Deadlines for obtaining a mortgage at Sberbank after approval

Validity period for mortgage approval at Sberbank

Before 2020, after approval of a mortgage application, the borrower had only 2 months to select housing, collect the necessary documents, and submit them for approval to the bank. In 2020, Sberbank extended this period, and now it is 90 days.

During this time, the client must manage:

Find a suitable object that will meet the bank's requirements.
Make an assessment of the selected apartment.
Register ownership of the object in Rosreestr.
Submit documents to the bank and get a mortgage.

Unfortunately, clients do not always have time to complete this work in just 3 months. In this case, you will need to resubmit your mortgage application and wait for its approval again.

Expert opinion

Alexander Nikolaevich Grigoriev

Mortgage expert with 10 years of experience. He is the head of the mortgage department in a large bank, with more than 500 successfully approved mortgage loans.

The 90 day report will begin from the date the application is approved. It will not be possible to extend the term, because the required package of documents for a mortgage includes a salary certificate, and it is valid only for 3 months. Accordingly, if the client does not have time to complete all the necessary procedures for purchasing an apartment after approval of the application, he will be forced to submit the entire package of documents with an updated salary certificate.

Buying an apartment with a mortgage from Sberbank in 2020: step-by-step instructions

Receive a reservation from the developer company : an agreement containing information about the housing, the amount of the contribution, the terms of the transaction, its validity period, etc.
Obtain from the company a certificate of ownership of the land plot where the house is planned (built), a copy of the construction permit, a contract concluded with investors, the primary act of distribution of apartments.
Obtain permission to sell the apartment indicating the technical characteristics and cost.
Contact Sberbank with a package of documents and a loan application.
If the decision is positive, the mortgage will be assessed, insured and registered .

The housing issue is one of the most pressing issues regarding the improvement of living conditions, family and life. Not all families have affordable funds to buy an apartment. More often, the solution to the problem is mortgage lending, since renting a home is comparable to paying on a loan for your home. Sberbank, being the largest financial institution in Russia, offers to solve the housing problem by taking advantage of a mortgage loan on favorable terms.

What can and cannot be done?

Purchasing an apartment using a mortgage imposes some restrictions on new owners:

The borrower can register himself and his immediate relatives in the apartment.
The owner cannot completely dispose of the property, because it is pledged to Sberbank. You cannot bequeath or donate housing. You can even sell it only with the permission of the bank.
The borrower has the right to make repairs of any kind. In addition to redevelopment. Any changes must be coordinated with Sberbank. Coordination of redevelopment takes place in 3 stages:
coordination of reconstruction with the insurance company;
obtaining the bank's consent.
The owner can, purely theoretically, re-mortgage his apartment. But again, the consent of Sberbank will be required. In such a situation, another bank is unlikely to agree to become the second lender in line if the borrower cannot pay the mortgage.

Approval of a mortgage at Sberbank: how long it lasts and what to do after

But many choose this bank not only because it is stable. There are also various programs under which loans are taken out on preferential terms. In particular, young borrowers under 35 years of age have the opportunity to take advantage of a lower rate compared to others.

Interesting read: There are three old TVs and two tape recorders in the house, will they be confiscated for debts?

It is clear that during such a period not all borrowers were able to find suitable housing for themselves. Moreover, often such transactions were accompanied by the simultaneous sale of an existing apartment. And sometimes realtors made up a whole chain of 7, 8 or more transactions that could only take place one after the other. Therefore, many people had to submit documents again and hope for a positive decision from the bank. All this took extra time and nerves.

How long does it take for Sberbank to consider a mortgage application?

Thus, the processing time for a mortgage application ranges from 2 to 5 days. However, taking into account all stages of the procedure, the total period of interaction with the bank can be a month or more. For clients, this can create additional difficulties in a situation where a real estate purchase transaction needs to be concluded in a short time.

The reasons for the long processing time when taking out a mortgage loan may depend on the sluggishness of the borrower, an incorrectly assembled package of papers, or a long consideration of the application for a complex transaction. The most common reasons for delays are:

The presence of several co-borrowers, whose documents are subject to thorough verification.
An incomplete package of papers or the need to provide additional documents.
A long search for a suitable real estate option or its non-compliance with the bank’s requirements.
A lengthy process of analysis or collection of all suitable papers, as a result of which the certificates provided at the initial stage expire.
Interaction problems: inability to contact the borrower on time or slowness of mortgage managers.

How to get lightning-fast mortgage approval from Sberbank

There is no clear answer to the question of how to get a positive decision after applying for a mortgage. But know that Sberbank will take into account all possible risks. Therefore, if you are going to take a trip or engage in a dangerous sport, it is better to keep silent about it.

