Mortgage restructuring at Sberbank Good evening everyone! I have been paying off my mortgage for ten years now. All this time I paid regularly, even ahead of schedule. The job was good, there was enough money, and the loan did not burden me.
But six months ago I lost my job. There was no time to look for a good job. Therefore, I got a job, so to speak, with the first one that turned up. It’s clear that I lost a significant amount of my salary. Paying rent has become not only difficult, but practically impossible.
Without waiting for calls from the bank, late payments, calculated penalties for non-payment, and even less the bank going to court against me as a negligent client. She came to the bank herself and submitted an application for debt restructuring. The mortgage restructuring at Sberbank was successful for me; my monthly payment was reduced by almost half.
What is the essence of loan restructuring?
Restructuring a mortgage loan involves changing its terms. This could be a reduction in monthly payments, a change in currency, or the provision of a temporary deferment of payments. The program can be used by clients of the country's main bank who are faced with financial problems and cannot pay the loan fee. The basis for this procedure is:
- salary reduction;
- loss of source of income;
- loss of ability to work;
- Holiday to care for the child;
- client's conscription into the army.
How to formalize restructuring for an individual?
Let's consider what a borrower should do if he urgently needs to restructure a loan, what solution Sberbank will offer and what it will require from the client.
Terms of restructuring
Sberbank offers its clients several loan restructuring options:
- The client’s debt on a loan in foreign currency can be converted into rubles. The unstable position of the national currency will not affect the size of the annuity payment.
- You can change the debt payment schedule by increasing the loan term. This will reduce the monthly payment amount.
- Temporarily delay the repayment period of the loan body, which will also reduce the amount of the annuity payment.
After studying the documentation provided by the borrower for restructuring, Sberbank may offer special conditions for the client. There is a possibility of changing the terms by lowering the interest rate. The period for final payment of the debt may be increased, thereby reducing the size of the annuity payment.
Requirements for the borrower
A decision positive for the client can be made if:
- the borrower does not have a damaged credit history;
- there are no late payments;
- the submitted documents are evidence of a change for the worse in the financial situation;
- there is a constant source of income.
If the borrower's income is credited to the Sberbank card, the person fulfills his obligations on time, this significantly increases the chances of a decision being made in his favor.
Documentation
You will need to provide the listed documents.
Identity card (passport).
Confirmation of permanent income - a certificate for 3 months 2-NDFL or in another established form, which contains all the necessary details:
- Full name of the employee;
- name of organization/state institution or military unit;
- postal address;
- accounting phone number;
- average income for 3 months;
- average deductions from wages for the last 3 months with a description of the type of deductions;
- signature of the chief accountant, write a transcript next to it and put a stamp.
In addition, such a certificate indicates what position the employee holds and what is his total length of service at the enterprise.
If the person submitting the application is an individual entrepreneur, a tax return must be provided.
Pensioners will be required to provide a certificate of assignment of pension payments using the forms used by the pension authority.
For citizens who have a place of work, they must submit a document confirming official employment. It can be:
- a copy of the work book certified by the enterprise;
- a copy of the employment contract certified by the enterprise;
- for individual entrepreneurs - a copy of the certificate of registration as an individual entrepreneur, notarized;
- an original or a copy, certified by a notary, of a license to engage in certain types of activities (if they are subject to licensing).
If the applicant himself is a notary, he will be required to present the original order of the territorial body of the Ministry of Justice of the Russian Federation on appointment to the position of notary.
Additionally, Sberbank may require the following documents to make a decision on loan restructuring in 2020:
- employer's order (copy), certified by the management of the employer's company, to reduce wages, to grant the employee leave without pay at the initiative of the administration;
- a copy of the notice, certified by the employer, that there will be a layoff;
- paper confirming the fact that the applicant is registered with the employment fund, indicating the amount of unemployment benefits;
- papers confirming disability, assignment of disability or death of the borrower/co-borrower;
- certificates for other loans available to the borrower or members of his family, indicating the amount of the remaining debt, term and repayment schedule.
If the change in terms concerns a secured loan, you must provide a copy of the insurance policy and a receipt for payment of the collateral insurance premium. If necessary, the bank may additionally request other documents.
Sample application for loan restructuring
A client who has contacted Sberbank with a request to restructure a loan needs to fill out an application using a sample that can be downloaded from the website.
It contains a request to provide the service of changing the terms of the loan, indicating the contract number and what date it is from. Next, the conditions under which the borrower wants to receive this service are stated. The debtor offers to accept or replace the security under the specified agreement. This may be a guarantee from another individual, a pledge of a car or real estate.
