Early repayment of a Sberbank mortgage

Early repayment of a mortgage: conditions in banking structures

When a borrower makes a premature repayment, unaccounted free funds appear in the bank account, which the credit department must immediately put into action. The work process is complex, so each bank has developed individual rules for those who wish to return their funds to the lender in advance of the date established in the contract. The special rules developed depend on the amount of repayment. The aspect of repayment of obligations is also significant - it is important for the organization whether they will be repaid in full or in part. The work of all financial and credit institutions is strictly linked to calendars; for them, every day is profit. Therefore, having decided to return its funds to a financial institution ahead of time, the person who took the money for temporary use should know that it is unlikely that such an operation will be completed in one day. Here, each lender will require advance notice from the borrower. Most often, according to official conditions, notification of debt repayment is given one month in advance, but in fact, the repayment procedure can be carried out much faster. When the conversation is that the citizen is returning only part, then with the consent of the bank, a certain date is set. Many leading lenders in Russia (Sberbank, VTB24 and many others) allow partial early payment on the day of the regular payment.

Procedure for early loan repayment

The procedure is fully described in the loan agreement in the “Borrower Rights” section. Before repaying a mortgage with Sberbank early, the borrower must personally submit an application. It can be filled out by hand or typed on a computer. The text of the document must indicate:

• FULL NAME;
• loan agreement number;
• repayment amount;
• the date when he plans to deposit the money.

This information is enough for bank employees to prepare all the documents. In this case, the borrower chooses how to change the payment schedule. This is necessary to recalculate the amount of monthly payments.

Borrowers are also interested in how best to pay off their mortgage early at Sberbank.

Taking into account the fact that the amount of interest is directly affected by the number of days the loan is used, you need to deposit money ahead of schedule closer to the first day of the month. This reduces the loan amount faster, which means the amount of accrued interest decreases.

As for the payment method, the client is free to choose - through Internet banking or at a branch of a financial institution.

People often ask how to properly repay a mortgage early at Sberbank. This depends on the type of early payment. True, on specialized forums, users quite often express doubts about the correct recalculation of the amount of monthly payments after partial early repayment. To clarify such nuances, it is recommended to visit a bank branch.

What are the conditions for early repayment of a mortgage at Sberbank?

Sberbank does not impose restrictions on the premature closure of debt obligations. However, it has a number of conditions that do not allow differentiated payments. Thus, in a military mortgage, an annuity is used, which makes it difficult for the lender to return his money early, and early payments upon partial closure of the loan require recalculation of the interest rate. In this case, the debt payment period cannot be reduced. The conditions for early repayment of a mortgage at Sberbank are similar to the rules of many Russian lenders. Therefore, the payer, before proceeding with the premature return of money, must decide on two points:

• what payment (annuity, differentiated) does he use when closing the issued loan;
• under what conditions is it allowed to close obligations before the due date (the amount of the paid amount is taken into account).

The conditions for repaying a mortgage early at Sberbank provide for a new calculation of the debt repayment schedule after partial early payment. Having received the new schedule, the borrower puts his signature on it.

Sberbank calculator

To facilitate work with clients and quickly resolve the issue of how to repay a mortgage early at Sberbank, a special calculator operates on the pages of the website of the structure described above. It automatically calculates the amount of refund that will be returned to the lender ahead of time, taking into account many nuances:

• the date when the agreement with the banking institution was drawn up is taken into account;
• loan size;
• interest rate under the agreement;
• what type of payments;
• the amount that the borrower must repay to the financial institution;
• indicates the desired date when the debt is scheduled to be closed.

Let's look at an example. The borrower wants to repay the amount of 600 thousand rubles ahead of time to the organization that lent him the money. An application is submitted to the official institution that issued money for temporary use and the manager allows the agreed amount of money to be returned on the day when the next payment is made. The conditions for complete closure of the loan do not limit the choice of day, but the payment period and payment method are established. Funds can be accepted either in cash or by bank transfer. In accordance with the amendments made to the work of banks in 2011, each person who received a loan automatically gets the opportunity to decide when and how to repay it.

Example of debt calculation

Debt calculation is carried out according to a fairly simple scheme. So, knowing that the amount of obligations consists of the loan body and the interest rate, you can calculate the debt: the mortgage rate is divided by the number of days in a year. The resulting number is multiplied by the number of days passed from the last payment. Let's look at an example. The borrower still has to repay a debt of 60,000 rubles at an interest rate of 0.14%; the last installment was made 14 days ago. We perform the calculation like this:

1. 0.14(percentage)/365 x 14(days) = 0.0053%
2. 0.0053 x 60,000 rubles = 318 rubles.

