The possibility of reducing the interest rate on mortgages today is one of the most pressing issues among borrowers. Especially for those who signed the agreement a while ago before the percentage of refinancing of the Central Bank decreased. The government adopted a decision to reduce the interest rate on mortgages back in 2017. Following the adoption of this measure, banks were asked to lower tariffs, but in reality the difference was from three to five points or more.
Who should I contact?
Clients on open contracts are entitled to write a statement on the reduction of interest rates on mortgages to a financial institution offering favorable conditions. Factors include the following situations:
- The birth of a child along with the appearance of additional expenses.
- Deterioration of general financial condition, change in health status or job change.
- The desire to pay the loan ahead of schedule on favorable terms.
After applying for a decrease in the mortgage rate, a monthly payment may decrease along with a change in the amount, which may favorably affect the general financial condition of the actual payer.
Rate Reduction Types
How can I reduce mortgage interest? There are several options for procedures with their own requirements and conditions. Customers can choose the most suitable type for themselves. Known options for lowering mortgage rates:
- Refinancing procedure in which an agreement is signed on new terms. One bank reissues the transaction, but you can also apply to another financial institution.
- Restructuring is executed as part of the conclusion of an additional agreement to the basic contract against the background of a change in the interest rate on the loan program in the institution where the security was provided. The document indicates the agreement between the financial institution and the client on the effect of the new conditions for payment of interest and recalculation of the assessment of the contract and payments.
- Changes in social support. Some mortgage amount is paid at the expense of state assets, for example, under the program "Housing" or "Young family". Funding in the first payment is allowed, which is required to lower the rate.
- Appeal to the court. In the event that the client finds out that some mortgage conditions, including the allocation of interest for the use of money, do not comply with the law and the rules of the Central Bank, or if there are any violations with the calculations, then you can go to court. To do this, draw up an application to lower the mortgage rate or to change the terms of the transaction.
Statement
When applying, it is possible to reduce the interest rate on a mortgage at Sberbank. A sample statement is presented above. On it and should be a document for any bank.In the paper on top, in the header, they fix to whom the appeal is intended, in addition, personal data, a passport along with registration and the contract number are communicated. The main part indicates the request to reduce interest on a certain agreement (a number is entered there with the date it was drawn up) for specific reasons, for example, due to a drop in the mortgage rate. The application for lowering mortgage interest indicates the method by which it is required to notify the decision: mail, in person at the bank’s office, by email, by SMS.
At the end of the application for reducing the interest rate on a mortgage, a name with a phone number, signature and date must be indicated in Sberbank or in any other financial institution. The bank will consider the application, and then make a decision. Due to the excessive number of receipts of such applications, the answer may not come immediately. Typically, the maximum time limit is no more than thirty days from the date of filing the application for a rate cut at Sberbank or another financial institution.
Conditions
How can customers reduce mortgage payments? Before applying for a reduction in the interest rate on a mortgage, you must ensure that the following conditions are met:
- The term of the agreement is from four to six months; in each institution it can be different.
- Lack of delay, non-payment throughout the entire period.
- Confirmation of solvency along with a positive credit history.
- The possibility of attracting guarantors.
- The liquidity of real estate, along with the lack of claims from past owners.
- The consent of the spouse.
- New interest applies to the balance of the agreement and debt. Recalculations for the full period are extremely rare.
The contract execution procedure can be developed according to the following three options:
- Alert bank customers by the founder of a change in mortgage conditions against the backdrop of the provision of a favorable regime. Messages are forwarded to phones, but various notifications can also be sent to mail and email addresses. Often such a newsletter is massive, but situations of bank loyalty to a particular borrower arise, which regularly make a payment for a long time under the old conditions.
- In the event that borrowers learn about the possibility of lowering rates on the basis of a change in the program, then the initiative lies solely with customers. After receiving a message or letter about a reduction in the interest rate on a mortgage, they need to contact the organization’s management with a statement, and then get a decision by signing an agreement on a mortgage agreement or a document on other conditions.
- The client analyzes the mortgage situation in the region. If there is a decrease in the rate in other financial institutions, then he can apply for refinancing.
These are the main options on how to lower the interest rate. Each procedure will require competent clearance. Only then will it be considered valid.
Conditions at Sberbank
Is it possible to reduce interest if the loan was issued at Sberbank? This procedure is performed on their own terms. This institution has a program called Refinancing. The rate on it is 13.9%. Previously, the contract was drawn up at fifteen percent, and using this procedure it will be possible to save 1.1%. For example, with a loan of two million rubles, the benefit will be two hundred twenty thousand.
