Any potential borrower will appreciate the speed of obtaining a loan and the absence of complex requirements. An acceptable level of interest rates and high-quality information support should also be emphasized as significant advantages. You can take advantage of these advantages with the help of VTB’s special offer “Mortgage victory over formalities”. This publication discusses the main parameters of a banking product along with nuances that are important for clients. The use of additional recommendations will eliminate unnecessary costs and errors when obtaining a loan.
Features of the mortgage “Victory over formalities”
A mortgage is a type of loan issued by a bank for the purchase of housing. A mortgage is more profitable than a consumer loan, as it has lower interest rates and favorable conditions. But VTB does not issue mortgage loans to all clients. Reasons for refusal may include:
- Insufficient wages of the borrower.
- Lack of collateral.
- Client unreliability.
- Availability of current debt obligations.
There can be many reasons, but most often people are refused due to a lack of documents confirming their solvency. With the “Victory over formalities” program from VTB, difficulties in this regard will not arise, because a person is required to provide only the following documents:
- Passport with Russian citizenship.
- SNILS.
- For men aged 21 to 27 years - military ID.
Just two basic documents and a mortgage is already in a person’s pocket. VTB issues a mortgage loan without formalities, since people who apply to this bank are most often already its paid clients and have a good status. But this does not mean that a complete stranger cannot apply for a mortgage at VTB.
If the client really wants to get borrowed funds to purchase a home, then he must try to prove to the bank his solvency.
Conditions for obtaining a loan based on two documents
The process of collecting documents for obtaining a mortgage is simplified for customers who are solvent and can make monthly payments on time and without delay. The mortgage interest rate under the “Victory over formalities” program is equal to the interest rate for other mortgage programs.
Requirements for the borrower and documents
Basic requirements for a potential borrower when applying for a mortgage:
- age starting from 21 years and up to 70 years inclusive (at the time of expiration of the mortgage agreement);
- The work experience at the last place of work must be at least 1 year.
If borrowers and co-borrowers are involved when applying for a mortgage, then they will be subject to exactly the same mandatory requirements.
If the verification is successful and all requirements are met, VTB 24 can offer the borrower individual lending conditions with a reduced interest rate.
A mortgage issued under the “Victory over formalities” program requires the provision of only two documents:
- passport of a citizen of the Russian Federation;
- SNILS.
For men under 27 years of age, a military ID will be required.
The security service can check the data by calling the borrower's employer, or by sending a corresponding request to the tax service.
When applying for a mortgage, the client fills out a form. It must also indicate information about the employer (its full name, location, telephone number and address). A bank employee may also require you to provide additional proof of income.
A co-borrower or guarantor is not required to document their income, but this does not mean that they should not be insolvent citizens.
One of the points of checking a client for the possible issuance of a mortgage is tracking his credit history. So, before applying for a loan, the borrower must independently request his credit history and check whether all the data in it is displayed correctly and whether there are any errors that may later become a reason for refusal of the mortgage application.
When applying for a mortgage loan under the “Victory over formalities” program, the borrower must be prepared for the possibility that a refusal may occur for one of the following reasons:
- The borrower does not meet the bank's basic requirements.
- Has a low level of income, i.e. is insolvent.
- Provides false information about himself in advance.
- Has a negative credit history.
Conditions of the program “Victory over formalities”
The loan under the “Victory over formalities” program is provided under the following conditions:
- The mortgage amount varies from 600,000 rubles. up to 15,000,000 rub. (for regions). For Moscow and St. Petersburg, the amount can increase to 30,000,000 rubles.
- The mortgage term is 30 years.
- The interest rate is 13.6% per annum.
There are several ways to reduce the interest rate under the “Victory over formalities from VTB 24” program:
- Sign up for one of the insurance programs offered by the bank (life and health, against loss of job, property).
- Be a salary client of VTB Group.
- Buy housing from VTB partner companies that sell it.
For convenience, you can use the special calculator of the “Victory over formalities VTB 24” program, which will help you understand how much you will need to overpay.
Maternity capital can provide significant financial assistance. It will help reduce the amount of the principal debt and the number of payments made.
Requirements for the borrower
The fact that VTB asks to provide only two documents does not mean that other parameters will not influence the bank’s decision. VTB will definitely check on its own how the person is employed and what his income is. The latter must be at least twice the expected monthly mortgage payment.
