Mortgage agreement from VTB 24: content, conditions, maintenance and possible risks

The VTB 24 mortgage agreement, like most agreements of similar content, is a written agreement reached by the parties to the credit relationship regarding the terms of the loan and the procedure for repaying the borrowed funds.

Each borrower, regardless of who his creditor is, is obliged to at least familiarize himself with the provisions of this document, because after signing it there will no longer be an opportunity to refuse the assigned obligations. Let's delve into the intricacies of the mortgage agreement from VTB 24 to understand whether there are hidden threats in it.

Contents of the agreement

After carefully studying any mortgage lending agreement, two main parts can be isolated from the meaning of its content. The first will include provisions on individual lending conditions, the second - the rules for granting a loan and the procedure for its repayment.

If we talk about the loan agreement from VTB 24, the individual conditions will include the following:

1. Information about the parties to credit relations. Information about the borrower is entered here (full name, registration address and passport details), as well as details of the credit institution;
2. Information about the subject of the contractual relationship, including: the purpose and amount of the loan, the repayment period, the amount of the monthly payment and the rate;
3. Interest calculation scheme;
4. Information about the subject of the mortgage, in which the lender describes in detail the property that will be pledged, including information about the basis for the transfer of ownership (details of the purchase and sale agreement and data of former copyright holders);
5. Information about the loan security. This block contains information regarding the guarantors and the subject of the pledge, including data on additional participants in the transaction, the value of the pledged property and the period of validity of the mortgage;
6. Insurance conditions. The standard scheme provides for an annual extension of the contract in relation to the property pledged as collateral. The supplement contains information about possible risks and the amount of the insured amount;
7. Conditions for the provision of funds, including the procedure for settlements with the lender and the list of documents requested from the borrower;
8. Other information, consisting of information regarding the formation of a request to the Credit History Bureau, the processing of the borrower’s personal data and the method of writing off funds to repay the loan.

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Since the amount of overpayment on the loan directly depends on the rate, interest is given priority among the essential conditions for the provision and repayment of a mortgage. In this regard, when studying the contract, it is important to pay attention to such features as:

• bet type;
• maximum permissible and minimum interest rate during the loan period;
• the possibility of changing the rate during the loan repayment period and the frequency of its changes.

In addition to the size of the bet and the scheme for calculating it, important importance is given to:

• the amount of the monthly payment and the deadline for its payment;
• the amount and procedure for calculating penalties applied in case of violation of the terms of the contract;
• the possibility of charging a commission for issued funds.

This is what a standard VTB 24 mortgage agreement should include.

Download mortgage agreement VTB 24 sample 2021

Main reasons for delays at each stage

The most common reasons for long processing times for applications:

• Providing an incomplete set of documents. This is especially important if the client is entitled to benefits from the state. The bank may request additional papers and take a long time to consider them.
• Checking additional income of the client and his guarantors. The borrower may increase the maximum available amount through a guarantee or documentation of other sources of funds, but these will be carefully verified.
• Checking your credit history. Clients wait for the bureau to respond and confirm that there are no outstanding debts.

There may be other reasons for delays, for example, any errors or inaccuracies in documents. However, most often the client manages to easily obtain a mortgage and become a full owner of the home.

Important tips and advice from experts

And to conclude the topic of the content of the mortgage agreement, here are some tips for potential borrowers. So, experts in the field of mortgage lending advise:

1. Before signing, carefully read the agreement, and it is advisable to do this at home, and if possible, show the document to a competent lawyer.
2. Compare your financial capabilities with the amount of the monthly payment, which should not exceed 40-50% of the borrower’s monthly income.
3. Pay special attention to such indicators as the total cost of the loan, including the amount of additional costs and insurance costs;
4. Check the correctness of entering the borrower’s personal data for compliance with the data specified in the passport. Everything must converge down to the last digit. Otherwise, the agreement must be reprinted.

Requirements for borrowers

A mortgage loan for the purchase of a home can be taken out by both an employee and a business owner; the type of activity is not regulated by the bank.

For owners of VTB salary cards, three documents are enough to get a loan - a passport, SNILS and a bank card.

VTB 24 carefully checks the financial and civil documents of borrowers in order to reduce credit risks when issuing loans.

If necessary, it may require additional documents for the purchased housing or a guarantee if there is doubt about the stability of income, but the requirements for borrowers do not depend on the type of mortgage loan they have chosen.

Individuals

• Citizenship of the Russian Federation.
• Permanent registration is not required.
• Permanent place of work in Russia or branches of Russian companies abroad.
• Age ranges from 21 to 60 for women and 65 for men before retirement.
• Total work experience of at least one year, if changing jobs at least one month after the probationary period.
• Confirmation of stable income: certificate for the last 12 months (2-NDFL or according to the bank form) at the main place of work and part-time. If necessary, the total income of 3 co-borrowers is taken into account - the husband (wife) and two immediate relatives.
• Good credit history.

Legal entities

• Work experience of at least 6 months, with seasonal work at least 12 months.
• Extract from the Unified State Register of Legal Entities or Unified State Register of Individual Entrepreneurs.
• Confirmation of income - certificate of income 3-NDFL, book of income and expenses, certificate of income from the Federal Tax Service.
• No debts on loans and taxes.

Consequences of signing the agreement

Once the borrower has read the contents, the parties move on to the stage of concluding an agreement. This procedure is carried out directly at the VTB 24 branch, where the borrower and an authorized representative of the credit institution sign the document, after which the agreement is stamped. In total, the lender prepares two copies of the agreement, one of which is handed over to the borrower, and the second remains in storage at the bank.

