VTB Insurance Agreement, forms and sample documents

Why do you need mortgage insurance?

Mortgage insurance is provided by joining the client to the comprehensive VTB program. It includes a number of main risks:

• Loss of ability to work.
• Death.
• Damage to purchased property.
• Restriction/complete loss of the right to own real estate for three years after the conclusion of the contract.

Joining the comprehensive program is a prerequisite for VTB Bank when applying for a mortgage loan. In addition, this leads to a reduction in the final percentage by one point. If the borrower purchases a VTB policy that includes only one type of insurance, its rate will remain the maximum.

Note! If a mortgage is taken out with the participation of third parties acting as co-borrowers or guarantors, VTB will ask you to insure their life and health.

Document review period

According to information from the official website of VTB 24 Bank, consideration of an application for a mortgage loan takes 4-5 business days. However, this period is very conditional and can be extended. The speed of consideration is influenced by the structure of the transaction (availability of borrowers and guarantors), the lending program and the human factor.

Getting a mortgage is a responsible step. To get the desired result, you should approach all stages responsibly and not neglect additional requests from the bank.

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If any questions arise, the borrower can contact the duty lawyer at any time or sign up for a free consultation using the feedback form at the bottom of the screen.

You can see the VTB mortgage conditions for 2020 and the certificate on the VTB mortgage form below.

How to independently calculate the amount of insurance?

Many VTB clients want to know how the amount of insurance is calculated in order to compare it with their capabilities. This amount is made up of two factors:

1. The amount of the principal debt at the beginning of the year.
2. Bank interest.

On average, the total cost of VTB insurance for the entire period of using a mortgage loan will be 80 thousand - 200 thousand rubles. For the first few years, the client will have to contribute from 650 to 1250 rubles. in addition to the monthly payment amount.

To calculate the amount of insurance yourself, use an online calculator. The most convenient ones are on Internet portals:

• Calculsoft.ru
• Ingos.ru

There is no similar version of the calculator on the official website of VTB Bank.

Important! When calculating the total cost of a mortgage loan, it was possible to find out that if you take out a housing loan at a higher interest rate without taking out insurance, the final overpayment will be less.

Online calculator

Internet users can pre-calculate the cost of mortgage insurance before purchasing a policy directly on our portal. To calculate the amount, you need to enter the following data into the calculator form:

• city ​​of insurance;
• name of the banking institution;
• Terms of agreement;
• mortgage loan amount;
• name of the insured property;
• personal information about the borrower;
• insurance situations.

Important point! You can apply for an insurance policy for a VTB mortgage immediately after making the calculation online. The electronic policy can be printed and submitted to the bank.

What factors influence the cost of insurance at VTB?

The calculation of the cost of VTB insurance is influenced by a large number of related factors. Their list may change based on the requirements of the insurance company chosen by the client. Among the main criteria are the following:

1. The cost of the purchased property.
2. Borrower's age.
3. The amount of the down payment on the mortgage.
4. The total amount of insurance coverage taken as a percentage of the principal amount.
5. Condition and location of the property.
6. Borrower's gender. According to statistics, women live longer, so insurance in their case is a little cheaper.
7. Client's health status.
8. Excess weight. Its presence may be a reason for denial of VTB insurance.
9. Scope of work. If employment involves increased risk, the cost of apartment insurance will increase.
10. Hobbies. Having an extreme hobby, for example, rock climbing, skydiving.

Insurance companies may have their own unique requirements or provide discounts to different categories of citizens.

Advantages of mortgage insurance at VTB

Insurance is a very useful service. Many borrowers were able to appreciate this despite skepticism during the mortgage process. Among the main advantages are:

• The mortgage will not become a burden on the shoulders of relatives in the event of the sudden death of the borrower.
• Full financial protection in case of problems with the borrower’s health.
• VTB offers a large number of accredited organizations providing insurance services to choose from. You can compare their conditions and choose the most profitable option.
• VTB insurance policy is issued for any type of real estate - primary, secondary housing, new building.
• Fairly simple insurance conditions.
• The initial policy is valid for 1 year. After this time, the client has the right to independently change the service provider.

In addition, the VTB mortgage department employs only highly qualified employees who will help you make the right choice and understand the variety of insurance programs.

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Registration procedure

The procedure for obtaining an insurance policy consists of the following steps:

1. Filing a Mortgage Insurance Application. This can be done by visiting the insurance company office in person or on the VTB 24 website.
2. Submission of required papers. The list includes information about real estate to confirm the transaction.
3. Conclusion of an insurance agreement.
4. Payment for the policy and its receipt.

