If you want to buy a garden house on credit, a regular consumer program or a Sberbank mortgage for a dacha will help. The latter option is preferable, because the interest rate will be lower and the repayment period will be longer. Loans for the purchase of suburban real estate are not available at every bank, so it’s worth taking a closer look at this offer. We will tell you below how to buy a dacha with a Sberbank mortgage and all the features of this loan product.
Sberbank mortgage terms for a dacha
Issuing a loan to purchase a summer house is quite risky for a bank. The fact is that the collateral most often is the acquired property, namely the country house itself and the associated land plot. Such objects are low-liquid, which means that in case of non-payment of debt it will be problematic to sell them. Large players can afford to take such risks, but for this they need to meet certain conditions.
At Sberbank, a loan for the purchase of a summer house is issued under the Mortgage for a Country House program.
Conditions :
- intended purpose – purchase or construction of a summer house;
- an amount of 300 thousand rubles, but not more than 75% of the appraised value or 75% of the price in the purchase agreement (whichever value is lower);
- repayment period up to 30 years;
- down payment from 25%;
- interest rate from 9.2%.
The final percentage is calculated individually, the following adjustments are applied to the rate:
- +0.5% for non-wage earners;
- +1% during the period of registration of the pledge;
- +1% if you refuse financial protection for life and health.
The collateral can be a pledge of purchased or other real estate owned by the borrower. Purchasing a country house with a Sberbank mortgage for an amount of up to 1.5 million rubles is possible with a guarantee. If a larger loan is required, collateral must be provided.
A mortgage for a dacha in Sberbank
is issued subject to the mandatory registration of collateral insurance. This requirement does not apply to land plots.
Interest rates
Lenders often seek to reduce the risk of non-repayment of a mortgage loan for the purchase of a summer house. To increase profits, they increase the loan fee to 15-20% per annum.
Sberbank offers a mortgage for a dacha at a rate of 10.6%. Low interest rates are available to clients who participate in programs implemented as part of cooperation between a financial institution and local authorities.
For other categories of citizens, Sberbank also tries to offer favorable loan options when applying for a mortgage for a dacha. Participants in salary projects have the right to apply for loan approval at 11.1% per annum. Plastic card holders can make mandatory payments much faster. Online internet banking saves all mortgage payment transactions.
In online banking you can find out the balance on your bank cards and evaluate the possibility of making your next payment remotely. The availability of functionality has a positive effect on the likelihood of timely repayment of debt, therefore, the chances of obtaining approval of the application increase.
The service package includes the ability to top up from a card of another bank, but Sberbank does not have the ability to track movements on accounts of a third-party issuer. In this case, it is more difficult to talk about the reliable solvency of the borrower. For clients who do not have a Sberbank salary card, the interest rate on a dacha mortgage is slightly higher (0.3% of the base rate). The fee for using a loan also increases in case of refusal of life and health insurance of the client.
It is necessary to take into account that Sberbank requires a mandatory down payment of at least 25% of the loan amount. In this case, the amounts issued start from 300,000 rubles. The client has the right to obtain a loan for a period from 1 to 30 years.
All these conditions affect the final monthly payment, so they must be taken into account when deciding to take out this type of mortgage. At any time during the term of the agreement, the borrower can repay the loan by paying the entire balance of the debt, or accelerate the removal of collateral obligations by partial early repayment.
Requirements for borrowers and documents
Traditionally, bank requirements for potential borrowers are quite high. Purchasing a dacha with a Sberbank mortgage is possible subject to strict compliance with them. Russian citizens aged 21 to 75 who have a residence permit and a permanent job will be able to receive the money. The work experience in the current position must be at least six months, the total experience must be at least 1 year.
Recommended article: Responsibility, rights and obligations of a co-borrower under a mortgage
To increase the possible amount of a Sberbank mortgage on a country house, you can attract up to 3 co-borrowers. In this case, the spouse of the main borrower must be a party to the transaction. Except in cases of a marriage contract and the presence of another citizenship.
Which bank should a foreign citizen take out a mortgage from? We wrote about this earlier.
According to the terms of a mortgage on a country house in Sberbank, you must provide the following package of documents:
- filled ;
- passports of all mortgage participants;
- ;
- confirmation of employment.
The requirements for salary card holders are more lenient; they only need to provide a passport. Work experience at the current place of work can be from 3 months.
