Making any loan is a bureaucracy that reaches incredible proportions when working with banks on the profile of a mortgage. Different references, photocopies, questionnaires are required - which is not just invented by Russian bankers. But we must understand that all the formalities that accompany the registration of housing loans are necessary, and be prepared for their planned overcoming.
What documents are needed for mortgages issued by Russian banks is a very topical issue. Today we will try to draw up an action plan, which can be guided by overcoming the formalities that are characteristic of the banking system.
Two stages of workflow
The turnover of securities related to obtaining a loan for the purchase of housing or a house can be divided into two stages. The first is when the borrower applies for a loan. The second - when he, having received a positive decision, prepares for himself an apartment or house (he makes settlements with the seller, registers real estate, etc.).
So, the first stage.
Mortgage for two documents in the Security Council of the Russian Federation?
To start a little sensation. In the spring of 2014, the mortgage market surprised the news: Sberbank has simplified the issue of loans for the purchase of housing. Now, to register a mortgage loan, you need only two documents - one of them a passport, the other - any other legal identity card (rights, military ticket, etc.).
This offer is relevant not only for customers who previously had experience in registering loans with Sberbank, but also for completely new borrowers.
The new conditions work not only in relation to the two basic loan products of the Security Council of the Russian Federation for mortgages: a program for the purchase of finished housing and its analogue, in which it is possible to purchase real estate under construction, but also for other credit decisions.
In addition to this innovation, Sberbank has simplified the requirements for documents for those borrowers who have a salary account in this financial institution. Such clients can apply for a mortgage by presenting only a passport (also in the office of the bank you will need to fill out a questionnaire). Other documents for obtaining a mortgage are not needed.
However, in order to take advantage of the right to apply for a passport and a second identity card, the client must choose a loan that meets a number of criteria:
- period of payment: not more than 30 years;
- initial contribution: 40% (in regions where the South-Western branch is present - 30%).
The management of Sberbank called this proposal revolutionary. According to the managers of the Security Council of the Russian Federation, clients can, by showing credit professionals documents that are most often carried with them, to acquire an apartment in a short time. Formalities are kept to a minimum. Borrowers do not need to think about what documents for mortgage registration you need to collect.
Standard package of documents for Sberbank
What do borrowers who need a loan that does not meet the above criteria? What documents are needed for a mortgage, implying the issuance of a loan on terms with less requirements on the size of the initial installment? What is the standard package of securities for Sberbank?
- First, you need a basic Russian document that certifies the identity of a citizen, a passport.
- Secondly, you will need a photocopy of the borrower's work book - in order to confirm employment and the availability of a permanent income.
- Thirdly, it will be necessary to provide a certificate of 2-NDFL (or a document drawn up in the form of a bank). With the help of these securities, the bank analyzes the actual income of the borrower.
If the borrower is an individual entrepreneur, he will need to provide a copy of the tax return to Sberbank. The document should be stamped by the Federal Tax Service, confirming that the original was handed over to this department.
These are the documents for a mortgage in Sberbank. Of course, this list is not exhaustive. Depending on the policy of a particular structural unit of the Security Council of the Russian Federation, it may be supplemented with other securities.
Documents for a mortgage application in VTB24
One of the main competitors of the Security Council of the Russian Federation in the Russian mortgage market is VTB24. To make a loan in this financial institution, you will need to provide virtually identical documents for mortgage registration.
- certificate 2-NDFL;
- copy of work book.
VTB24 also has its own form of revenue confirmation. It can be an alternative to the 2-NDFL reference.
We see on the example of the requirements of VTB - documents for mortgages in different Russian banks should be provided in general the same.
Do "gray" and unearned income matter?
Many Russians receive a "gray" salary (in an envelope). Banks, as experts say, refer to this quite normal, and the Security Council of the Russian Federation is no exception. "Gray" income can not replace those that are confirmed by a certificate of 2-NDFL, but they are usually taken into account. There is a version that the very same letterheads from banks are created just for them to register the actual income of a citizen (which can be higher than the figures specified in the 2-NDFL).
