What to do after approval of a mortgage in Sberbank: procedure

Applying for a mortgage in Sberbank is a complex, time-consuming process that consists of many stages. At the same time, clients at each of them need to comply with a large number of conditions, requirements and nuances in order to ultimately become the owner of their own apartment. To begin with, clients select the optimal loan program, then submit an application and then decide what to do after the mortgage is approved.

What is required for a positive decision by the bank

If a person decides to apply for a mortgage through Sberbank, he will have to carefully study all the requirements that apply to borrowers and then provide the necessary documents, certificates, statements, etc. Among the requirements is the age of the citizen. The borrower must not be under 21 years of age at the time of receiving a mortgage loan. At the time of repayment of the full debt, his age should not exceed 75 years. You will also need to provide papers confirming official employment and certificates confirming the income level of the client who is receiving a mortgage from Sber. Taking into account the individual characteristics of the client and his income, the size of the loan amount and the interest rate will be determined.

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:

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.
Incomplete set of documents.
The inability to find an apartment that the client likes and would be approved by the bank.
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.
Human factor. It manifests itself both on the part of borrowers and on the part of bank employees.

What documents are needed to obtain a mortgage in Sberbank

When applying for a mortgage, a banking organization is required to submit the following documents for consideration. They must be prepared at the time of consideration of the application, since the bank makes its decisions based on many of them. The package of papers should contain the following:

Russian citizen passport;
Confirmation of registration;
Another document proving the identity of the borrower, which can be represented by a driver's license, military ID, pension card and many other types of documents;
Work record book or extract from the enterprise where the citizen is employed. The document must reflect the borrower's work experience over the past five years;
Certificate confirming the client’s monthly income;
The collateral paper, if it will be used when a person decides to take out a mortgage. This type of document will increase the amount that can be issued to a citizen as a loan for the purchase of housing;
Papers that can be used to obtain a mortgage loan on preferential terms. This could be a maternal certificate, birth certificates for all children, or a marriage certificate.

What you need to do to get your mortgage approved

A preliminary decision does not mean that the borrower can come to the bank and withdraw money. There are many cases when Sberbank pre-approved a mortgage and then refused the potential borrower. Let's see what needs to be done next in order for the mortgage to be finally approved by Sberbank.

Apply now

First you need to study the requirements of the financial institution. Of course, this must be done before submitting your application so as not to waste your time. But now there are many services that allow you to send one application to many banks. And when lending institutions pre-approve the online application, the potential borrower begins to study their requirements.

The owner of a Sberbank salary card has increased benefits when considering a mortgage application. The approval rate is higher and the review period is shorter.

To receive the final go-ahead from Sberbank, the applicant must be:

Russian citizen;
aged 21-75 years;
employed, work experience – one year (total) and 6 months (current);
solvent;
registered in the region where the credit institution operates.

Provide documents

If you meet these requirements, then you need to collect the required documents:

Two documents confirming the identity of the borrower. One is a required passport, the second is at the borrower’s discretion: driver’s license, international passport, military ID, etc.;
Tr. book/certificate from work for the last 5 years;
Confirmation of monthly income. These can be certificates in form 2-NDFL, certificates in the form of bank.rtf or employer;
Confirmation of ownership of the purchased property. This document is required because the property will become the subject of a mortgage;
Certificate for maternity capital and other documents allowing you to use special programs and benefits.

Exactly how much money from the Maternity Capital certificate can be used to apply for a mortgage?

When creating an electronic application for a Sberbank mortgage through DomClick, you will need a photo of the client. The information concerns those citizens who do not have a salary card from this bank. Here are the photo requirements:

What are the steps to take when an application is approved?

After approval of an application for mortgage lending, clients have to complete a large amount of work, for which Sber allocates only three months. This period is quite enough to cope with all the nuances. It is installed for a reason. This is due to the fact that many documents become invalid after 3 months, which may result in them being reissued.

Once approval is received, the borrower needs to do the following:

Find suitable housing to purchase;
Conduct a housing assessment;
Insure the property that is planned to be used as collateral;
Prepare a complete package of documents to complete the transaction with the bank;
Signing a real estate purchase and sale agreement with the participation of a credit institution;
Transfer of the required amount to the seller of the residential property;
Registration of an apartment on the terms and conditions of the mortgage;
Make a down payment under an agreement concluded with a credit institution;
Making mortgage payments on time. Sber provides the client with a payment schedule that is used to repay the debt on time.