Underwater rocks
The real catch when completing a transaction can be the amount of the insurance premium. Insurance of the life and health of the borrower is an unspoken rule of banks. Documentedly, it is not a mandatory procedure, but in fact, obtaining approval from a lender without an insurance policy is problematic.
The bank is reluctant to issue money to buy a dacha. Organizations are much more willing to work with persons purchasing real estate from their partners - developers.
Another misunderstanding may be errors in documents. Before submitting a package of papers for consideration to Sberbank, the client should check in advance all the information specified in them.
An individual must remember that until the last payment on the loan is made, the property is owned by the lender. If obligations are not properly fulfilled, Sberbank has the right to sell it to return the funds issued for the purchase.
Real estate requirements
Do Sberbank give a mortgage for a dacha to purchase land to build a garden house on it? According to the terms of the program, funds can be used not only for purchase, but also for construction. Intended use involves:
- purchase of a ready-made dacha;
- construction of a country house on your own site;
- purchasing land and then erecting buildings on it.
Basic requirements for real estate:
- absence of encumbrances (pledge, arrest, etc.);
- registered ownership of a country house and land;
- liquid condition, allowing for the subsequent sale of the object;
- non-residential purpose of the house;
- land plots are located on lands for gardening and vegetable gardening (including in a cooperative);
- Land surveying has been carried out.
Each real estate option is considered by the bank individually. The processing time for an application for a Sberbank mortgage on a house in SNT is up to 8 days.
Required documents
To submit an application for consideration by Sberbank of the possibility of issuing funds, the borrower and co-borrowers must provide the following documents:
- Passport of a citizen of the Russian Federation.
- Certificates showing income level. If the employee is a Sberbank salary card holder, then this item does not need confirmation.
- A copy of the work record book or employment contract, certified by the employer.
When applying for a loan for land and construction at Sberbank, you are provided with:
- Agreement on the purchase and sale of an object.
- Extracts from Rosreestr confirming the absence of encumbrances placed on the property, confirming the borrower’s ownership rights.
- Consent of the spouse to the transaction (if the marriage is officially concluded).
- Independent assessment of the property being purchased when purchasing a finished home.
When considering an application for a mortgage on a dacha, other documents may be required.
Package of real estate documents
Regardless of whether you provide collateral or guarantee, the property will be verified by the bank. To do this, you must provide a certain package of documents. It includes:
- copy of the owner's passport;
- fresh extract from the Unified State Register of Real Estate;
- documents on the basis of which ownership rights arose;
- evaluation report;
- estimate (for construction of a dacha);
- spouse's consent to the sale;
- draft purchase agreement and other papers if necessary.
The listed documents must be in the hands of the seller, because all of them will be required for the transaction. The borrower only has to make an estimate (if construction is planned) and order an assessment report. The appraisal is perhaps the biggest expense when applying for a mortgage. For the services of an appraiser, you will have to pay an average of 5 to 10 thousand rubles, depending on the object and its remoteness.
Appraisals are permitted only in accredited appraisal companies that have an agreement with Sberbank (the current list can be found on the website). You need to contact one of them, providing an extract from the Unified State Register of Real Estate, a document establishing ownership rights and a copy of the owner’s passport. The appraiser comes out for an inspection and draws up a report in which the market value of the dacha will be calculated.
It is also worth paying attention to the draft purchase agreement. You can get a ready-made template from your mortgage manager at the bank, download it on the Internet, or use the services of a lawyer. If you decide to start drafting the document yourself, pay attention to the following important points:
- all characteristics of the object are written down as in the Unified State Register of Real Estate;
- it is indicated on what basis the dacha belongs to the seller;
- the payment procedure is stipulated (part is transferred with one’s own funds, the remaining amount is transferred through a loan, indicating the bank and the transfer period);
- registration of a pledge must be prescribed with reference to No. 102-FZ (if an encumbrance is provided);
- the object is not pledged to the seller until the full amount is transferred.
Bank offers
It is worth noting that not all banks are ready to lend to dachas, since the risks of this product are too high. Therefore, the choice, unfortunately, will be small. You have the best chance of getting a loan from VTB 24 and Sberbank.
Sberbank provides a mortgage for a dacha on fairly favorable terms. The big advantage is the favorable interest rate. It is only 12.5% per annum. True, this will be influenced by many factors. It is important to pay attention to the fact that the down payment for lending will be at least 20%. Mortgages are available from 45 thousand rubles. You can take out a mortgage to build a summer house, buy a plot of land or the house itself.
