Refinancing is a refinancing of a debt obligation in another bank on more favorable terms. You can refinance any loan and even a mortgage, but only if you fulfill your obligations to banks in good faith. Relending is very beneficial for the borrower, because interest rates are getting lower and lower every year. Almost all large banks, including VTB, are engaged in these operations.
Refinancing conditions at VTB
Mortgage refinancing can be classified as targeted loans, since funds are issued for a specific purpose - to repay a mortgage previously taken from a financial institution. The amount of on-lending at VTB differs depending on the region, for example, residents of Moscow and St. Petersburg can receive up to 30 million rubles, and Vladivostok - up to 15 million rubles. It should be noted that it is not necessary to have a permanent residence permit in the region of filing an application for refinancing.
VTB puts forward a condition according to which the loan amount can be no more than 80% of the cost of an apartment (house). The maximum loan term when providing a full package of documents is 30 years. Registration takes place without commission, early repayment is possible without restrictions.
VTB puts forward a condition according to which the loan amount can be no more than 80% of the cost of an apartment (house). The maximum loan term when providing a full package of documents is 30 years. Registration takes place without commission, early repayment is possible without restrictions.
In 2018, VTB reduced and increased the interest rate several times. At the end of the year, the minimum mortgage refinancing rate is 9.7% in rubles. A salary client of VTB, as well as employees from the People of Business program (for example, teachers, doctors, police officers, tax officers) can re-lend an existing mortgage on these conditions.
The bank tries to protect itself from all sides, which is why, when refinancing, the borrower will be asked to sign an insurance contract for risks, namely life and disability, acquired real estate and property rights. If the client agrees to conclude an insurance contract only for the loss or damage of the purchased property, the interest rate will be increased to 10.7%.
Instructions for registering mortgage refinancing at VTB
Before contacting the bank, you must collect a complete package of documents, which consists of the following items:
- loan application;
- borrower's passport (original);
- SNILS and TIN of the borrower;
- income statement, as well as a copy of the work book, certified by the organization;
- military ID for men under 27 years old.
In addition, you will need documents for the old mortgage, namely:
- information from the bank on the quality of mortgage repayment;
- information on the residual debt on the principal loan and accrued interest.
If the borrower has previously fulfilled its obligations in bad faith, refinancing at VTB is impossible.
To refinance a mortgage, you must submit an application to VTB. This can be done through the official website and at any branch of the bank. The application must be submitted together with the above package of documents. The decision is made by the financial institution within one week. If the answer is positive, the borrower will be issued a bank card, from which payments will be debited on a monthly basis.