Actions after notifying the bank

If the client’s preliminary application is rejected, he can either submit documents to another banking organization, or wait 2 months and send the application to the bank again. But what to do after your mortgage is approved by Sberbank? Let's look at this question in more detail.

Selection of real estate

After the lender approves the preliminary application, the client knows how much of the loan he can expect. Based on this information, you can begin to select housing to purchase. When choosing an object, you should pay attention to such parameters as:

total cost;
wear percentage;
availability of communications (water, heating, sewerage);
year of construction;
presence of minor children among the owners.

These parameters may affect the bank’s acceptance of the selected apartment/house as collateral. However, if Sberbank rejects one of the proposed apartments, the future borrower can submit documents for another (third, fifth, etc.). The main thing is to meet the three-month deadline while the loan approval is valid.

We recommend looking at properties for purchase in parallel with collecting documents for a preliminary application. This will save a lot of time after approval.

Collection of documents

When an apartment is found, it is necessary to collect a certain package of documents so that the bank can assess its liquidity. Consideration of the package of papers for an apartment is usually carried out by creditors within 3 to 7 days.

A number of papers required for a purchase with a mortgage are not needed for a regular purchase and sale transaction. In this regard, sellers do not arrange them in advance. The buyer will have to either look for an apartment with a ready-made set of documents, or make an additional payment for their registration in a short time from his own funds.

It is permissible to make a down payment through a receipt

What papers will be required? Sberbank has the following documents in its list of basic documents:

title (agreements or certificates that gave rise to ownership of the premises by the current owners);
proof of title - usually a state-issued certificate of ownership;
extract from the Unified State Register;
assessment report;
extract from the house register;
technical passport (or cadastral passport and explication of the premises);
depending on the marital status of the seller - the consent of the spouse to the transaction or a prenuptial agreement.

Depending on the type of real estate, other documents may be required. The complete list should be checked with the mortgage manager of Sberbank.

Valuation of real estate

A mandatory document for the bank to make a decision on approving the collateral is the apartment appraisal report. Its registration is usually paid by the buyer of the property. You can order an assessment from any of the specialized companies. But it is best to submit documents to those organizations that cooperate with the lender. You can also get a list of them from your mortgage specialist.

To compile an assessment report you will need:

provision of a basic package of real estate documents to the appraisal company;
visit of a specialist to the site to inspect it.

In addition, in the process of drawing up the report, the appraiser monitors the market, comparing prices for objects similar in characteristics to the future subject of collateral, analyzes the area in which the apartment is located in terms of its infrastructure and transport accessibility, etc. All these operations take from 3 to 7 business days. The validity period of the finished document is 6 months from the date of issue.

Applying for insurance and making a down payment

All of the above documents are provided to the lender to determine the liquidity of the collateral. If the bank decides that the apartment is suitable for a mortgage, it informs clients about this, and they begin to prepare for the transaction. The steps after the bond is approved are as follows:

real estate and title insurance is issued;
the borrower himself is insured (life and health);
Documents are provided confirming that the borrower has a down payment.

The bank must approve the selected housing

Taking out insurance policies is, in principle, optional. But in most banks, this service allows you to reduce the final rate under the contract. The borrower can purchase insurance only for the first year of using the mortgage. But here it is necessary to clarify whether the interest on the loan will not be recalculated if the policy is not renewed.

As for the down payment, it can be confirmed as follows:

depositing the required amount into a bank account;
providing a receipt from the seller stating that the amount was received in cash;
provision of government certificates (military certificate, maternity capital, assistance program for young families, etc.).

This issue is usually resolved by the buyer before receiving approval for a mortgage. By the way, in some banks, placing the first payment on the account before the conclusion of the contract allows not only to increase the chance of loan approval, but also to reduce the final interest rate. But Sberbank currently does not have such an opportunity.

Signing the contract

Once the collateral is approved, the apartment buyer can sign a loan agreement. Usually this procedure is agreed upon in advance with the bank. The following must be present at the signing:

real estate buyer;
apartment seller;
creditor's representative.

If either party has a realtor, he also has the right to participate in this process. By the way, you can combine signing the contract with issuing an insurance policy.

If there are several co-borrowers/guarantors involved in the mortgage loan, then all of them must be present at the signing of the loan document.

The bank requires insurance for collateral property

Registration of ownership

After signing the loan agreement, the parties to the transaction submit documents to Rosreestr for its registration. This can be done either online - through the Rosreestr portal or through Sberbank services - or in the traditional way.

