How many days does it take to process a mortgage application at Sberbank?

Review of documentation

If we talk about the timing of consideration, then a lot depends on how quickly a person responds to the bank’s requests for certificates or documents. Since the mortgage loan approval process consists of several steps, it also takes a lot of time.

Mortgage approval at Sberbank:

At the first stage, a person goes to the nearest branch for advice.
Then he selects an approximate property and receives an approximate cost of the mortgage loan.
At the second stage, you should collect documents. The most important thing is certificates confirming the income level of a person and his co-borrowers.
The final stage is characterized by waiting, which lasts 2-5 days.

If your mortgage is approved by Sberbank, here's what you need to do next:

Search, select a property.
Collect documents according to the list from the bank. They relate to mortgage housing.
It is imperative to insure and evaluate the future property.
Conclude an agreement for the purchase of an apartment (house).
Make a down payment (using maternity capital is allowed).
Draw up papers confirming the fact of transfer of mortgaged housing to the bank (as collateral).
Receive an approved loan and transfer it to the seller of the apartment (house).

When clients ask how long to wait for mortgage approval at Sberbank, employees answer - about five days. This period is required by the bank in order to assess the readiness of documents and the solvency of the client. Next, a more detailed review of the transaction and related securities begins, which stretches for at least a month. This is a big disadvantage for the client, because often a purchase and sale transaction needs to be concluded very quickly.

Top 5 banks that quickly make decisions on issuing a home loan

VTB 24.
ICD.
Bank of Moscow.
UBRIR.
Absolut Bank.

Top 5 banks that often delay consideration

Sberbank.
Orient Express Bank.
Delta credit.
Rosbank.
Rosselkhozbank.

It is Sberbank of Russia that most potential borrowers are interested in; how long does it take to consider an application for a mortgage? If you believe the information from the official website, then in this company the maximum period is 5-7 working days; for salary clients this period is reduced to 3-5 days, taking into account the fact that all the necessary documents have been collected and brought to the office.

However, for those who do not want to wait, there are special programs - “Express Mortgage” for two documents. The interest rate on such loans is slightly higher and the down payment is larger, but applications are processed within 3 working days maximum.

In addition, do not forget that in addition to assessing the borrower himself, the bank also has the property of assessing real estate. And this process can take up to 14 days, depending on the legal purity of the object and the readiness of the documents.

4 banks that are happy to issue mortgage loans

Therefore, the average time to complete a deal for mortgage lending is about 1 month, sometimes a little more. Whether you want it or not, you need to be prepared for this and be patient.

That is why experts usually advise looking for housing only after receiving approval from the bank. And you definitely shouldn’t make an advance or a deposit for the apartment you like, because if you consider it for a long time, it may simply burn out.

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If deadlines are running out , you can turn to a mortgage broker for help. Experienced specialists with good contacts in banks manage to carry out mortgage transactions within 1 week - from the moment of submitting documents to the bank until the moment of signing the loan agreement.

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The following important factors influence the duration of the assessment of a potential borrower:

The presence or absence of cooperation with the bank to which the application is submitted. Of course, the attitude towards a new or regular client is fundamentally different. Borrowers who receive their wages into an account at the chosen bank have a special advantage. Decisions on such applications are made as quickly as possible, with a minimum of documents required.
A package of papers. The fewer questions there are, the higher the speed of consideration of the application. It is important to provide as many documents as possible confirming solvency and financial security.
Availability of guarantors and co-borrowers. Involving them in the process increases the chances of getting a positive decision. Their CIs and documents are also subject to careful analysis and verification, which influences the final decision of the lender.

How many days does it take to approve a mortgage at Sberbank?

Several factors affect the review period. The first factor is the type of mortgage lending. The bank has a time limit for approving each type of mortgage. For example, if a loan is needed to purchase housing on the primary or secondary market, then the processing time for documents is 2-5 days. Only working days are counted, not calendar days. The period is increased by one day if housing is purchased using a military mortgage or through on-lending.

These steps are necessary for the banking institution to evaluate its future borrower. Bank employees are interested in whether the client has a stable income and what social category of citizens he belongs to. No one argues with the fact that banks, first of all, pay attention to the client’s employment and income. Managers must be confident that the future borrower will repay the loan regularly. If a person has a good credit history and has no current loans, this increases his chances of getting a mortgage loan.

The category of salary clients is a priority because their income level is stable and known to the bank. Accordingly, there is no need to make inquiries and once again prove your solvency. This has a significant impact on the deadlines, because they are reduced to one, maximum two days. As for the rest, they submit a list of papers in the prescribed manner.