According to this scheme, the procedure of loan re-lending to VTB24 works if a new agreement is drawn up at Sberbank. Re-lending under the restructuring scheme is allowed. Probably a decrease or increase in the terms of debt payment subject to a reduction in interest rates at Sberbank.
Salary Clients
In the event that there is a salary card of Sberbank, then customers have advantages. If it is absent, then the rate increases by 0.5%.If the plastic was drawn up after signing the documents, then you must submit an application for reducing the interest rate on the mortgage to Sberbank, in which this circumstance should be indicated. The application will be considered and subject to a positive decision, the rate will be reduced.
Promotional Offers
This is another way to lower interest rates at Sberbank. Promotional offers are initiated by partner developers, as well as the institutions themselves. Their list can be found on the official website. As a rule, offers appear immediately before the holidays or significant dates. Stocks have a limited validity period. For those who wish to participate, special conditions are set that differ from the usual mortgage.
What are the pros and cons?
Re-issuance of documents in the presence of the possibility of reducing the interest rate on the mortgage should not be postponed, as this will reduce the financial burden on customers under the following conditions: recalculation of the entire amount, reduction of payment, reduction of insurance, reduction of the term of the agreement and payment of debt.
But this service also has drawbacks, for example, it is required to conduct a secondary assessment of the pledged property by the company, because of this additional expenses are required. The commission is set by the new bank. Its size may be different in each financial organization.
Reasons for Denying Bank Clients
It should be noted that there is no law on reducing interest rates on mortgages, according to which banks are required to recalculate interest to a client who has already taken it earlier. Changing the terms of the contract in the absence of serious violations on either side is possible only with the mutual consent of the parties.
With the help of rates, banks cover risks. If borrowers regularly pay on obligations, do not miss payments, and have stable earnings with a positive reputation, then such customers are unlikely to be refused a reduction in interest. But refusals, as a rule, follow in the presence of low payment discipline. Banks take into account various factors. Of great importance is the amount of the balance.
In the event that the client has paid about ninety-eight percent of the debt, then making the change will be inappropriate. When they refuse a bank in which a mortgage is issued, then you do not need to be upset. Borrowers have the right to apply to other organizations for refinancing. Thus, it will be possible to choose the most attractive conditions for lending.
Lower interest rates on mortgage loans at VTB in 2019
Clients of this bank will be able to receive a rate equal to 9.7%, extend the mortgage time to thirty years, and receive an amount of up to thirty million rubles. Mortgage refinancing is possible for only two references. In the event that a person wants to receive benefits on money issued earlier through standard refinancing, then you need to prepare: a passport along with SNILS, military ID (for men), a certificate (in the form of 2-personal income tax), a copy of labor, loan documents and with the consent of the bank for refinancing (this is required in some cases).
How to reduce mortgage interest at VTB?
In order to reduce the interest rate on a mortgage at VTB, you should contact the branch of a banking institution with a statement addressed to the head of the credit institution. The reason, as a rule, is indicated by a decrease in initial rates. This can be done absolutely in any branch of VTB. The application for reducing the interest rate on the mortgage also indicates the full name along with the passport data, registration address, number and date of conclusion of the contract, current and desired loan rate, loan terms, postal or electronic contact. As part of the design of the procedure for lowering interest, the following tips are required:
- It is important to get acquainted with the consequences of changing conditions.Information that is provided on request from an electronic calculator online on official sites is far from always valid. During calculations, usually do not take into account the terms of the commission payment, insurance is counted at the lowest rates with an incomplete set of services provided, are not taken into account in the amount of the cost of re-evaluating the property. Details of tariffs can be found after contacting the bank.
- To lower the rate under the new agreement, it is possible to use additional methods that guarantee payment, for example, attracting guarantors and co-borrowers, including.
- As part of the renewal of a mortgage agreement at a reduced rate, it is advisable to contact the bank where a salary project is provided or other payments are made to borrowers or there are active deposits. Concluding a more profitable contract with this institution will be much easier. Thus, customers have the right to lower rates under a mortgage agreement in several cases. Such a procedure reduces the financial burden, so paying the balance will be somewhat easier.
Thus, recently, such a type of lending as mortgage has become very popular. There were times when customers had to take it at high interest rates. But now the bid can be reduced. To do this, you must write a statement on reducing the interest rate on a mortgage to the bank, offering the most favorable options for conditions.