Registration requires mandatory payment of a state fee by each party to the transaction. The seller pays for the removal of ownership rights, the buyer pays for taking ownership, as well as for imposing an encumbrance on the apartment. Fee amounts are standard in each region. When submitting documents, the parties receive receipts from Rosreestr, which must be paid immediately - through the organization’s cash desk or an intermediary bank. If a client orders electronic registration from Sberbank, he will have to pay additionally for this service.

Registration of a transaction takes 5 working days. After this period, the buyer will receive documents on ownership, which will need to be presented to the bank. Then the seller will be transferred money in the amount of the cost of housing specified in the contract.

Search for residential properties

Before finalizing the mortgage loan agreement, you will first need to select a home to purchase. How long this will take depends on the borrower. He can immediately decide on an apartment option, or he can look at several of them and then choose the one that best suits his selection criteria. Also, when choosing housing, you need to focus on banking requirements. Taking them into account, the procedure for choosing an apartment becomes more complicated. Sber has the following requirements for housing that is used for purchase with a mortgage:

Housing must be located in a building that does not require major repairs;
The purchased residential property should not have the status of a communal apartment;
The object must have all communications necessary for living;
Illegal alterations should not be carried out in housing;
The apartment should not be registered or owned by persons who are in prison or missing.

Clients can take these parameters into account and then choose housing based on the availability of communications, the area where the residential property is located, and other parameters and criteria.

Conclusion

Money is provided after state registration of the transaction. Until the procedure is completed, the amount is kept in a safe deposit box at a financial institution. When an extract from the Unified State Register of Property Rights is provided, the company will transfer the funds to the seller’s account.

From the above it follows that initially the owner of the premises must fulfill the obligations. The creditor bank acts as a kind of guarantor that the buyer will not deceive the seller. Cash in hand is not provided . The client will not be able to spend it for other purposes.

Real estate valuation

Further actions include having an expert assessment of the value of the property. The client is required to carry out this procedure. The expert's opinion allows you to determine the size of the mortgage loan. But it is worth remembering that to conduct such an assessment you must contact agencies that are accredited by Sber. Thanks to this, it is possible to save time on drawing up an expert opinion on the estimated value of the selected property. It is issued after one week.

Payment of money

After the previous points comes the last one. The borrower contacts the bank with all documents. The money is transferred to the home seller. Transfer of funds is carried out in cash or by bank transfer.

Next, the borrower should settle in the property. And also strictly follow the schedule and amount of payments for each month.

We hope you now know what to do after the bank approves your mortgage. The entire algorithm is simple and fits within 90 days.

Registration of insurance for real estate

After searching for suitable housing and reporting its estimated value, clients think about what actions to take next on the way to their cherished dream of owning their own apartment. And here you can’t do without taking out insurance. Current legislation requires compulsory insurance of real estate, which is purchased with a mortgage.

For insurance, you should contact companies that are accredited by a credit institution. Thanks to this, you can insure your residential property in just a few days. The document is completed very quickly, and it will definitely meet banking requirements.

If desired, the client can also take out insurance for his life and health. This procedure is not mandatory, but if it is carried out, the bank will welcome it. The client gets the opportunity to obtain a mortgage loan on more favorable terms. The process is paid separately.

An initial fee

The amount of the down payment is agreed upon in advance. It is different in different cases.

As soon as the borrower pays the initial loan amount, bank employees will begin drawing up documents for the purchase and sale of housing. On average it is 1-2 days.

Remember, you cannot deposit the first amount until the bank approves the previous points of the algorithm.

If you acquire a share in a development, everything is different. The down payment is paid after registration of the agreement on participation in construction.

Collection of documents

A mortgage in the country's largest banking institution is issued only if a complete package of documents is provided. It is recommended to prepare and complete them at the stage of selecting a property suitable for purchase. This is due to the fact that the preparation of certificates, statements and other papers may require quite a long period of time. In order for a deal with Sber to be concluded, you will need to provide credit specialists with the following documents:

Documents that are used to confirm the identity of the borrower, as well as his social status;
Certificates and statements that are used to confirm the income level of the loan recipient;
A set of additional papers that are needed in cases of using various property as collateral or if there is a co-borrower on the mortgage;
An application that must be completed in the correct manner.

How does the bank notify of approval?

After completing monitoring and making a decision on granting a loan, Sberbank PJSC notifies clients in several ways:

SMS notification: the amount of the approved loan is not indicated, after receiving the SMS you should contact the bank;
Call from a loan specialist;
Update the application status in Domklik;
A call from the developer or agency through which the application was submitted.

If there is a justified refusal to receive credit funds, the client has the right to submit a new application after 2 months.