Pitfalls when obtaining a loan
Of course, you can get a mortgage for your dacha. But in doing so, some difficulties often arise. In most cases, problems begin due to various errors in documents. It often happens that not all necessary communications are provided, and the boundaries of the plots are drawn incorrectly.
The main problem is the very high insurance amount. Since the dacha becomes an object of increased risk due to frequent fires and break-ins, insurance is quite expensive.
If you are having trouble getting your holiday home mortgage application approved, you may want to consider an alternative option. You can get an installment plan from the developer or take out a loan from a partner bank. So, banks have partner developers. When a dacha is purchased from them, the chances of getting approval from the lender are much higher.
Pledge
The collateral is the land plot, all the buildings on it, as well as the country house itself. When the borrower fails to repay the loan, the bank has the right to take away all collateral and sell it.
Thus, we can conclude: they really do provide a mortgage for the purchase of a summer house. But taking out such a loan is not very profitable; it is quite difficult to prepare the documents. Sometimes it makes more sense to take out a mortgage to build a country house.
The procedure for purchasing a summer house with a mortgage
First of all, evaluate your financial capabilities. The Sberbank mortgage calculator for a dacha will help with this. Here you need to indicate the size of the down payment, the value of the property, the payment period, the presence of a salary card and whether there will be life insurance. Sberbank's mortgage calculator for a country house only makes a preliminary calculation; the monthly payment and rate may change depending on the terms of the transaction.
Recommended article: Military mortgage at Svyaz Bank
Is it possible to buy a dacha with a Sberbank mortgage by submitting an application on the website? Applying for a loan is possible at a bank branch, on its Internet portal or through the DomClick service. In the latter case, you only need to go to the bank office to sign documents. Filling out the questionnaire, approving the object and receiving the final decision takes place online.
Transaction procedure:
- submitting an application and receiving an initial response (How to find out if a mortgage has been approved by Sberbank via the Internet is described in another article);
- selection of a dacha and provision of documents for it to the bank;
- final approval (How banks check an apartment and other real estate with a mortgage for legal purity);
- transfer of the down payment to the seller (How to confirm the down payment on a mortgage was written earlier);
- signing a loan agreement;
- submission of documents for registration;
- receiving credit funds and transferring them to the seller.
Important to know: How the mortgage money is transferred to the seller
When does the seller sign the main purchase and sale agreement for an apartment sold with a mortgage, before or after receiving the money? And how does this happen?
How does a mortgage transaction work - frequently asked questions
At the last stage of the mortgage transaction, mandatory collateral insurance is issued (). You can only purchase a policy from accredited insurance companies. The average cost of insurance is 0.1%-0.2% of the current debt.
A list of mortgage insurance companies accredited by Sberbank is in another article.
A Sberbank mortgage for a dacha without a down payment is possible in one case - if you purchase a house located on the lands of a settlement and make a down payment with capital or other certificates. However, this will already be the purchase of secondary housing. When purchasing real estate outside villages and villages, it is impossible to use government subsidies (unless their conditions provide otherwise). We wrote earlier about Sberbank's mortgage for the purchase of a house with land.
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Author:
Mortgage specialist Maria Yurievna Sokhan
Date of publication May 13, 2020 May 13, 2020
Procedure
Before deciding to apply for a mortgage for a dacha with Sberbank, it is recommended to assess your own financial capabilities. To determine the monthly payment, you can use Sberbank's mortgage calculator. Procedure for obtaining a loan:
- Filling out an application for the purchase of a summer house using Sberbank Online or when contacting a branch located at the place of registration, work of the client, or the purchased object.
- Within 8 working days, specialists review the borrower’s application form and package of documents and report a preliminary decision on approval or refusal to issue funds.
- After a positive decision, the real estate buyer collects documentation for the purchased property and transfers it to the bank office.
- A representative of Sberbank announces the final decision on issuing funds for the dacha.
- The money is transferred, documents for the collateral property are collected.
- After signing the mortgage agreement, the owner of the dacha plot registers ownership in Rosreestr.
After full repayment of obligations, the owner applies to the creditor with an application to remove the encumbrance. Having received a certificate from a specialist of the organization about the absence of debt, the summer resident becomes the full owner of the house.
