Sberbank is one of the most convenient and profitable financial institutions where you can get a mortgage.
Low interest rates, flexible mortgage lending conditions, a variety of programs - all this makes Sberbank attractive to borrowers.
To get a mortgage, a person first needs to submit an application and only when he receives approval can he submit documents to the bank.
How long is mortgage approval at Sberbank valid in 2021, how to get it and what to do after the application is approved?
How long does it take to apply for mortgage approval?
Previously, the borrower had 2 months to find housing and prepare documents for submission to the bank after approval of the application.
In 2021, the bank increased the validity period of approval, and now it is 3 months . This time is enough to find suitable housing, evaluate it, register ownership of the apartment, register the rights to it with Rosreestr, and present all documents to the bank.
What to do if the borrower does not make it in the allotted time?
There are different situations and the client cannot always meet even the 3-month deadline . If he does not have time to prepare documents for signing the transaction or has not yet chosen a suitable apartment, then he will need to re-send the application to the bank and again wait for its approval.
From what day does the deadline begin to expire after the application is approved?
The countdown of the 3-month period for the borrower to prepare all necessary papers begins from the date of approval of the application, and not from the date of submission of this application.
Is it possible to extend the validity period of a mortgage application?
It will not be possible to extend the application simply because the borrower will need to re-submit an income certificate to the bank, which is valid for only 3 months.
The bank may refuse to issue a mortgage to the borrower, but it does not have to notify him of the reasons for such refusal. Therefore, the borrower should know in what cases Sberbank (or any other bank) may refuse him:
- if we are talking about a technical refusal - for example, the applicant filled out the application incorrectly;
- if the applicant submitted false documents;
- if he does not have sufficient income to repay a future mortgage, etc.
Main reasons for delays at each stage
The deadlines indicated above for each stage of the transaction are standard and can be either increased or reduced. It all depends on the specific case. The most common causes and delay factors are:
- The presence of co-borrowers and guarantors, each of which requires a thorough analysis of the information and documents provided.
- Delays in finding suitable housing to purchase.
- Providing an incomplete package of documents or irrelevant/incorrect information, which increases the time for submitting an application to the Credit Committee.
- Use of instruments and measures of state support (for example, when using maternity capital funds, permission and approval of the transaction by the Pension Fund of the Russian Federation is required, which also delays the deadlines).
- Problems of internal interaction in Sberbank and the slowness of mortgage managers.
Also, an increase in the time frame for completing a transaction may occur due to the fact that bank employees did not notify the client in time about the decision made or necessary adjustments.
Decision to consider the application
When applying for a mortgage, the borrower must ask the bank how it will inform him about the results of the consideration of the application.
Sberbank can do this in several ways:
- Send a text message (SMS) to the number specified by the borrower in the application.
- Call the borrower by phone.
- Send the decision by email (if the applicant indicated this notification method in the application).
How to find out if a home loan has been approved
There are several ways:
- Log in to your Sberbank personal account.
- Call your personal manager.
- Check your email and messages on your smartphone.
- Go to the company branch.
Now a detailed explanation of each method. A person can log into their personal account on the website from a PC or from a mobile phone by downloading the application and going through authorization. Here's how to log in from a PC:
Then enter your login and password in the form:
When submitting the initial package of documents for a mortgage, the borrower will be given a personal manager who will accompany the transaction and advise on mortgage lending issues. The manager will give a contact number, and the client will be able to call personally.
You can find out whether the requested loan in your application is approved not only in your personal account, but you will also receive a notification on your phone and email. The borrower needs to check the letters regularly.
The last way is to come to a mortgage center. The manager will also go to the borrower’s personal page and be able to see the relevance of the application.
Validity of mortgage application after approval
The time it takes to obtain a mortgage varies from borrower to borrower. For some, one month is enough to prepare documents and select housing, while for others it will be difficult to even complete 3 months.
It is very important to know the validity period of mortgage approval for buyers who want to buy a home on the secondary real estate market . After all, the borrower needs to indicate in the application the required amount for the further purchase of the apartment.
In the process of searching for an apartment, a buyer is often faced with a situation where the housing found on the secondary market significantly exceeds his expectations. And it turns out that the client needs to re-look for a suitable object within the cost that he indicated in the application.
