to 100 million rubles
Duration up to 25 years
Rate from 11.2% per annum
Down payment from 15%
Mortgages for young families and for maternity capital
Quick consideration of the application and receipt of a decision
Professional approach, assistance in paperwork
Minimum red tape and trips to the bank

Apply now

We collected all the necessary documents (certificates of income, copies of work records, marriage and birth certificates, etc.), and at the appointed time we sat in front of the loan specialist. They accepted our documents and told us to wait 3-5 days.

The decision came quickly, we waited only 3 days. But the result of our wait did not satisfy us. Firstly, we asked the bank for 1,300,000 rubles, but they approved only 1,100,000. And, secondly, the annual interest turned out to be far from small - 13.6. Therefore, it was decided to look for another bank. Because My husband and I had a successful loan experience at VTB-24 Bank, so we headed there. We went through the same procedure for submitting documents as at Sberbank, and went home to wait for a decision within the same promised time frame (3-5 days). We no longer believed in success, but, unexpectedly for us, on the third day the girl called and said that the mortgage had been approved for us! In the amount that we need. And the percentage is even lower than in Sberbank - 13.2% per annum. By the way, we calculated monthly payments using a mortgage calculator. The calculations almost completely coincided with the bank’s schedule.

Procedure for settlements with the seller

One of the last stages in time, but not in importance, is the transfer of money to the seller. Many borrowers are concerned about this particular issue, so we decided to talk about it in more detail. The bank is ready to assist in settlements, which can be carried out in one of the following ways:

Individual cell. The service is very popular in real estate transactions. The mode of granting access is fixed in the contract, so the seller receives the key only after completing all formalities.

Letter of Credit. This form is convenient for both parties: the buyer is protected from non-refund of funds if the provisions of the contract are not followed, and the seller is guaranteed to receive money if he fulfills the conditions.

Both options are absolutely reliable. By the way, the down payment, which must also be transferred to the second party when concluding a transaction, can be placed in a bank account in advance or added to the loan amount during settlements.

Now you know what will happen next if you have been approved for a mortgage at VTB 24. The bank is no less interested in a favorable outcome of the case than you are, so you can get support at any stage.

Perhaps you were looking for:

how long does it take VTB lawyers to check documents for an apartment;
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When the bank transfers money to the seller for a mortgage in 2019: Sberbank, VTB and other banks

Secure payment service. The presence of this service allows you to reduce your mortgage rate by 0.1%. The commission for its registration is fixed and amounts to 2000 rubles. The principle of calculations is as follows. A special account is opened at the Sberbank Real Estate Center. First, the buyer makes a down payment on it. After registration of ownership is completed, Sberbank transfers money in the amount of the issued loan. The entire amount is automatically transferred to the account of the real estate seller. From the moment the purchase and sale agreement is signed until the seller receives the money, up to five days pass. Over 50% of mortgage transactions are concluded in the main bank of the country. The financial institution is a participant in all federal housing programs and offers affordable lending conditions to its clients. Therefore, the high demand for mortgages at Sberbank is very easy to explain.

For many citizens, a mortgage is the only option for purchasing their own home. This is a rather complex transaction that requires a lot of time and effort. Not every real estate seller will agree to it. After all, from the moment of signing the purchase and sale agreement to the receipt of cash, it takes from 5 to 10 days. These are significant risks. Let's figure out when the bank transfers mortgage money to the seller and how his rights are protected.

When and how quickly does the bank transfer money to the mortgage seller?

Any purchase and sale agreement contains information about the timing and methods of transferring funds for the purchase. But there are no strictly established conditions in this matter, so each contract is individual. The seller receives funds for the sale of real estate from several sources:

As soon as the entire package of documents has been prepared, and the credit institution has given its approval for the real estate purchase and sale transaction, the need arises to resolve the issue of transferring funds to the seller. The size of the transaction amount is very large and each party prefers to complete the transaction with maximum security for themselves.

When the bank transfers money to the seller for a mortgage in 2019: Sberbank, VTB and other banks

How long does it take for the bank to transfer money for a mortgage?

Technically, the buyer pays for the house or apartment by taking out a mortgage, but in reality the scheme looks different.
The first payment is received: When the buyer receives the title deed, the second form is given to the seller of the property, and the third copy or copy is given to the lender. From this moment on, the former owner can receive his money from the bank. When the borrower has found suitable housing on the secondary market and the bank has approved it, the buyer makes a small advance. The transfer of money is documented in the deposit agreement, which must indicate:

What can affect the bank's consent?

First of all, when considering your application, pay attention to:

Age of the borrower (VTB 24 Bank issues mortgage loans from 21 years of age).
Place of your permanent registration (if you apply for a mortgage using two documents, you have the right not to write such information, as this is provided for by this program).
General work experience (at least one year).
Current work experience (at least six months at the current place of work).
Position at your workplace.
Average monthly salary level.
Additional income, if any.
Your marital status, since if you have a spouse and children, the income will be divided among everyone.
Availability of other loan obligations.
Your credit history.
Do you own any real estate? If you want to get a mortgage from this bank using your real estate as collateral, read this article.
The amount of the down payment that you can provide (is it possible to take out a mortgage without a down payment at VTB 24 and under what conditions?).
The reliability of your organization in which you work and its scope.

This information plays a big role for the bank!