Thus, the balance of the debt is 60,318 rubles, where 60,000 rubles is the body of the loan, 318 rubles is the interest accrued on this amount. Many future borrowers, before applying to a bank for a loan, carefully study various bank offers. For those who are planning to become a borrower very soon, it will be useful to study the topic: “Mortgage with state support: 5 best offers from banks for 2017 for different categories of citizens of the Russian Federation”

Sberbank requirements

For Sberbank, as for other financial organizations, it is unprofitable when a borrower repays debt on a long-term loan prematurely. But, unlike other banks, Sberbank does not interfere with such a desire of the borrower. But clients who want to know how to quickly pay off a mortgage at Sberbank need to know a number of requirements put forward by the bank:

1. The term of contractual obligations does not change. With early repayment, you can only reduce the total amount of debt, but not change the number of payments provided for in the payment schedule.
2. Receipt of funds from the borrower will be made only on the next banking day from the date of payment.
3. The payer will be able to close the mortgage loan ahead of schedule only one month after the execution of the mortgage agreement.

What benefit will the borrower receive from closing the debt early?

Only repaying the debt ahead of schedule allows you to save money and reduce the burden of the loan. When the institution has given permission for such an action, a new relationship is established between the borrower and the lender. If the debt has been partially closed, you can use this fact and make a choice:

• subsequent installments may be reduced in amount;
• you can reduce the size of the loan body.

It is worth noting that premature release from the credit burden allows you to reduce the loan, but the rate is not subject to change. It is also not possible to eliminate interest. But their significant reduction is possible if the client of the financial institution returns the funds to the organization in the first five years of the loan term. This fact is due to the fact that during the first five years, credit structures extract all their interest from the borrower. Therefore, if the borrower wants to return the money to the financial institution ahead of schedule, the organization is forced to recalculate. Closing the loan after five years will no longer make sense, since the severity of the loan is felt from the interest paid to a greater extent in the first five-year period.

General procedure

In case of full or partial repayment, the borrower must comply with the following conditions:

1. Clarify the bank's conditions described in the previous section.
2. Notify the bank within the required period of time.
3. At the appointed time, come to the bank with money, a passport and a mortgage agreement or deposit funds into an account.
4. Apply for early repayment in the office or through your personal account.
5. Receive a printout of the updated schedule/certificate of debt closure.
6. Contact the insurer to review the terms of the policy/refund part of the premium.

If the procedure is carried out by a representative of the borrower, he must have an identity card and a notarized power of attorney.

Payment of part of the debt

TIP : It is beneficial to start paying early partial repayments as early as possible, but only if the principal debt is reduced. Since the structure of the annuity payment is based on the principle of a very slow decrease in the “body” of the loan.

This rule makes mortgages more affordable for most, but increases the cost of using money for long-term loans.

The procedure looks like this:

1. Decide on the free amount that can be spent on “early term”.
2. If the bank provides a notice period, submit an application in advance (the amount of overtime payment is indicated in the application).
3. Deposit money into the account and make sure it is debited, or show up with cash at the lender’s cash desk on the agreed date.
4. Apply at the bank office Additional. agreement to the mortgage agreement (new payment schedule).
5. Since the size of the loan body has changed, the insured amount under the policy has also decreased. Notify the insurer about this: part of the premiums is unlikely to be returned, but they may be credited to the next payment.

Payment of the entire amount ahead of time

1. Find out the balance of the debt from the bank.
2. Notify of your desire to deposit all funds ahead of time if notice is required.
3. Deposit money into your account or come with documents and cash to the bank office.
4. A few business days after repayment, obtain a certificate of no obligations to the bank.
5. Terminate the insurance contract and return part of the funds for the unexpired period.
6. Remove the encumbrance from the property by providing Rosreestr with the required package of documents, including a mortgage note with a bank mark, and thus close the loan.

The bank's position regarding the premature closure of a loan for the purchase of residential square meters

As you know, for banking structures, mortgage loans are a source of income with a long-term perspective. Time and certain resources were spent on the process of obtaining a mortgage. Therefore, when a loan is closed ahead of time, the source of profit stops working, which means that the efforts invested in it did not justify themselves. The second “minus” for a financial institution from closing a loan ahead of schedule is that the money issued for the mortgage was received on a fee basis. Having received the funds back, he continues to make payments to the investor for them. At the same time, they will not bring profit to the bank for some time.

