Many people in our country want to purchase housing through loans. Naturally, they are interested in whether insurance is mandatory for a mortgage in Sberbank? More details about this service will be described in the article.
Types of insurance
Mortgage insurance in Sberbank is of 2 types:
- life and health;
- property.
The first type of service is not considered mandatory, but in case of failure , the loan rate increases. Mortgage insurance at Sberbank is mandatory. By purchasing real estate, the client transfers it as collateral for the period that the contract is valid. Therefore, to refuse insurance on a mortgage in Sberbank will not work. Insurance is issued for the acquired object.
Decor
Insurance is issued upon conclusion of a loan agreement. If you need to extend the policy, then you can do this on the website of Sberbank. There are 2 products that customers can use:
- “Secure Borrower Online.”
- "Mortgage Insurance Online."
The first policy serves as protection against the risks of loss of health or death. And the second is designed to protect against loss, damage to real estate, which is a guarantee.
Secure Online Borrower Program
To apply for such a service:
- Go to the website of Sberbank;
- Visit the section “Insure yourself and property”;
- You need to find a service and connect it.
This program covers the risks of disability groups 1 and 2 and death. The amount of repayment is equal to the size of the loan to be paid. The policy is 1 year.
Online Mortgage Insurance Program
The policy for this program is extended on the site. To do this, find the appropriate section and activate the service. It covers the risks of the collateral object:
- walls;
- partitions;
- window;
- doors
- roof.
The insurance policy reimburses compensation for:
- fire
- gas explosion;
- lightning strike;
- natural disasters;
- illegal actions of third parties.
The term of the policy is 1 year.
Insurance companies
If a mortgage insurance is registered at Sberbank, then full compensation is guaranteed upon the occurrence of an insured event. The insurance company is operated by Sberbank Insurance.
Customers can choose one of 17 companies:
- VTB Insurance;
- Ingosstrakh;
- "RESO-Guarantee";
- "Absolute Insurance";
- Rosgosstrakh.
Each program offers its own conditions, puts forward requirements for customers. The contract is executed at Sberbank, after which the service begins to operate. Upon the occurrence of an insured event, each company guarantees compensation for losses.
Risk accounting
Insurance events include:
- damage to the object;
- Theft
- fire, flooding;
- gas explosion;
- disaster.
If the property is completely destroyed, there is a full repayment of the loan. Partial damage is also compensated. The amount of coverage is set individually.
Conditions
The conditions for providing insurance vary by company. Not all policies are accepted by the bank. It is important that he is suitable for all requirements of the lender. Sberbank works with firms that cover common risks. This allows you to be sure of a refund.
On the website of Sberbank you can find a list of companies issuing insurance. In this case, the creditor should not impose insurers with whom a contract has been concluded. The client can independently choose a company.
Features of the policy
Before mortgage insurance is issued at Sberbank, you need to pay attention to important aspects:
- coverage amount - under the standard contract, an amount equivalent to the loan with overpayment is assumed;
- the size of the company's premium - Sberbank borrowers are offered a single rate - 0.15% of the housing price;
- policy validity period - usually equal to the term of the contract;
- prolongation conditions - some firms increase interest rates after 1 day;
- early repayment - usually insurance premiums are returned when the loan is paid prematurely. If this information is not in the contract, then it may be difficult to return.
Insurance should be issued only if all the conditions for it are satisfied. It is advisable to read the rules of several companies in order to choose the appropriate one.
What is necessary?
What is required for apartment insurance for Sberbank? Mortgages with this service are issued together. To get a policy, you need a passport, a loan agreement, a certificate with an estimate of the value of the object. The last 2 documents set the price of the policy. The size of the insurance premium is affected by:
- condition of real estate;
- duration of the insurance contract;
- amount of risk.
Cost
How much does Sberbank mortgage insurance cost? The price is determined by the condition of the property and the value of the apartment. The company carries out individual calculations for all customers.
There is a choice of 2 options:
- the policy is bought for the entire cost of the apartment;
- the policy is purchased for the amount to be given to the bank.
The average rate is 0.225% of the loan amount. For example, real estate costs 3 million rubles, the first payment was 1 million rubles, and the policy is bought for the amount of the debt, then insurance for a mortgage in Sberbank will cost 4,500 rubles. The cost of the document is about the same in other institutions.
The policy is valid for 1 year. When it expires, it is possible to use the extension or execution of a new document in another company. It is acquired by making an annual contribution. There are no benefits in insurance.
Return
The borrower has the right to refund payments made for a time exceeding the term of the mortgage. There are some subtleties in this question:
- if the policy is valid for 11 months or more, the whole amount is returned;
- if the loan is repaid, and the policy is valid for another half of the term, the client receives half the insurance premium;
- if most of the policy has passed, then returning funds does not make sense.