Let's move on to an equally important issue regarding the issuance and servicing of a loan issued by VTB 24. According to the terms of the agreement, borrowed funds are transferred to an account previously opened for this purpose. In this case, the loan is provided in rubles.

At the same time, an agreement is signed with the seller and the insurer. Moreover, the latter is allowed to be concluded exclusively with a company accredited by the bank. A complete list of insurers can be found on the credit institution’s website.

Download the terms and conditions for providing a VTB 24 loan

Following the completion of the transaction and the signing of all contracts, the procedure for transferring the property as collateral is carried out by registering a mortgage in a notary’s office.

The final stage is calculations. Moreover, from the moment the funds are transferred to the seller, the borrower is given a thirty-day period to register ownership, and after another month, the borrower must make the first payment according to the schedule established by the lender.

The bank does not make any special requirements regarding the mortgage repayment procedure. The main thing is that payments are made on time and in an amount corresponding to the amount of the contribution specified in the loan agreement.

In this case, the client is allowed to repay the loan:

• through the cash desk of a bank branch in cash;
• through bank terminals;
• non-cash transfer from the account.

Calculate the mortgage amount using a calculator

Calculate your mortgage.

Is it possible to take existing housing as collateral: conditions for a loan

VTB issues loans secured by existing housing - an apartment in an apartment building. In this case, you can avoid paying a down payment. The mortgaged apartment may be owned by both the borrower and the spouse or members of his family.

Conditions for the loan:

• term up to 20 years;
• rates from 11.1% per annum in rubles;
• the maximum amount for a non-targeted loan is up to 15 million rubles;
• no down payment required.

The loan amount can be no more than 50% of the value of the mortgaged property. Non-targeted loans are among the most expensive for mortgage borrowers. Another disadvantage is that there may not be enough money to buy a home. It is worth taking out such a loan only if you already have a large amount of savings or if you plan to buy a land plot for individual housing construction, which the bank refused to take as collateral.

What percentage of the value can the borrower receive?

For borrowers who decide to take out a bank loan secured by existing real estate, standard requirements are provided. They must be able-bodied, have a stable income and a normal credit history. You can get up to 50% of the value of the property on credit.

It must first be assessed by a professional appraiser, and a full set of documents must be provided to the bank, including a technical passport and an extract from the Unified State Register.

What could be the pitfalls and hidden threats?

In general, the VTB 24 mortgage agreement is practically no different from similar agreements used in Russian banks. However, like any other lender, VTB reserves the right to establish certain requirements and restrictions provided for by the internal policies of the credit institution. This means that it is important not only to superficially familiarize yourself with the contract, but also to analyze each of its provisions.

As a result, pitfalls may be revealed, in particular the following:

1. In case of untimely provision of the next insurance contract, the bank may increase the rate by 1%;
2. The lender has the right to prohibit registration in the mortgaged real estate of persons who are not close relatives of the borrower;
3. The bank may limit the borrower's ability to redevelop the residential premises, as well as transfer them to third parties for use (rent). This may be a complete ban or a restriction that requires the formal consent of the mortgagee.
4. In case of violation or non-fulfillment of the terms of the agreement, the lender may demand early repayment of the loaned funds;
5. It is possible that the lender’s internal regulations require the borrower to annually provide documents confirming his income and the absence of debts on utility bills or taxes.

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In addition, numerous reviews of mortgage borrowers at VTB 24 warn of the presence of pitfalls. Having analyzed the latter, we can highlight the positive and negative aspects of lending at VTB.

The first category includes mainly reviews from satisfied customers who note:

• speed of mortgage processing;
• well-functioning feedback with clients;
• efficiency in resolving various issues;
• individual approach.

There is no less negativity and it consists of the following points:

• after repaying the loan, the bank is in no hurry to return the mortgage;
• the lender does not bother to additionally notify clients about an increase in the interest rate, apparently believing that the borrower should know the terms of the agreement by heart;
• the efficiency of processing a loan and resolving issues related to its servicing depends on the competence of a particular specialist;
• The bank requires a fee for issuing certificates and statements.

How long will it take to complete a mortgage at VTB Bank?

It is impossible to answer unequivocally how long it takes to obtain a mortgage from VTB Bank. The final period will depend on many factors: the duration of consideration of the application, the time required to search for housing and collect documents, and approval of the option found. In most cases, the mortgage processing time will be about 4-5 weeks if the borrower already knows what kind of housing he is going to purchase and quickly finds a suitable option.

If government-supported lending is used, obtaining a mortgage loan will take longer. You will need to document that the borrower is eligible for the benefit. The bank works with the military mortgage program and maternity capital.

Collateral property

A real estate pledge provides for the alienation of property in favor of the lender in the event of non-payment of the debt by the borrower. It is this type of housing that allows VTB to select from its own list of properties.

Here awaits the applicant:

• 10.6% with a maximum amount of 60 million rubles;
• 20% PV;
• 30 years to repay.

Important! In a mortgage on collateral, there are significant savings on paperwork. The housing is already owned by the bank, which reduces the time required for loan consideration and approval.

Mortgage for the military

The program provides for an individual calculation of the loan period depending on age and funds in the NIS account. The rate of 9.8% does not change when the client leaves the savings-mortgage system; the down payment is set at 20%. The standard limit is similar to other financial institutions - RUB 2,450 million. provided that only the NIS amount is used.