For borrowers who plan to purchase an apartment on the primary real estate market with a mortgage, it is easier in this regard, because before taking out an apartment on a mortgage, the potential borrower first looks for a suitable apartment, finds out its cost, and only after that goes to the bank. At the same time, he knows exactly what amount to request from the bank.
Having received approval, he will not need to look for an apartment, because one has already been found. All that remains for him is to collect the necessary documents, including for the apartment, and take them to the bank.
Coordination of housing option
If the bank approves the client's initial mortgage application, from that moment on, 90 days are provided to find housing and complete documentation.
Apartments in new buildings accredited by Sberbank are approved the fastest. The developers of residential complexes and the bank have partnerships - this simplifies the appraisal and conclusion of the transaction.
If the new building is completed and has passed all commissions, there will be no problems with the lender. And if the house is under construction, additional security will be required.
The developer prepares the documents for the house in which the apartment is being booked with a mortgage. Among them are the following papers:
- agreement with information on the property;
- permission to erect a building and information about security;
- act on redistribution of housing stock;
- certificate of partial ownership of the plot where the house is being built;
- permission to sell the apartment.
Features of mortgage approval for secondary housing
Buying a home with a mortgage on the secondary market in 2021 causes more difficulties, and, therefore, slightly delays the process of approving a home loan.
The bank has a number of requirements for such housing:
the house should not be in disrepair and not be unfit for habitation; the object must comply with the established technical characteristics; special attention is paid to legal subtleties - the absence of arrest, redevelopment, encumbrances, consent to the sale of all owners.
If the housing does not meet the requirements of Sberbank, the application can be submitted again if the allotted 90 days have not expired.
What determines the processing time for a mortgage application?
The bank issues a decision on the application to some clients within 5 days, while to others it delays this period to 1 month. Why does this happen and some people are lucky and others are not? The point here is not at all about luck, but about what features this deal has.
Thus, the application review process may be delayed if:
- The conditions for taking out a mortgage are complicated . For example, a person wants to get a mortgage with a down payment in the form of maternity capital, or he is a member of the NIS and wants to take out a military mortgage;
- The potential borrower does not have a Sberbank salary card . If he participates in the salary projects of this bank, then the application for such a client is approved faster;
- the borrower asks for a large amount to obtain a mortgage . In this case, the bank needs to find out in detail about the person, request additional documents, study more materials, so the process of considering the application in this case is delayed.
"Primary"
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The procedure looks very simple. The family chooses an apartment or house with a plot, reserves it, and then sends applications to several institutions.
You should definitely contact those branches that have managed to accredit the developer and have developed unique programs (you can find out everything from the developer). This scheme is relevant for clients negotiating a salary project.
As a rule, bankers offer a discount of 0.5% -1% from the standard rate. This is loyalty to its customers, it is prescribed in the cooperation agreement between the company and the bank management.
That is why people first choose the property they like, and with ready-made data they go to the bank manager in order to get more favorable loan terms.
How can an applicant expedite the application review process?
There are several important points on which the speed of consideration of an application for approval to take out a mortgage depends:
- if a potential borrower has a valid account with Sberbank, then the application review process is significantly shortened;
- if a person has a deposit or pension savings in a bank, then he can also count on quick consideration of his candidacy for a mortgage;
- if the borrower has shares of Sberbank, then he can receive approval for taking out a mortgage within 2-3 days;
- if the borrower has a positive credit history;
- if the borrower submits an application online.
If the borrower is interested in obtaining a mortgage as quickly as possible, he must do everything possible to ensure that the bank considers his application in a short time:
- before writing the application, contact the bank and ask what documents need to be prepared to submit the application;
- select real estate in advance. Many borrowers are interested in: “How much time does Sberbank have to find housing after a mortgage is approved?” The total period for preparing documents is 3 months, however, a borrower who wants to speed up this process will need to select a suitable apartment in advance and agree with the seller on re-issuing documents;
- Having chosen an apartment, find out about its cost and make a preliminary calculation for the mortgage - how much money you need to ask the bank. If the borrower specifies an amount less than what he will need, he may have to reapply for a new mortgage amount.
How to avoid delays and procrastination?