How types of payments affect the rules for returning funds to the bank ahead of schedule

When selecting a lending program, future bank clients most often look at the interest rate. However, it should be noted that the amount to be paid depends on the methods of accrual and closure of the loan. Currently, two different calculation methods are used: calculation using the differentiated method and calculation using annuity. Experts say that the terms of differentiated payments are more favorable. It has been calculated that at one annual rate the total return is much less than with annuity payments. The peculiarity of differentiated payments is the uniform repayment of debt, where interest is distributed over the loan balance. As a result, all subsequent contributions will be of a lower amount. In this case, early payments to pay off obligations are not limited by time and amount, and therefore allow you to win on interest. The terms of annuity payments provide for an even distribution of payments throughout the entire term of the loan agreement. In this case, the first payment period is the repayment of the interest amount. As a result, the amount of monthly payments is small compared to the overall interest rate. When closing a debt early, the following dependence on payment is observed: Differentiated payment: the smaller the debt obligation, the less interest is charged on it. Here, the favorable conditions for the person on whom the encumbrance lies are obvious: today the payment is made - tomorrow a smaller amount is accrued. The differentiated scheme does not limit the size of early payment, as well as its timing. An annuity payment can only reduce the period of loan repayment, while introducing a restriction on the minimum amount (10 - 50 thousand rubles) and setting a specific date. Therefore, early closure of a mortgage loan in such a scheme is not profitable. Practice shows that in addition to those who want to return bank money in advance, there is a percentage of citizens who want to sell their mortgaged housing. The features of this procedure are well described in the article: “How to sell an apartment with a mortgage: 4 selling options + risks and recommendations that should be taken into account when selling!” .

About early loan repayment

Today, early repayment of a mortgage at Sberbank is carried out without commissions or additional payments and is available to absolutely all borrowers. However, not all debtors are aware of this right; some miss the real opportunity to pay off the debt early and remove the encumbrance from the property.

In banking practice, there are two types of early repayment:

• complete;
• partial.

Both the first and second are more beneficial to the client than to the financial institution. Therefore, the bank creates special rules that must be followed in order for the payment to be counted. All of them are clearly stated in the loan agreement. Therefore, before signing, the client is always recommended to carefully study the agreement and get answers from the credit manager to any questions that may arise. What are the main differences between full and partial early repayment?

Full payment

Full early repayment of a mortgage at Sberbank means that the client deposits an amount that corresponds to the balance on the loan account and closes it. After this operation, it is considered that the debt is paid and all obligations to the bank are fulfilled.

On the date of full payment, the client is charged interest for the actual number of days of using the loan - he is also obliged to pay this.

Before contacting the bank with an application for early closure of a loan, it is recommended to clarify how much you will ultimately have to pay so as not to get into an unpleasant situation.

After the payment is credited, bank employees prepare letters to remove the encumbrance from the property. The borrower can submit these documents to Rosreestr or wait until employees of the financial institution do this. Full early repayment of a mortgage loan from Sberbank allows the client to become the full owner of his home before the deadline specified in the contract.

Partial repayment

Early partial repayment of a mortgage at Sberbank differs from full repayment in that the client does not close the loan agreement, but simply increases the amount of monthly payments. Thus, it brings the final payment date closer, reducing the loan servicing period. At Sberbank, partial repayment is implemented in two options:

• reduction of monthly payment;
• reducing the duration of the contract.

Both methods are beneficial to the client. It is worth noting that you can pay off the debt ahead of schedule all the time before the final closure of the loan, while combining the above options. In addition, partial early repayment of a mortgage can be made in Sberbank Online in your personal account.

In any case, you must submit an application in advance, indicating:

• payment amount;
• the account from which the money will come;
• date of the operation.

The customer can then print a new future payment schedule based on the option they have chosen to reduce the term or amount.

It is worth considering that it will not be possible to carry out full early repayment remotely; in this case, the client’s presence at the bank branch is required, since he will immediately, in addition to the loan body, also have to pay the accrued interest. In case of partial early payment, interest will not accrue.

How to partially repay a mortgage at Sberbank early is a pressing question for all borrowers. Most of them, after a couple of months (and some immediately), want to deposit more than what is indicated in the approved schedule. Payments can be made online and at a bank branch. When visiting a branch, the borrower will be able to avoid technical failures, which customers constantly complain about on specialized forums. And it’s easier to get a new payment schedule - at the debtor’s request, it will be printed out by bank employees.