An application for a mortgage loan is considered at several stages. Therefore, at any of them questions may arise that will lead to an increase in time:

Credit scoring. This is an automatic check based on the information entered. Its main task is to assess a person’s solvency. The assessment is based on personal data on family composition, income level, work activity and other factors. This step is characterized by a credit history check.
In order to evaluate documents for authenticity, they must be checked by the bank's security service. Bank representatives can call the specified place of work and talk with the manager. The underwriting department's job is to assess risks. Department employees conduct analytical work and, based on it, draw conclusions about the client’s solvency.

There are several ways to find out if a mortgage has been approved by Sberbank. In most cases, the credit manager calls the client, informing him of the decision, or receives an SMS message. Once the mortgage is approved, the most critical part of the process begins. You need to select and agree on real estate. At the next stage, the bank sets aside 10 days to review documents for future mortgage housing. If the client made errors in the certificates, this increases the consideration for some more time. And, most importantly, banks have certain requirements for real estate. Their compliance is mandatory.

Why do mortgage deals take so long?

The first thing a client who decides to apply for a mortgage needs to understand is that it is one of the most high-risk loan products. And the bank’s task, when a client contacts them, is to thoroughly check all the information provided and calculate all the risks for many years to come.

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Moreover, at the moment we are talking exclusively about the consideration of the credit questionnaire itself, without touching on the issue of checking the real estate and its evaluation. The borrower must undergo a test called scoring, which takes into account everything - age, status, marital status, presence of dependents, real estate or transport ownership, work experience, income, credit history and much more.

List of documents for mortgage approval at Sberbank

Clients who take the collection of documents seriously can count on a quick positive decision. To speed up the procedure, when applying to Sberbank for the first time, you need to have the following documents on hand:

Russian passport with permanent registration. If it is missing, a temporary one will do.
A written application from a client to receive a mortgage loan.
A document confirming the fact of marriage.
If there are children, then their birth certificates are needed.
The client's profitability is confirmed in two ways. Providing a 2-NDFL certificate; if it is missing, a completed document based on the model of a banking institution will do. People of retirement age provide identification. If the client has an additional source of profit, this must be confirmed.
A prerequisite is having a permanent job. A photocopy of the work book with a stamp and signature is suitable for proof.

When co-borrowers help to obtain a mortgage loan, the bank requires from them the same number of documents as from the main persons. It will be a positive fact if the husband and wife have jobs.

What determines the time frame for consideration of an application?

After the initial package of papers for obtaining a mortgage loan is handed over to the employee of the banking structure, the procedure for their consideration begins. You must understand that in most cases you will receive a response (positive or negative) no earlier than two days later. At the same time, the period for consideration of your application is closely related to your characteristics as a client, as well as the amount of money you plan to receive.

If your monthly income is high, you have a stable job, and your credit reputation has not been damaged, then it will take a short amount of time to process your application. If the amount of money requested is small, the application will be processed even faster. In the situation described, your chances of receiving money are extremely high.

If you want to receive a response to your application as quickly as possible and at the same time increase the chances of its approval, you can use one of the following methods:

Open a deposit in a banking structure. Having a deposit makes you a more reliable client in the eyes of the bank, and, therefore, your application will be processed faster and with a high probability the answer will be positive.
Become a participant in one of the investment projects of the described banking structure. Such clients are also considered reliable and their applications are processed faster.

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.

How does the application review process work?

Preparation and collection of necessary documents. On average, it takes from 1 business day to 1 week. It all depends on the speed of work of the accounting department in the employing company and the HR department. The list of papers for obtaining a mortgage loan is presented here.
Submitting an application. On average, no more than 2 hours (provided that the manager is a trainee, and runs 10 times to clarify information with senior colleagues). In fact, you can fill out a mortgage application form at home and take it printed out to the bank along with the documents. This will significantly reduce filing time. We will tell you how to apply online in this article.
Entry of the questionnaire into the database by the manager. If the manager is a drag, or there are too many people at the bank who want to get a loan at the same time, then the process can take up to 2-3 days. The questionnaire can lie there and wait until a bank employee gets his hands on it. However, it is usually sent to the bank on the day it is submitted by the client. If it falls on the weekend or the end of the working day, then the application will be submitted on the next working day.
Checking your credit history. It takes no more than 3 hours, including checking the scoring and all 4 BKI databases. Read more about credit history and its importance in this review.
Verification of personal data. Registration, registration, personal data, marital status. It may take up to 2 days if the bank is a supporter of “manual” processing of applications. When processes are fully automated – no more than 4-5 hours. It is difficult to get a loan with temporary registration, but it is possible, details here.