Expert opinion
Evgeniy Belyaev
Legal consultant, financial expert
Ask
The need to submit an expanded package of documents may affect the extension of the mortgage consideration period. An incompletely formed package of documents will also have an impact.
To avoid delays at the housing assessment stage, experts recommend providing the following documents to the bank:
- bill of sale or pre-contract with deferred payment;
- report of the housing assessment commission;
- technical passport of the object;
- extract from the Unified State Register;
- a copy of the certificate of ownership;
- documents from the home seller stating that his family members do not object to the sale; in case of shared ownership there must be refusals of all participants;
- a certificate confirming that there are no debts on the property, that the property is not under arrest and that no legal proceedings have been scheduled for it.
What to do if the client has not received notification of the results of the application review?
Bank employees can also make mistakes and forget something, so if within 8 days after writing the application the client has not received notification of the results of the consideration of the application, then he needs to go or call the bank himself and remind him of his candidacy, find out at what stage The application is being reviewed.
Some borrowers take the wrong step: first they look for a suitable apartment, make an advance, and only then submit an application to the bank for a mortgage . But where is the guarantee that the bank will approve the application and issue a mortgage? And if not, what then?
If a borrower wants to quickly take out a mortgage, then he must find an apartment, find out its exact cost, prepare the necessary documents, and submit an application. And only after its approval it is necessary to draw up a purchase and sale agreement.
"Secondary"
In general, it will take about 3-4 months to find an attractive apartment. But financial experts believe there's more to it than that. Figuratively speaking, future loan applicants descend “from heaven to earth” over time.
We have collected original reviews on this topic here, reviews from real people, many comments, worth reading.
4 banks that are happy to issue mortgage loans
Real housing prices, lack of documents from sellers, as well as the actions of some market players who want to sell their property at a high price and quickly, make adjustments to the buyer’s preliminary calculations.
Brokers advise to include in the application the maximum possible amount that the family budget will support. But people, on the contrary, write as much as they need.
As a result, you can find beautiful housing, but the price will be much higher than stated. And there will be no time to rewrite a new application, coordinate, and collect the entire package of documents. You will either have to give up the house or find your own resources to cover the difference.
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After what period can I re-apply?
If Sberbank refused to issue a mortgage to a client for the purchase of real estate, then do not despair . First you need to find out why the bank could refuse.
Having found out, the borrower must do everything possible to correct the situation, and then resubmit the application to the bank. He can do this 2 months after submitting the previous application.
An application for approval from Sberbank to take out a mortgage is considered within 8 working days . If the client has received approval, then he needs to quickly collect the necessary documents and find housing. Previously, the period for obtaining a mortgage at Sberbank after approval of the application was 2 months. Today, the bank has increased this period, and now it is 3 months (90 days).
Requirements for borrowers
The following requirements are imposed on potential borrowers:
- presence of Russian citizenship;
- location of the bank office at the location of the property, employer or client registration;
- age: not less than 21 years and not more than 75 years (if the loan is provided without submitting a certificate under Form 2-NDFL, the age limit is 65 years);
- the duration of continuous work experience is from 6 months with the total work experience over the past five years from one year.
If a potential borrower’s salary is transferred to the card, then it will take only 1-6 hours preliminary approval
The situation in Sberbank
Now let's consider whether it is possible to extend the mortgage
, pre-approved by Sberbank, because this corporation is a “trendsetter” in the financial market. The actions of the institution are often copied by other banks, and the decisions of its managers determine whether the transaction will take place at all.
Sberbank’s mortgage practice does not speak in favor of the client, who “suddenly” decided to change his mind and postpone the transaction. The mortgage processing chain can include up to a dozen different specialists, so it is not profitable for the bank to start this “colossus” again. Sberbank practices reducing the loan amount or inflating the individual interest rate.
It is impossible to challenge the bank's actions or return the preliminary decision, since the previous request has expired. An expert can justify an inflated percentage by a change in tariffs or the dynamics of the refinancing rate.
You can extend the mortgage approval period. This is quite simple to do if you re-apply and explain the reason for the deferment. If there is no compelling reason to postpone the deadline, it is not known how the bank will react to such changes - it will leave the lending conditions the same or revise the tariff towards inflating it.
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Author:
Mortgage specialist Maria Yurievna Sokhan
Date of publication May 15, 201October 8, 2019