A general rule for Russian financial institutions is to issue a loan only if the monthly amount of payments on it (and also other current debt obligations) does not exceed 40% of the client's income. In the last few years, however, many banks liberalize this formula by issuing loans, even if the borrower pays about 70-80% of its income to cover the obligations.
The policy of banks regarding whether or not to take into account the non-labor and "gray" income in the borrower's solvency formula is very different. But let the credit and financial institution know that the borrower's cash receipts are formed not only at the expense of wages will not be superfluous.
Should I give an extract from my credit history?
Some experts are inclined to give borrowers a recommendation, so far very new for most Russians. It is about giving, together with the main package of documents on mortgages, a printout from the credit history bureau to the bank. This is justified from several points of view.
First, the client emphasizes his openness to the bank, the willingness to play fair game. Secondly, the presence of this extract from the credit history bureau, will speed up the process of acceptance by the bank's specialists of the decision on the loan. Thirdly, a unified information system that would correctly display credit history of Russians, as some experts say, has not yet been created. Therefore, the information that the bank will ask for in its sources may turn out to be incorrect with respect to a specific client. In this case, an extract from the credit history bureau provided by the borrower will help the bank avoid mistakes in the work.
What documents are needed for the mortgage, if the client has unearned income (for example, the proceeds from the delivery of other property for rent)? Suitable for any paper that confirms the fact of the arrival of money in the address of the citizen. For example, it can be a contract for renting an apartment, where the amount of a monthly payment for housing is prescribed, and together with it there is an extract from the bank account that confirms that the tenant pays all.
Now go to the second stage - when a positive decision is made. Documents related to this stage of the mortgage process - in Sberbank, in VTB24 and any other financial institution - will be the same.
Find an apartment on time
The main task of the client after the bank has approved the application for a mortgage is to find a suitable apartment within the time limit set by the rules of the credit institution. As a rule, this is 2-3 months. In the event that the client fails to meet within this period, the bank may decide to reassess the borrower's solvency.
Which apartment will the bank approve?
It's not enough to find an apartment that will cause subjective sympathy of just one borrower. The property must be approved by the bank. This is quite logical: a credit institution wants to have a liquid property as collateral. Typical requirements for housing, drawn up in a mortgage, are:
- there must be central heating, water supply;
- building material - brick, concrete.
The bank will request papers confirming the state of the housing and containing other important information. So necessary documents for a mortgage can be:
- an evaluation report;
- house plan;
- a copy of the current certificate of ownership.
Having received all these documents for an apartment for a mortgage, the bank decides whether to approve the borrower's choice. The period during which a financial institution usually thinks is 2-3 days. Sometimes it's a week.
The bank approved. What's next?
If the bank said "yes", then the client can proceed to the next phase of working with securities. The main actions at this stage, fortunately for the borrower, are conducted by employees of a financial institution. They prepare contracts for the transaction, conduct all the necessary accompanying work on the preparation of settlements and make up other necessary documents for mortgage registration.
On the client's side, you will need to provide the following basic securities to the bank:
- the contract of sale of housing;
- insurance policy.
After the calculations, there is yet another stage of work with documents - the registration of the property in the property.
As soon as the client receives a loan, the main type of securities that are relevant for the bank will be a receipt on the timely monthly payment of a mortgage. Of course, it is not necessary to show the bank every time, but it is recommended to keep it in a safe place.
Having learned what documents are needed for a mortgage, we saw that the borrower will have to work hard to collect them. But these are the realities of today.
Correctness of documents is the key to success
It is extremely important that the documents submitted to the banks as part of the mortgage registration are correct. In the largest financial and credit institutions in Russia, security services are very effective. Their task - to identify the wrong information specified in the documents for the mortgage. If the security service finds that the person has decided to mislead the bank, then those specialists who make the loan decision will most likely be advised to refuse to issue the loan to an unreliable client.