The down payment is made, the purchase and sale transaction is completed and the mortgage agreement is signed. During the same period, the final agreement on the monthly payment schedule takes place.
Property registration is carried out during a personal visit to the Rosreestr authorities or remotely through a special service of Sberbank. The latter option will allow you to reduce your mortgage interest rate.

How long does it take Sberbank to review mortgage documents?

After the application is approved, the applicant for a loan should quickly provide the bank with documents for the purchased housing. The standard period for their consideration is 10 days.

Approval of housing purchased with a mortgage takes 10 days

But options are possible. It is clear that if the borrower buys an apartment from an accredited developer, then no problems arise at this stage. If you provided a certificate from a dubious appraiser, the period may extend.

The total processing time for a mortgage application at Sberbank of 15 days should be considered normal. If more, you need to worry.

How long does mortgage approval last?

When you receive a positive answer, you can look for housing and begin processing documents for it. Once all the documents are ready for the transaction, you sign the loan agreement and the purchase and sale agreement. After the transaction is registered with Rosreestr, the lender will transfer the funds to the seller.

Please note that the period begins from the day you received the response and did not submit the application to the bank. After receiving a preliminary decision, you should definitely come to the bank and clarify what documents you must prepare to sign a loan agreement, because the lender has a special approach to each client. In addition, documents are also required from co-borrowers and guarantors.

What to do next when a mortgage loan is approved by Sberbank

international passport; driver's license;
pension and medical certificate;
individual tax number;
certificate, diploma - about education;
certificate of marriage or divorce;
birth certificate of children - if any;
military ID - if available.

directly on the day of the transaction;
after the submission of a specific registration agreement;
5 days after registering the mortgage, an automatic transfer is made to an account pre-specified by the seller;
funds are transferred in cash from a special safe deposit box.

Time for consideration of an application at Sberbank in 2019

Sberbank rules establish the following deadlines for reviewing mortgage applications:

for an apartment (new building, secondary market): up to 5 days;
up to 5 days;
military mortgage: up to 6 days;
: up to 6 days.

Submission of documents

The minimum time for the Bank to review the application after it has been submitted is guaranteed to be 2 days. Sberbank does not take that long to consider applications from people who receive wages through the bank.

Citizen's ID.
Registration certificate (for temporary);
Papers explaining the place of employment (work book, employment contract, lawyer's certificate, etc.);
Certificate of financial status of the applicant: Personal Income Tax-2, on bank or employer letterhead.

If there are additional sources of income, confirm them: a certificate of pension amount, a rental agreement, etc.

If the applicant has many sources of income, a Bank employee will inform you individually how long it may take Sberbank to verify the mortgage application.

When attracting co-borrowers, a similar list of confirmations will be required from each. The applicant's spouse must be the co-borrower. If there are many co-borrowers, the verification may take a long time.

Coordination of housing option

The second stage of approval - regarding the mortgage object - usually takes longer than the consideration of an application for a mortgage with Sberbank. Sberbank gives you up to 90 days to find an apartment and collect papers. You will need:

Purchase agreement or other confirmation of the transfer of ownership (pre-contract or deferred payment).
Extract from the register.
A copy of the certificate of registration of ownership rights.
Confirmation from the seller: ownership rights, permission from the spouse, waiver of shared ownership, etc.
Appraiser's report.

If the client is unable to obtain title before receiving the money, he is required to provide additional collateral or enlist the help of guarantors.

At the same time, you need to confirm the availability of the amount for the first deposit (we tell you). These may be funds transferred to Sberbank, or already paid to the seller as an advance. The former are certified by an extract, the latter by a receipt, receipt, etc.

Reasons for the long review

Knowing how long it takes Sberbank to consider an application for a mortgage, and having carefully prepared, you can still encounter delays. In practice, individuals wait about 2 weeks. An increase in the period is usually due to the following reasons:

During the approval process, Sberbank requested additional papers.
While the analytics process was underway, the certificates expired and had to be collected again.
Sberbank notified of the decision at the wrong time. This can happen due to the fault of the applicant (he changed his phone number and did not inform the bank).

After a long wait, the client may be refused, here are the reasons:

To avoid this, you should first visit the office and consult, writing down a list of necessary papers. They can also be viewed on the website. The more complete the package, the less likely there is to be a long wait.

After 5 days (excluding weekends), you should contact your credit manager and clarify at what stage the application is, if no response is received.

Typically, loan specialists leave a contact phone number. Using it, the client can monitor the progress of consideration of the application and resolve other issues within the competence of the assigned mortgage manager from Sberbank.

Sberbank employees are characterized by a certain amount of bureaucracy, and therefore it would not be a bad idea to rush the review process.