If a person does not have enough finances to receive the necessary amount to buy a home, then you can slightly increase your chances by going to the bank with a co-borrower or guarantor. VTB allows up to 5 such persons.
A person must have continuous work experience at one place of work for 1 year before submitting an application for a mortgage to the bank. And at the time of application, be employed, albeit not quite officially. VTB will check absolutely all of its client’s employment to ensure his solvency for the entire loan period.
Another standard requirement is the age of the borrower - 21-70 years. A VTB client is required to repay the mortgage before the age limit.
Mortgage terms
Mortgages under the “Victory over formalities” program have quite attractive conditions for bank clients:
| Interest rate | From 10.7% |
| Loan terms | Up to 20 years |
| Minimum mortgage amount | 600 thousand rubles. |
| Maximum mortgage amount | 5 million rub. for residents of Moscow, St. Petersburg and these regions, and for other citizens - 15 million rubles. |
| Down payment amount | At least 30% of the cost of purchased housing |
| Participation in the property insurance program | Necessarily |
Each borrower must understand that the conditions for providing a mortgage are standard under the “Victory over formalities” program, and for each specific client the bank will select the most acceptable conditions for both parties. The more opportunities the borrower wants to have (large amount, long period, low interest rate), the more guarantees of his responsibility and solvency he must provide to VTB.
Mortgage insurance
VTB can offer the borrower two types of insurance:
- Insurance of property pledged (purchased real estate) against the risk of loss or damage. It is mandatory and if insurance is refused, the borrower will be denied a mortgage.
- Personal insurance of the borrower against various risks such as disability, life, restrictions on ownership of property, etc.
If a person refuses any form of personal insurance, then VTB automatically increases the mortgage interest rate by one point.
The interest rate may increase for other reasons (large amount, but short term, low salary, etc.), but these are special cases.
Insurance
As is the case with other banking organizations, VTB 24 cannot oblige its clients to purchase insurance. However, its absence may increase the base interest rate by 1%.
The basic insurance agreement includes the following items:
- a personal policy that considers the individual characteristics of the client related to timely payments. Loss of productivity, unplanned reductions in wages and other conditions may lead to the suspension of payments for a pause or the participation of the credit company in repaying the debt;
- insurance of collateral is mandatory and specified in the agreement. This way the bank and the client guarantee the receipt of funds in the event of an insured event;
- A title policy guarantees the protection of your ownership of the property you are purchasing.
The amount of insurance is calculated individually and depends on various factors that you will be familiar with in advance.
Mortgage calculator
On the official VTB website in the “Mortgage” section, subsection “Victory over formalities” you can find a loan calculator. You need to check the box next to the item “I am ready to provide only two documents” and move the cursors by amount, term and down payment to see the calculations:
- Total mortgage amount.
- Monthly payment and minimum income.
- Interest rate.
Using this data, a person will be able to determine how convenient and realistic a mortgage loan will be for him under the “Victory over formalities” program.
Reviews
Igor, St. Petersburg: “On the official website, information on VTB mortgages is presented in a simplified form. Real convenience is the speed of response to the application. To complete the initial request, you need to visit a bank branch. I recommend opening a personal account in order to receive detailed information and perform individual work actions in a convenient remote access mode.”
Evgeniy, Samara: “I liked the attentive, qualified customer service. The employee explained the procedure and clarified the benefits of insurance. After examining the possible risks, a reasonable co-payment for policies appears to be an acceptable solution.”
Svetlana, Nizhny Novgorod: “Despite the declared simplicity, we have to collect a lot of documents to check the seller and the apartment. On the other hand, this approach allows you to obtain additional guarantees of legal purity. Using the regular service, I received a completed report with a cost estimate in less than two days.”
What documents may be needed?
VTB will actually issue the mortgage itself using two documents. But he will formalize it - this means he will agree to the issuance of funds. But for the further process you cannot do without:
- Cadastral and technical passport for the purchased housing.
- Extracts from Rosreestr confirming the absence of debts on utility bills.
- Extracts from the same register about the ownership of this property.
- A document confirming the transfer of ownership of housing to the borrower.
- Purchase and sale agreements.
- Specialist estimates of housing costs.