What pitfalls are included in the conditions for repaying a mortgage early?

From the moment the loan is closed, the borrower will be on a special list of the credit institution. And the consequence of this will be a refusal to issue another loan. The reason for the refusal will be tritely simple: the borrower did not bring income to the bank the first time. Paradoxically, having a bad credit history will give a client of a financial institution a better chance of getting a new loan than a note that the bank received his money back ahead of schedule. When concluding a loan agreement with a financial institution, you should carefully study the section on the conditions for repaying the debt in advance of the date of termination of debt obligations specified in the agreement. As a rule, financial institutions are cunning, so this section with early repayment restrictions is written in small print. For example, they allow early payment after a certain period. Many credit organizations give this right one and a half years after the conclusion of the loan agreement. Since federal law introduced restrictions for bankers in receiving income due to such an operation, they came up with other rules for covering losses. Thus, financial institutions began to exercise the right to change the rate unilaterally. Therefore, you should understand that behind the courteous and beautiful words “with care for your client” there is one goal - making a profit for the bank. As you can see, the pitfalls described above that can await borrowers who wish to return funds to the lender prematurely are not critical. Therefore, every year there are more and more people who want to apply for a loan from financial institutions and for the purchase of housing. Young families who want to acquire their own residential square meters with the help of bank funds will find it useful to read the article: “How to get a mortgage for a young family - options, pitfalls and useful tips!” .

Conclusions about the rules for early loan repayment

Based on the above material, citizens of our country should clearly understand that before concluding a loan agreement with a bank, they need to study how early repayment of a mortgage occurs, the terms of which are specified in the agreement. To do this, the main questions are clarified:

1. From what period of time is it allowed to return to the bank funds that it previously provided to its client.
2. What amount of payments is allowed (full, partial)?
3. What restrictions are imposed on debt closure?
4. Is there a fine (penalty) for returning money before the due date?
5. If I repay early, will the debt repayment schedule be changed?

If the loan agreement does not allow you to obtain information about the procedure for repaying borrowed funds to the lender ahead of schedule, then you need to ask the manager who draws up the loan agreement about this.
It is important to choose in advance a loan program that will be favorable for a person who wants to borrow bank money for temporary use. Previous article: How to sell an apartment with a mortgage: 4 options for selling + risks and recommendations that should be taken into account when selling! Next article: Mortgage refinancing: 3 options, advantages and disadvantages of the procedure + description of the conditions for refinancing a mortgage in 3 banks!

Step-by-step guide to paying off your mortgage early

A housing loan from Sberbank can be closed early, partially or entirely. Each option has its own characteristics:

1. In a full settlement, you will be required to pay the entire mortgage amount and interest at the time of the transaction. After payment, the cooperation agreement is terminated, Sberbank issues a mortgage for the apartment (or other object);
2. With partial payment, you can deposit money into your account throughout the entire period of the contract. Interest will be reread and the payment schedule will be updated.

Current question: “Should I pay off my mortgage from Sberbank in small amounts, and how insignificant can they be?” We answer: your agreement must specify the amount of the minimum possible early repayment. Pay at least it, and the balance of the debt, as well as interest, will begin to be recalculated downward. The bank will offer you:

• Reduce the monthly payment;
• Reduce the period of mortgage cooperation.

You can alternately choose both the first and second options. You will get the benefit in any case. Important! Depositing money into your account is the first step in repaying your mortgage early. Sberbank will not write them off from your balance; they will simply “hang” on it. You need to contact the nearest Sberbank branch or perform several relevant operations via the Internet. Formally, measures for early settlement of a loan for the purchase of real estate should be carried out according to the following scheme:

• Contact Sberbank specialists and tell them about your desire for full or partial early repayment of your mortgage. Don't forget to take your passport with you to the office;
• Complete a standard application and give your employees the money. Sberbank representatives will tell you what amount is required from you.

We advise you to repay your mortgage in full early through Sberbank representative offices.
This way, you won't run into problems in the future by contributing insufficient funds to pay off the debt in full. If early payments are partial, use the Sberbank Online service. Do not forget to save copies of all transactions - electronic screenshots or paper printouts. Keep them for several years.

Some borrowers do not know how important it is to obtain a certificate of closure of obligations to banks. Let's imagine that you accidentally failed to repay a couple of percent or a minimum part of the mortgage - only this document will allow you to prove your innocence.