How long does mortgage approval last in Sberbank?

Review of documentation

If we talk about the timing of consideration, then a lot depends on how quickly a person responds to the bank’s requests for certificates or documents. Since the mortgage loan approval process consists of several steps, it also takes a lot of time.

Mortgage approval at Sberbank:

1. At the first stage, a person goes to the nearest branch for advice.
2. Then he selects an approximate property and receives an approximate cost of the mortgage loan.
3. At the second stage, you should collect documents. The most important thing is certificates confirming the income level of a person and his co-borrowers.
4. The final stage is characterized by waiting, which lasts 2-5 days.

If your mortgage is approved by Sberbank, here's what you need to do next:

• Search, select a property.
• Collect documents according to the list from the bank. They relate to mortgage housing.
• It is imperative to insure and evaluate the future property.
• Conclude an agreement for the purchase of an apartment (house).
• Make a down payment (using maternity capital is allowed).
• Draw up papers confirming the fact of transfer of mortgaged housing to the bank (as collateral).
• Receive an approved loan and transfer it to the seller of the apartment (house).

When clients ask how long to wait for mortgage approval at Sberbank, employees answer - about five days. This period is required by the bank in order to assess the readiness of documents and the solvency of the client. Next, a more detailed review of the transaction and related securities begins, which stretches for at least a month. This is a big disadvantage for the client, because often a purchase and sale transaction needs to be concluded very quickly.

How many days does it take to approve a mortgage at Sberbank?

Several factors affect the review period. The first factor is the type of mortgage lending. The bank has a time limit for approving each type of mortgage. For example, if a loan is needed to purchase housing on the primary or secondary market, then the processing time for documents is 2-5 days. Only working days are counted, not calendar days. The period is increased by one day if housing is purchased using a military mortgage or through on-lending.

These steps are necessary for the banking institution to evaluate its future borrower. Bank employees are interested in whether the client has a stable income and what social category of citizens he belongs to. No one argues with the fact that banks, first of all, pay attention to the client’s employment and income. Managers must be confident that the future borrower will repay the loan regularly. If a person has a good credit history and has no current loans, this increases his chances of getting a mortgage loan.

The category of salary clients is a priority because their income level is stable and known to the bank. Accordingly, there is no need to make inquiries and once again prove your solvency. This has a significant impact on the deadlines, because they are reduced to one, maximum two days. As for the rest, they submit a list of papers in the prescribed manner.

An application for a mortgage loan is considered at several stages. Therefore, at any of them questions may arise that will lead to an increase in time:

1. Credit scoring. This is an automatic check based on the information entered. Its main task is to assess a person’s solvency. The assessment is based on personal data on family composition, income level, work activity and other factors. This step is characterized by a credit history check.
2. In order to evaluate documents for authenticity, they must be checked by the bank's security service. Bank representatives can call the specified place of work and talk with the manager. The underwriting department's job is to assess risks. Department employees conduct analytical work and, based on it, draw conclusions about the client’s solvency.

There are several ways to find out if a mortgage has been approved by Sberbank. In most cases, the credit manager calls the client, informing him of the decision, or receives an SMS message. Once the mortgage is approved, the most critical part of the process begins. You need to select and agree on real estate. At the next stage, the bank sets aside 10 days to review documents for future mortgage housing. If the client made errors in the certificates, this increases the consideration for some more time. And, most importantly, banks have certain requirements for real estate. Their compliance is mandatory.

How to get approval: tips

• Having a good credit history. It is important that you have a successful experience of cooperation with the financial institution you have contacted before. Read about how to keep your CI positive here. Don't think that lack of credit history will have a good effect on your first application to the bank. Therefore, if you want to take out a loan as large as a mortgage, then first take a couple of small loans for goods and pay them off on time. Otherwise, you are a “dark horse” for the lender; he cannot predict how you will cope with loan obligations in the future.
• Do not allow delays, all of them are recorded in the BKI. When applying for a new loan, the lender will definitely request a report from the Bureau.
• First of all, in addition to CI, the bank is interested in the client’s solvency. No more than 40-50% of income should be spent on paying the monthly payment. Salary taken into account minus current mandatory expenses. The 50-60% that remains with the client should not be less than the subsistence level.

If you have a salary “in envelopes”, then you can only count on those loans that are provided without proof of income. At Sberbank it is possible to get a mortgage without 2-personal income tax if you make a decent down payment.

• Indicate your spouse's income, as well as additional sources of income. Inform that you own real estate.

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• Work experience is important. The longer it is, the greater the chances of receiving approval. Banks often refuse applicants who frequently change jobs. They value stability rather than high earnings for several months.
• Lenders prefer clients between 25 and 40 years old. But others also have a chance to get the mortgage they want. Only in the case of older people will the period be limited.
• Work on your appearance and act naturally. This is important when processing any amount.

Advantageous mortgage offers from Sberbank of Russia ⇒

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• Apply to several banks at once, but no more than 2-3. Otherwise, your credit history will be tarnished by too many inquiries and refusals. Sberbank will definitely not appreciate this.
• There is less chance of approval if the application is submitted by pensioners, disabled people or individual entrepreneurs. Those convicted of a criminal offense will definitely receive a refusal.