Important! To submit an application electronically, you will need to make a calculation using a calculator on our website, and then pay for it online. After this, the policy can be printed and submitted to the bank. Typically, the cost of a policy via the Internet is approximately 10-15% cheaper than a similar one in a bank or insurance office.

List of VTB accredited partners

On the official website of SK VTB LLC you can see a list of partner companies that have valid accreditation in 2018. The borrower has the right to insure the property purchased under a mortgage in one of them:

• LLC IC "VTB Insurance".
• SPAO "Ingosstrakh"
• JSC "SOGAZ".
• JSC IC "Chulpan"
• LLC SK "Soglasie"
• JSC IC "PARI".
• LLC SF "Adonis"
• CJSC "MAX"
• LLC SO Surgutneftegaz.
• Absolut Insurance LLC.
• JSC "Tinkoff Insurance"
• JSC "VSK"
• PJSC IC "Rosgosstrakh".
• CJSC IC "RSHB-Insurance".
• SPAO "RESO-Garantiya"
• SK CARDIF LIMITED.
• PJSC SAC "Energogarant"
• JSC IC "Alliance"
• JSC GSK "Yugoria"
• Alpha Insurance LLC.
• JSC "Liberty Insurance".
• Zetta Insurance LLC.
• JSC "ERGO".
• Renaissance Insurance Group LLC.

All companies on the above list have the authority to provide insurance services to the population, registered in accordance with the law of the Russian Federation.

It is important to know! If a potential borrower decides to use the services of a third-party insurance company, the process of applying for a mortgage at VTB will take several weeks. This time is given to check the organization’s compliance with the requirements of the legislation of the Russian Federation.

Where is the cheapest insurance?

An important question that interests all VTB Bank borrowers without exception is “Where is the cheapest place to get a policy when taking out a mortgage?” Judging by customer reviews and preliminary calculations, the following insurance companies can be distinguished:

1. LLC IC "VTB Insurance" - taking out insurance in this company allows you to significantly save money, especially if you make an advance payment for several years at once. The organization occupies a leading position in the country's market, enjoying huge demand in all regions.
2. JSC "VSK" - the insurer is famous for its flexible system for calculating the future policy, high-quality service and fast compensation payments.
3. JSC IC "Alliance" - the company offers one of the lowest rates. The insurance policy will cost the borrower 0.34% of the cost of the mortgage.

Important! When choosing an insurance company, you should not pay attention solely to the cost of the policy. First of all, the reputation of the insurer is important. A company with a high rating is guaranteed to pay compensation when an insured event occurs. And since we are talking about a fairly long-term loan - a mortgage, put this factor above all else.

In what situations is monetary compensation provided?

If an incident occurs to a person as specified in the clauses of the concluded contract, then he is entitled to monetary compensation.

It is very important to report the incident to the bank and insurance company. If you do not do this within 24 hours, it will be extremely difficult to receive money.

After providing the bank with the necessary documents in order to convince it of the veracity of what happened, VTB Insurance will issue compensation in full or in part within 15 days.

Is it possible to refuse insurance when applying for a mortgage at VTB?

When purchasing real estate through a VTB mortgage loan, the borrower assumes obligations for compulsory insurance of the apartment. This is stated in one of the provisions of the Federal Law “On Mortgage” .

The client has the right to refuse to purchase a policy that refers to life and health insurance. In this case, VTB Bank will set the maximum annual rate. The financial institution also has the right to completely refuse the mortgage transaction, which makes the purchase of an insurance policy a mandatory condition.

Formally, the borrower is not required to purchase an insurance policy when concluding a mortgage agreement. This information will be confirmed by VTB hotline employees. But specialists working in the office of a banking organization will insist on drawing up an agreement, arguing that without it they will not approve a mortgage.

However, the client can refuse insurance after receiving a mortgage from VTB. To do this, you need to write a corresponding application, attach a policy and identification card to it and hand it over to the employees of the insurance company. When signing documents, make sure that the contract stipulates the conditions for the return of funds, including the presence of penalties.

Note! VTB insurance refusal is not reflected in the credit history. The borrower's rating will not be reduced.

How to apply

After filling out the forms, you need to prepare the following package of documents:

• passport;
• certificate of income (you can use a certificate from a bank form; more details on how to fill it out, as well as the form can be found here)

In addition to these, the bank may request additional documents during the application review process. This requirement should not be neglected. You should try to prepare documents upon request as quickly as possible.

You can submit an application through the VTB 24 bank website or directly in the office. The second option is more preferable, because the employee can help correct the data in the questionnaire and answer questions.

You can read more about how to apply here.