The following describes in detail the reason that brought the client to Sberbank to solve problems with the loan.
A guarantor may participate in the loan agreement; then it must be stated that he has been notified of the borrower’s application to Sberbank in order to make changes to the terms of the loan agreement.
Sample application for loan restructuring
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Questionnaire
You can apply for loan restructuring at Sberbank online by going to the financial institution’s website. A form will appear, fill in the required fields and click the “Submit” button.
In the program, you can fill out a form following the system prompts. It is also possible to submit an application at the office division of Sberbank. The documents required for provision are prepared in advance, then a questionnaire is filled out for restructuring the loan at Sberbank. You can download it in pdf format.
After sending the online application, a Sberbank specialist will call the client. You can discuss the details of the proposal with him.
Methods for restructuring a mortgage at Sberbank
Mortgage restructuring at Sberbank can be carried out in several ways. To choose the right method, you should study the financial condition of the borrower and analyze his situation. Basic methods of mortgage loan :
- change in currency - relevant for converting foreign currency mortgages into rubles, due to changes in the exchange rate;
- increasing the lending period will reduce monthly payments and reduce the financial burden of the bank client;
- grace period - it is also called credit holidays. During this time, the borrower does not need to make monthly payments or only repays the principal without paying interest.
Types of restructuring
If you submit a request to revise the terms specified in the loan agreement, the manager will offer several solutions related to restructuring:
- personal payment schedule;
- extension of the agreement;
- credit holidays.
Important! To choose the appropriate solution to the problem, please consult Sberbank managers.
Personal payment schedule
Each applicant for a loan is of great importance to the bank, since the return of the loan amount, together with accrued interest, is the main source of profit for the financial institution. Loan debt restructuring is offered to consumers for the same reason.
The monthly payment schedule is selected individually. This type of restructuring is often preferred by citizens whose source of income depends on the season. An example is employment in agriculture. The payment plan is drawn up taking into account the period in which the borrower's profit is highest. At this time, the amount of mandatory payment will be higher, and at other times – lower.
Important! The personal payment system is used in rare situations. This is explained by the high cost of effort and time for development, as well as the availability of simpler methods of loan payment.
Expert opinion
Anastasia Yakovleva
Bank loan officer
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Credit holidays
At Sberbank, the restructuring of consumer loans includes. Its essence is to defer the repayment of the principal amount of the loan. This does not mean that during this period the borrower is completely exempt from payments, since interest will still have to be paid.
The remaining debt will be divided into equal proportions in accordance with the time that will be transferred. As a result of the changes, the amount of mandatory monthly payment will increase.
Contract extension
In the restructuring department of Sberbank, in order to reduce the size of the monthly payment, the consumer may be offered to increase the number of payments or extend the term of the loan agreement. The principal debt will be paid in installments a greater number of times than was agreed upon in the original agreement.
As a result, the borrower's debt burden will decrease, but the total amount of money deposited at the interest rate will increase. If we take into account inflation and regular salary increases, the final amount of debt will equalize. The calculator will help you calculate the amount of payments.
What documents does the client need to prepare?
An individual who has applied to Sberbank for loan restructuring needs to prepare the following package of documents:
- Russian passport;
- salary certificate;
- a copy of the work book;
- a document confirming a difficult financial situation.
Smirnov Nikolay
Consultant
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This list of documents is current for 2020. In other periods it may be changed. Sberbank may request other documents from the borrower at their discretion. The client must be prepared to submit all documents. In addition, he must have an ideal credit history.
How to restructure a loan if Sberbank refuses?
If you contact Sberbank for loan restructuring, you must be prepared that decisions are not always positive for the client. In such cases, you need to have several additional options:
- Refinancing: You can take out a loan to pay off the loan or refinance the loan. This can be done both at Sberbank and at any other bank. Then you will receive not money, but an application for repayment of the first loan and a new loan agreement with changed terms.
- Loan from an individual: if Sberbank refuses to restructure your loan, it is better to turn to friends, relatives, acquaintances and collect the required amount, and then pay it back in installments and without interest.
- The services of microcredit organizations are an extreme case.
- Another extreme case is declaring yourself bankrupt. Only a court can make a decision to declare you bankrupt, but if this happens, Sberbank will be forced to write off your debt. In this case, your credit history will be completely damaged and you will definitely not be able to get a new loan from Sberbank.
How the procedure works
Based on the documents received from the client, Sberbank decides whether to restructure the mortgage or not. If a positive decision is made, the client will be invited to a bank to sign an agreement. a mortgage with Sberbank begins with the submission of an application. It can be submitted online or in person at the office. The application will need to indicate the circumstances due to which it is impossible to repay the mortgage. Next you will need to wait for the application for restructuring .
