Making a loan is the easiest way to purchase property that you can’t buy immediately and for cash. However, this is not always a good idea. Often, long-term loans turn into real bondage, as the borrower is not able to repay them. In this case, a straw for a drowning person is a loan to Sberbank. How is it carried out? And under what conditions? We are talking about this further.
Brief summary of on-lending
Re-lending is a new loan, providing an opportunity to repay an old loan. In this case, the previous loan must be reissued for a large amount in another bank. And although such programs are far from being available at all credit organizations, they are at Sberbank of Russia. We will tell you more about how on-lending works at Sberbank.
Sberbank loan refinancing programs
Currently, the following loan programs are in effect at Sberbank:
- for refinancing housing loans;
- consumer lending for refinancing.
What is this mortgage refinancing program?
If you have a large and overwhelming mortgage loan, it makes sense to choose a loan refinancing with Sberbank. Moreover, this program is designed not only for the full repayment of an “expensive” mortgage, but also for a new loan for the construction of a residential building or apartment at will (provided that you obtain permission to own property). So, what are the conditions for such a loan?
Describing the conditions for granting a loan, we will be extremely brief. First, a loan is issued in national currency and in the amount of at least 300,000 rubles. In turn, the maximum that you can count on is for an amount not exceeding 80% of the total cost of secondary or primary housing - one, and no more than the balance of your debt on a previous loan - two. By the way, when securing collateral with the property, the total loan amount will also not exceed 80% of the experts' assessment.
Secondly, on-lending at Sberbank involves taking a loan without a traditional fee for issuing loans for up to 30 years.
What are the interest rates on mortgage refinancing?
The rate for the mortgage refinancing program at Sberbank directly depends on the estimated maximum term for the loan issued, as well as on whether you are a payroll client of this financial institution. For example, for a period of up to 10 years, the loan rate for salary clients will be 13.75%, up to 20 years - 14%, and up to 30 - 14.25% per annum. If you are not a client of Sberbank and get a loan here for the first time, feel free to add another 0.5% per annum to the above-mentioned base rate.
What are the requirements for collateral?
If you want to receive a loan from Sberbank, be prepared to provide collateral. As it is possible to provide ready-made or under construction housing, for which a mortgage loan had previously been issued. Or you can pledge any other valuable property equivalent to the amount of the loan issued. If you wish, instead of material security, you have the right to deposit a deposit of at least 3,000,000 rubles.
Insurance: is it necessary or not?
When drawing up a loan refinancing agreement with Sberbank, be prepared for compulsory insurance. In particular, you have to insure your collateral against possible damage, loss or complete destruction as a result of a natural disaster. The term of insurance directly depends on the duration of your loan agreement.
Is it possible to refinance at Sberbank and for whom?
Re-lending is possible for Russians, but on condition that they meet the established requirements of the bank. What are these rules? For example, at the time of applying for a loan, you must not be younger than 21 years old, but not older than 75 years old. You must also have six months of experience at your current place of work and total experience of the previous 5 years - from 1 year.
In addition, mortgage lending involves the involvement of at least three co-borrowers. These can be individuals, but with income corresponding to the maximum size of a bank loan. One of the co-borrowers may be your legal spouse or spouse.
What documents are needed for registration?
Answering the main question “is it possible to make on-lending at Sberbank”, we say: “Yes. It is possible.” Subject to bank requirements and the following documents:
- passports
- the original birth certificate of children (if any);
- the original marriage certificate (if you are a member of it);
- passports and documents that indicate a relationship with you (if your relatives act as co-borrowers), etc.
This is a general list of documents. However, it can vary and be supplemented by decision of the bank.
How to repay a mortgage refinancing loan ?
A similar loan is repaid in monthly annuity (in other words, equal) amounts. Repayment is carried out in the following ways:
- at the cash desks of bank branches;
- in self-service terminals;
- at ATMs;
- using online banking;
- through a mobile bank.
Is it possible to re-loan a car loan at Sberbank, we will tell further.
Consumer lending program
In addition to the mortgage, many borrowers may have problems with car loans. Here are just a refinancing of such loans is not provided. However, Sberbank has another consumer loan program for these purposes with a view to further lending. What are the features of this banking product?
The main feature of this program is that it can be used to repay up to five current loans received from other lenders. For example, it can be consumer loans, car loans, as well as current debts on a current overdraft or plastic card.
In addition, when meeting the requirements of the bank, each borrower has the opportunity to receive the required amount without submitting a work book and income statement. In addition, this program does not imply a fee for issuing a loan amount and does not require a collateral.
What are the loan conditions for the consumer program?
You can apply for this loan online or with a personal visit to one of the existing branches of the organization. It is usually provided in national currency, the loan term is at least 3 months, and at most 5 years. Moreover, the allowable amount should not exceed 1 000 000 rubles, and the basic interest rate starts at 17.5%.
What are the loan requirements for refinancing?
This program is characterized by a selective attitude to loans subject to refinancing at Sberbank. So, for example, the current loan term should not be less than six months, and at least three months before the end of its repayment. In addition, your problem loan should not be past due. At least six months, you must regularly repay it and avoid delays.
What are the requirements for borrowers?
Unlike the previous program, persons aged 21 to 65 can apply for this loan. All other requirements, including general and current work experience, are identical. That's how re-lending at Sberbank works. Customer reviews will help you get a general idea of the programs.
What do they say about Sberbank refinancing programs?
In order to understand how beneficial refinancing programs are at Sberbank, we turn to the reviews. For example, some citizens like mortgage on-lending, as it allowed them to take off the burden of an excessive loan. Others consider the conditions of a consumer loan to be the most attractive for the purpose of further refinancing, since they allow you to block up to five large loans. Third is not satisfied with the involvement of co-borrowers. Fourth people like an acceptable percentage and no commission.