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What salary is needed to get a mortgage at Sberbank ⇒

List of documents for mortgage approval at Sberbank

Clients who take the collection of documents seriously can count on a quick positive decision. To speed up the procedure, when applying to Sberbank for the first time, you need to have the following documents on hand:

• Russian passport with permanent registration. If it is missing, a temporary one will do.
• A written application from a client to receive a mortgage loan.
• A document confirming the fact of marriage.
• If there are children, then their birth certificates are needed.
• The client's profitability is confirmed in two ways. Providing a 2-NDFL certificate; if it is missing, a completed document based on the model of a banking institution will do. People of retirement age provide identification. If the client has an additional source of profit, this must be confirmed.
• A prerequisite is having a permanent job. A photocopy of the work book with a stamp and signature is suitable for proof.

When co-borrowers help to obtain a mortgage loan, the bank requires from them the same number of documents as from the main persons. It will be a positive fact if the husband and wife have jobs.

Why does a mortgage application take so long to process?

There can be many factors, and in most cases, they come from the client. For example, if he filled out the papers incorrectly or made mistakes. Main reasons:

1. The fact that there is not one co-borrower, but several, leads to an increase in the consideration period. After all, each of them is carefully checked.
2. Incomplete set of documents.
3. The inability to find an apartment that the client likes and would be approved by the bank.
4. The underwriting department may not meet the allotted deadline for verifying documents. This leads to the fact that certificates received before everyone else lose their relevance.
5. Human factor. It manifests itself both on the part of borrowers and on the part of bank employees.

Why do we even need a pre-approval process?

This procedure is related to:

1. Database of potential borrowers.
2. Analysis mechanism.

The bank simply screens you as a borrower who can potentially take advantage of the loan offer. It is at this stage that the nominal amount of the loan offer is determined.

It all depends heavily on the banking organization and its approach. Someone will conduct a full-fledged “investigation”, and another bank will simply check several databases and documentation confirming the presence of income. But there is one important point. The fact that the bank has pre-approved you for a mortgage does not guarantee that you will receive one. Very often the final transaction amount is revised downward.

All this is necessary in order to speed up the process of issuing a mortgage loan. Indeed, in a normal situation, the procedure for selecting a potential apartment can drag on for several months. And if the seller changes his mind, the deal will fall through. The bank is not going to bother with such problems, and is doing everything to ensure that the registration happens as quickly as possible.

Practice shows that approval itself also has its own “expiration date”. If you do not meet the standard 3 months, you will have to start all over again. 3 months is the canonical period, but it can be much less. Everything depends on a large number of parameters, we will not describe and analyze them here now. Just remember that there is a statute of limitations even with pre-approval.

Speeding up the mortgage application process

Sberbank has created a service that allows you to quickly find suitable housing in new buildings. This is DomClick. What is important is that all real estate objects meet the bank's requirements. If you apply for a mortgage loan from this service, it will be included in the priority queue. For example, the processing time for an application is reduced to several days. This is also convenient for the client because there is no need to visit a bank branch. You can find out about the decision by email.

It is worth noting the fact that in order to reduce the time it takes to consider an application, you need to take care of choosing real estate in advance. This will help eliminate those options that do not meet the bank’s requirements. Having received approval, the client will begin to collect the necessary certificates, and not look for an apartment. It is also important for a person to know how long mortgage approval at Sberbank is valid. Because sometimes the allotted time is not enough to prepare documents.

Procedure after approval of the application

After the bank has approved the application and the client has found a suitable property, the most crucial moment comes. It consists of signing a mortgage agreement. The client’s task is to study the provided document in detail. This is especially true for those points where the loan amount, monthly payment, and obligations of the parties are written. The debt repayment schedule is formed separately, it is also worth checking.

Simultaneously with the mortgage agreement, an additional agreement on home insurance is signed. You cannot refuse this, otherwise the bank simply will not approve the mortgage. In addition, it is advisable to insure your life. The bank cannot oblige the client to do this, but the interest rate depends on the fulfillment of this condition. By insuring life, a person can count on reducing the interest rate by 1%. It seems like a small privilege, but if the loan is issued for years, it is very noticeable.

At the final stage, having concluded a deal, the client needs to enter his home into electronic registers.
You can ask a bank employee for help or contact the MFC. After preparing the documents, the banking institution transfers the entire loan amount to the account of the person who sold the property. After this, we can say with confidence that the transaction is completed. The client becomes the owner paying off the mortgage. Mortgage in Sberbank. This is why most mortgages are taken out from Sberbank. Mortgage conditions in 2020

What to do after receiving the keys in a new building

Legal entities know the laws better and are more willing to cooperate with lending organizations. They have no worries about payment/non-payment. Especially if the construction company is on the list of accredited ones.

Note! Large financial institutions always carefully check the developer. Therefore, the risk for the buyer is minimized. And for force majeure situations, an insurance procedure is provided. In addition, if you choose an apartment from a developer-partner of the bank, you can save on interest, avoid unnecessary costs, paperwork and wasted time checking the property.

So, the acceptance certificate has been signed. But the title documents are not ready yet (the apartment does not yet belong to the borrower). What to do in this case? Prepare a package of documents so that you can register ownership of square meters.

Recommended article: Where is mortgage insurance cheaper?

You will need:

• agreement with a construction company;
• act of acceptance and transfer;
• mortgage;
• loan agreement;
• receipt of payment of state duty;
• permission from the guardianship authorities (if there are minor children in the family);
• a copy of the permit to put a residential building into operation (sometimes).

Important! You can carry out registration yourself, or you can entrust it to a developer or a bank representative. More information about what to do after accepting an apartment with a mortgage in a new building is written in another article.