How to return Sberbank mortgage insurance? It is necessary to submit an application, attaching to it a bank statement on the absence of debt. Refunds can also be issued for life and health insurance.
Life and health insurance
Life insurance for a mortgage in Sberbank is not a mandatory requirement. But usually employees insist on the design of services to reduce the risks of non-payment of debt. If you do not take out insurance, then the rate rises by 1%.
Life insurance for a mortgage in Sberbank involves the imposition of an additional financial burden, more than compulsory property insurance. But because of its advantages, the service is considered to be in demand.
What is life and health insurance for?
The policy guarantees reimbursement to the bank in case of loss of health and death. Since a mortgage is issued for a long period, Sberbank protects itself from such risks. For a client, the policy is considered a guarantee that in accidents his loan obligations will not be transferred to guarantors and relatives, as the debt is repaid by the insurance company.
If the borrower is temporarily incapacitated, his loan is also paid by the company. If you refuse to make such a service, the rate increases. The list of risks may include:
- death;
- disability;
- job loss.
Sberbank Insurance operates under the following programs:
- standard program - 1.99%;
- health and job loss - 2.9%;
- independent choice of parameters - 2.5%.
Title insurance
Sberbank offers title insurance, which includes property rights insurance. If a client paying a mortgage for a home loses the rights to it, then the insurer assumes all material obligations to pay the debt.
A borrower who has acquired an apartment on a mortgage is deprived of property rights in several cases:
- there are errors in the documents, because of which the transaction is recognized as invalid;
- discovered new copyright holders whose interests were not taken into account when concluding the contract;
- the person on whose behalf the transaction is executed is declared legally incompetent;
- fraudulent activities were used.
Title insurance is more suitable for secondary housing, as in new buildings, borrowers are the first owners. The rate for the service is 0.3-0.5%.
Documents
Mortgage insurance in Sberbank in Moscow and any other city is issued with the following list of documents:
- statement;
- passport;
- loan agreement.
Sometimes it is required to provide a contract of sale.
Pros and cons
Insurance has the following advantages:
- renewal through the site;
- no need to visit the bank and the insurance company, as all actions are carried out by the insurer independently;
- the policy is issued in electronic form;
- the price of the policy depends on the amount of debt;
- favorable rates;
- reliable transmission of information;
- the possibility of returning an insurance premium.
Of the minuses, the following aspects are distinguished:
- with a mortgage, a service must be filled out;
- although life and health insurance is not considered mandatory, the loan rate when you refuse it increases by 1%;
- the validity of the policy is 1 year, after which it requires an extension;
- document renewal with a reimbursement amount of 1.5 million rubles or more cannot be performed online;
- additional expenses.
Housing loans
Mortgage insurance covers all programs offered by Sberbank:
- Mortgage with state support. The first payment is at least 20%. The maximum term is 30 years. Overpayment is assigned individually, but from 11.4%. A commission with the issuance of a loan is not taken, but there are expenses for the assessment of real estate.
- Buying a finished apartment. Such a loan is issued upon purchase of real estate in the secondary market. The amount is issued from 300 thousand rubles at a rate of 12.5% and for a period not exceeding 30 years. The size of the first payment is determined by several factors, but not less than 15% of the cost of housing. The first installment is paid by maternity capital.
- Purchase of housing under construction. The terms of the loan under this program involves the provision of funds for the purchase of housing in new buildings. Its amount, as with the acquisition of a finished object, is equal to 300 thousand rubles. The minimum rate is 13%. Mortgage is issued up to 30 years. The first payment can be made at the expense of maternity capital.
- Individual construction of the house. A loan of 300 thousand rubles is issued at 13.5%. The first payment is equal to 30% of the cost of housing. A loan of up to 30 years is issued.
- Mortgage for the construction or purchase of a country house. The down payment is 30%, and the loan period is 30 years. Amount - from 300 thousand rubles.
- Military mortgage. Issued by military personnel. The amount is not more than 1 million 900 thousand rubles. The rate is 12.5%.
The requirements include a return of 21 years, and at the time of return should be a maximum of 75 years. You must have a working experience of 6 months. It is necessary to invite co-borrowers - up to 3 individuals.
To apply for a mortgage, you need a passport, application form, ownership, certificate of registration of law. You also need an expert opinion on the assessment and value of the object, cadastral and technical passport of the object. Along with the registration of a mortgage, an insurance contract is drawn up. But if home insurance is mandatory, then life and health are chosen at the request of the borrower. With these services, material costs increase. Therefore, it is necessary to carefully consider whether there will be material opportunities to pay for such services.