Many citizens of our state are able to purchase their own housing exclusively on a mortgage. But such money loans are issued for too long periods, which can reach thirty years. During this period, many factors can change, ranging from the financial well-being of a bank client to the economic situation in the country. In this regard, the question of how to reduce the mortgage interest in Sberbank is quite relevant for many residents of the country. After all, the majority uses the services of this particular financial institution. The fall in property prices has recently been significant, which has affected mortgage interest.
Interest rate policy
At the moment, any employee can confirm at the bank that the minimum mortgage rate is now 8.9 percent. This is a very low rate that attracts customers. But the fact is that not every product of the bank has such attractive conditions.
Promotions for new buildings
The Bank offers the purchase of mortgage housing in the primary market. At the moment, the financial institution offers loans for housing of this type at 10.9 percent per annum. But this is still a test mode of the program, because of which the conditions for providing a loan are constantly changing. But, if you approach the issue correctly, you can find out how to reduce the mortgage interest in Sberbank to 8.9 percent.
The first thing the client needs to do is register at the Sberbank Real Estate Electronic Center. This will allow you to get a discount of 0.5 percent. The second step will be to find a developer who works with the bank, and this will reduce the mortgage rate as much as possible at his expense. There is another way, to take part in a salary project. I mean, getting a salary card at the bank, this will give you the opportunity to get a discount of 0.3 percent. And, accordingly, this is one of the options to reduce the interest on a mortgage in Sberbank.
Secondary market
If the client decided to buy secondary housing through this bank in a mortgage, then the interest rate is 11.5 percent per annum. If you participate in a salary project, you can reduce it by 0.25 percent. Also, in the case of secondary housing, you can lower the rate to 10.75 percent if the loan is taken by a young family, i.e. the age of the spouses is below 35 years. But you can get a discount only if there are children in the family. This is one of the options for how to reduce the interest on a mortgage in Sberbank at birth.
Real estate in the country
Another offer of the bank to obtain a mortgage loan is to purchase finished buildings or construction in progress and complete them outside the city. In this case, the minimum conditions that the bank agrees to are 11.75 percent per annum. But if necessary, the client will be able to find methods to reduce rates in the future.
Military mortgage
Sberbank works closely with military organizations, so employees can get any housing on a mortgage at a minimum interest rate of 11.75%. Many are interested in how to reduce the interest on a mortgage at Sberbank if I am a budget employee. Each transaction is individual, but, having carefully studied all the promotions and discounts, anyone will be able to choose the conditions for a profitable reduction in the payment of interest on a mortgage loan.
Construction and personal capital
If the client plans to build a house on a mortgage from scratch or use personal funds as collateral, he has the opportunity to issue rates of 12.25 and 12.5 percent per annum, respectively. It is worth noting that personal capital can be used in any banking mortgage program.
Important conditions for borrowers
If the client decided to get a mortgage loan, he should be 21 years old at the time of receiving it, and he must repay the loan before his 75th birthday. In cases where there is no confirmed fact of employment, and the client does not provide a sample income certificate, the final age of loan repayment cannot exceed 65 years. The only exception is the mortgage for the military, here the age limit is 45 years at the time of repayment.
The minimum amount of a mortgage loan is three hundred thousand rubles. The maximum payment period is 30 years. Over the past five years, the client must have a minimum of one year of official work experience and work in the last place where he got a job for at least six months. If the spouses did not conclude a marriage contract, then the second family member must necessarily act as a co-borrower. It should be noted that co-borrowers should not be more than three.
Also, the client must inform the bank of the place of permanent registration, as well as housing purchased on a mortgage must be within the limits of Sberbank. 20 percent of the value of the property is the minimum installment for a mortgage loan.
All these conditions do not apply only to the military. Their place of residence is not important, the main thing is that they are citizens of the Russian Federation and participate in a funded mortgage system.
External factors affecting the bid
It is important for each financial institution to have a socially significant status. Therefore, introducing a new reduction in rates, he presents this as an undeniable benefit for his customers. It is important to remember that the main goal of banks and other commercial organizations is to make a profit. In this regard, the reduction in rates is mainly due to the domestic banking policy and the current economic situation in the country.
The Central Bank of the Russian Federation affects all interest rates on loans. And if the client is interested in the question of whether Sberbank has reduced interest on the mortgage, you first need to look at the news from the Central Bank. It is the fluctuation of the value of different currencies and the economic situation in the country that affects the value of key loan rates . Including the influence is exerted by the level of inflation.
Thanks to state support, there is a subsidization from the country's budget, which affects the reduction in rates. They are stable as long as the state program is implemented. Naturally, these measures directly depend on the economic situation and the income that the construction industry receives. This answers the question of whether it is possible to reduce the interest on the mortgage. This year, Sberbank reduced its interest by 1.35%, which significantly reduced consumer payments.
Decrease in interest on an existing mortgage
The first thing you should know, the larger the amount of the first payment on the mortgage, the less then you will need to overpay. The desire to reduce the percentage may arise for various reasons. And there are three effective ways to reduce the interest on a mortgage in Sberbank. What law allows this to be done is a federal law adopted in 2015. But these methods are not as profitable as it might seem at first glance.
Restructuring clearance
This procedure requires changing the terms of the contract concluded immediately. It can be applied in cases where the client has changed financial position. Moreover, we are talking about both its deterioration and its improvement.
If the client’s income has declined, then the bank will meet, reducing the burden of payments. In some cases, the bank extends the payment term by several years, which allows to reduce regular payments. There is also the opportunity to receive a deferral of payment of the principal amount, while interest payments will continue. The bank also breaks down the debt into principal and interest, but in this situation the client pays the principal amount on a monthly basis, but interest is paid on a quarterly basis. You can get a credit vacation, that is, for some time the client is exempted from regular payments. And the last way, if you take a mortgage in Sberbank, how to reduce the percentage, this is to issue an individual schedule.
Naturally, the less time it takes to repay the debt, the lower the overpayment on the loan. In this regard, almost all borrowers are trying to reduce it. To do this, you can do the following:
- If the client has the financial means, he can partially repay the main debt in advance. Naturally, the bank will offer primarily to reduce the amount of monthly payments, but it is better to invest money in reducing the payment period. This is one of the options to reduce the interest on a mortgage in Sberbank. That is, the client’s expenses are minimized, and he will quickly close the mortgage.
- Reduce the loan term by increasing the monthly payment. To do this, you need to provide the bank with all the necessary documentation confirming changes in the financial situation of the client.
Restructuring is one of the most effective ways to reduce the interest on a mortgage at Sberbank at birth.
Refinancing
But this method is not always so profitable and convenient. Almost all banks now offer it to their customers, promising lower rates. But there are certain points that will not please the client:
- It is necessary to prepare all the documents again, including re-evaluating the property, paying state fees, arranging insurance and the like. And if this is necessary for a slight reduction in the rate, then it is likely that the client will spend more than he can get.
- If a moratorium on such actions was spelled out in the contract, then it will not work to lower the rate until it ends.
- It will not be possible to return the payment of mortgage insurance, since this is a mandatory procedure.
- If the client at least once violated the payments, then any lawsuits against the bank will not be satisfied.
Having considered all the options how to reduce the mortgage interest in Sberbank, we can conclude that this can be done, but not always profitable. In some situations, lowering rates will lead to a decrease in debt, in others, lowering it will be insignificant, but the cost of processing it will greatly affect the client’s wallet. Specialists recommend that you first familiarize yourself with the bank’s proposals, because all financial institutions present any product as profitable, but that doesn’t mean anything. Only carefully evaluating everything, you can save.