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Security check. They check the client’s employer, co-borrower, guarantors - in general, all participants in the transaction. (The same applies to the previous stages, starting with checking the credit history. All participants in the mortgage transaction are checked.). The process may take 1 to 3 business days. Depends on the speed of the security service of a particular bank.
Underwriting. Calculation of risks and maximum available loan amount. Depending on the bank, this process takes from several hours to 3 business days.
Credit Committee. The final decision is made there. Usually takes place 2 times a week. After the credit committee, the application is sent for confirmation to the bank branch manager. After this, information about approval or refusal of the loan application appears in the system. If you want to improve your chances of being approved, check out the guidelines at this link.

Speeding up the mortgage application process

Sberbank has created a service that allows you to quickly find suitable housing in new buildings. This is DomClick. What is important is that all real estate objects meet the bank's requirements. If you apply for a mortgage loan from this service, it will be included in the priority queue. For example, the processing time for an application is reduced to several days. This is also convenient for the client because there is no need to visit a bank branch. You can find out about the decision by email.

It is worth noting the fact that in order to reduce the time it takes to consider an application, you need to take care of choosing real estate in advance. This will help eliminate those options that do not meet the bank’s requirements. Having received approval, the client will begin to collect the necessary certificates, and not look for an apartment. It is also important for a person to know how long mortgage approval at Sberbank is valid. Because sometimes the allotted time is not enough to prepare documents.

How long does it take to approve a mortgage?

This largely depends on the bank itself. Purchasing an apartment involves not only the approval of the loan itself, but also the search and evaluation of the selected property; this also takes a certain amount of time before the transaction is completed. There may be several options for purchasing an apartment, and the behavior of the bank largely depends on this. But first, let's look at the standard application review process.

The first thing you need to do is collect a package of documents. As a rule, banks post their requirements on their websites; it is better to study them in advance. As a standard, you are required to present a passport, work book, certificate confirming income 2-NDFL or according to the bank form, SNILS, marriage certificate. Very often, salary clients are given concessions, for example, they do not require proof of income. Collecting documents takes an average of a week.
Next, you need to visit the bank branch where the mortgage manager works. It is better to pre-register for a specific time so as not to wait in line. Working with one mortgage client at a bank takes from an hour to two, so it’s better for the manager to wait for you. You will need to fill out an application form. If the mortgage is issued to one of the spouses, the other will still have to draw up documents as a co-borrower, so the two of you need to come to the bank. You will also need a power of attorney from a notary stating that the spouse does not object to the purchase of a home.
After this, the manager enters your application into the database, and it begins to be considered in turn by different services of the bank.
First, the credit department starts the scoring procedure and receives data from the credit bureaus. The scoring itself is automatic and does not take much time, and a credit history can be obtained within 3-4 days. Next, the security service carries out its checks, and then the underwriters calculate the possible loan amount.
After all this, your application goes to the credit committee and a final conclusion is made on it. You will receive a notification about this decision via SMS, email or a call from your personal manager.

The time it takes to process an application depends more on the human factor and the general influx of clients and can range from 7 days to a month.

Procedure after approval of the application

After the bank has approved the application and the client has found a suitable property, the most crucial moment comes. It consists of signing a mortgage agreement. The client’s task is to study the provided document in detail. This is especially true for those points where the loan amount, monthly payment, and obligations of the parties are written. The debt repayment schedule is formed separately, it is also worth checking.

Simultaneously with the mortgage agreement, an additional agreement on home insurance is signed. You cannot refuse this, otherwise the bank simply will not approve the mortgage. In addition, it is advisable to insure your life. The bank cannot oblige the client to do this, but the interest rate depends on the fulfillment of this condition. By insuring life, a person can count on reducing the interest rate by 1%. It seems like a small privilege, but if the loan is issued for years, it is very noticeable.

At the final stage, having concluded a deal, the client needs to enter his home into electronic registers.
You can ask a bank employee for help or contact the MFC. After preparing the documents, the banking institution transfers the entire loan amount to the account of the person who sold the property. After this, we can say with confidence that the transaction is completed. The client becomes the owner paying off the mortgage. Mortgage in Sberbank. This is why most mortgages are taken out from Sberbank. Mortgage conditions in 2021