All these documents will definitely be needed when VTB begins to calculate the possible amount of the mortgage. It will also be mandatory to fill out a mortgage application form. It is in it that you will need to indicate all the information about your place of work and earnings. You should not think that VTB does not check this information - it focuses on it when making a decision on issuing a loan.
The advantage of the “Victory over formalities” program is that you do not need to provide a certificate of income and employment, which is good, because this is not always possible. But you still have to indicate your income and place of work.
Calculator for 2 documents
When working with the offer from VTB 24 “Mortgage under two documents”, payment terms can be pre-calculated using a special loan calculator of our own design. Access to the service can be obtained using the corresponding section of the official website. You will be required to manually enter the contents, including the loan amount, loan period, and interest rate. Many current tariffs can be selected from a special menu, which will speed up the calculation time. After making sure that everything is filled out correctly, click on the “Calculate” button. All the necessary information will be displayed on the screen of your personal computer or smartphone.
Procedure for obtaining a mortgage
Getting a mortgage under the “Victory over formalities” program from VTB is no more difficult than any other type of loan. The scheme will be built as follows:
- Come to the VTB branch with your passport and SNILS and write an application (you can submit an application online on the website).
- Submit the documents and wait for the preliminary decision.
- Having received a positive answer, start looking for an apartment. The bank's decision is valid for 4 months and it is during this period that a person must find housing and collect all the papers.
- Collect a complete package of documents for the purchased housing and bring it to the bank.
- Discuss the terms of the mortgage and sign the agreement (at the same time, issue an insurance agreement for the collateral and personal insurance if desired).
- Make a down payment on your mortgage.
- Wait for the transfer from VTB in favor of the buyer and pledge the apartment to the bank.
After the mortgage is paid in full, the apartment will fully belong to the former borrower, and until then the bank has the right to take it back if the terms of the mortgage are not met. No borrower wants to lose an apartment or other housing, and therefore, in the process of drawing up a mortgage agreement, you should carefully read all the clauses of the agreement and do not forget to comply with them.
Registration procedure
If you decide to take advantage of this program, be sure to leave an application at a bank branch or on the official website of a financial institution.
Such an application is considered within 5 days, but if you fill out the form online, in most cases you will receive a response within 2 days. The message that you may be given a loan is valid for the next 4 months.
You need to provide the bank with a collected package of documents, in particular for the property.
A mortgage agreement is signed with the financial institution, as well as a deposit for the purchased housing. Plus, insurance is provided.
How can I repay the loan?
Most often, VTB offers clients an annuity scheme for repaying mortgage debt. The entire loan amount, together with interest, is divided into equal parts over the entire loan period.
This scheme is convenient, since there is no need to monitor the payment amount and you can set up automatic payment in your VTB personal account. But the overpayment of interest is a significant part, which would not be the case in a differentiated payment scheme. It involves unequal but pre-agreed payments on set dates.
When signing a mortgage agreement, a person must pay utmost attention to this point and choose the most convenient scheme for himself.
VTB allows early repayment of a mortgage without sanctions or penalties for the borrower. You just need to write an application to the bank a month in advance and indicate the amount and date of payment.
You can repay your mortgage at VTB in many convenient ways:
- Transfers from other banks and accounts.
- Top up your account through VTB payment terminals.
- Using Russian Post.
- Through your VTB personal account from a computer or mobile phone with the VTB Online application installed.
- Through a bank cash desk.
There are many options, and therefore a person can easily and without delay transfer funds to pay off the debt. It is necessary to do this at least five days before the appointed date and always take checks, so that in case of a bank delay in the transfer, you can prove that the payment was made on time and the bank did not charge a penalty for late payment.
Mortgage loan payment procedure
Paying off a mortgage involves making payments on time, the amount of which can be found in the contract or using a loan calculator. Early repayment or deposit of a larger amount will trigger a recalculation of interest charges. You must first notify the employees of the banking organization of your intentions so that they can prepare all the necessary documentation.
Having a custom control panel makes it much easier to monitor and pay off your debt. Access to it is free, and stable operation of the account requires registration and further authorization.
With access to a modern software solution, you can take advantage of the following features:
- viewing current debt with the ability to receive a detailed statement of completed transfers;
- find out the name of the tariff plan, its conditions and other information;
- the ability to provide feedback to a qualified specialist by filling out a text request. Pre-fill the fields provided and indicate exactly the reason for your request;
- information section where you can find out information about current promotions and new tariff solutions.