The bank allows a maximum of 10 working days for this. You can find out the status of your application by contacting a Sberbank branch or calling its hotline at 8-800-555-55-50. At the final stage, a new loan agreement is signed and the client receives a new payment schedule.
What is restructuring?
Loan restructuring is a change in the terms of an existing loan agreement (increasing the loan term, deferring debt payment, reducing interest on the loan, replacing the currency) to facilitate debt repayment for borrowers who find themselves in difficult life situations.
When incomes have fallen, late loan payments become commonplace, debt grows like a snowball and there is no way out of this situation, the best option may be to change the terms of the loan.
Changing the terms of the loan agreement (and this is what restructuring is) is intended to make it easier for the borrower to repay the debt. We emphasize: not to reduce the loan burden, but to make it possible to repay the loan in a difficult life situation.
The bank is no less interested in repaying the loan than the borrower. It’s also about not losing profits. Therefore, in almost all cases, restructuring entails an increase in the cost of the loan for the borrower, but due to changes in conditions, this increases in cost, and the payments themselves are not perceived by the client as excessive.
How is restructuring different from refinancing?
Many borrowers, both current and potential, confuse the concepts of restructuring and refinancing, mostly by accident. Let's delve into the essence of these categories, separate them and give examples.
So, restructuring. The term became popular when the program of the same name appeared. Borrowers were offered to restructure the debt in order to reduce the burden on the family budget.
This means that the bank, as it were, “stretches” the payment of the remaining debt over a longer period than was previously stipulated in the payment schedule under the current loan agreement.
Moreover, the changes are made within the framework of the same loan agreement. Thus, due to an increase in the loan term, the payment amount is reduced, which allows the borrower in many cases to avoid the occurrence of overdue debt and the need to pay penalties and fines.
For the bank, this circumstance also plays into the hands of the bank, since the presence of overdue debt negatively affects the financial result of the bank’s activities. Thus, only an existing bank client with a loan agreement can become a participant in the restructuring.
Restructuring - new payment schedule and old contract.
Restructuring programs began to be launched by banks at the end of 2008 - beginning of 2009, when overdue debt increased sharply due to the onset of the global financial and economic crisis.
At the same time, the programs of various banks assumed both maintaining the current interest rate and increasing it compared to the one specified in the loan agreement. It depended mainly on the circumstances in which the person found himself.
Someone lost their job (accordingly, there is an entry in the work book about the layoff), and someone simply had their job size reduced (this could be seen on the 2NDFL certificate). In this case, the bank maintained the interest rate. In other cases, the rate was increased by several percentage points. But everything depended on the specific bank.
Let's give an example: a client signed up for 100 thousand rubles for 5 years. Let him pay 30 thousand rubles in 2 years. At this point, difficulties arose with payments. The client, if there is an appropriate program at the bank, has the right to apply for debt restructuring.
In this case, the balance of 70 thousand rubles under the same loan agreement is “stretched” for 5 or 10 years instead of the required three. This reduces the size of the payment.
Moreover, if the client pays according to the new schedule, then his final overpayment will be greater than what it would have been with the original term of 5 years. Although, most banks have the possibility of early repayment of a restructured loan.
Now let's turn to the term “refinancing”. It means that the bank client issues a new loan, at the expense of which the previous one is repaid (the loan agreement terminates), and the borrower repays another loan according to a new schedule under the new loan agreement.
As can be seen from this definition, refinancing programs are targeted. That is, a new loan is issued only to repay the old one. As a matter of fact, a new loan would not have been issued if the bank did not have guarantees that the funds would be used to repay the existing loan.
How to get these guarantees? The fact is that refinancing is carried out non-cash, that is, the client does not receive cash in hand. Thus, the debt under the previous loan agreement is automatically repaid, and a new debt arises under the new loan.
Refinancing is possible both to repay a loan in another bank, and in the one where the loan that is planned to be repaid was originally issued.
What else is important to know: The remaining payment on a car loan is a lending program that allows you to purchase a new car every 2 years
If a loan from another bank is refinanced, then as a mandatory document confirming the targeted nature of the transfer of funds, it will be necessary to provide a certificate of the balance of debt under the loan agreement.
And it is this amount, penny for penny, that is transferred under the new loan agreement. A synonym for the word “refinancing” in this context is refinancing.
A logical question arises: why should on-lending be used? What is the point of changing one bank to another. Refinancing makes sense only if the cost of the loan (interest rate), (or other conditions) of the new loan is less than the previous one.
Actually, this is what this operation is for. With a lower loan cost, the final overpayment will be significantly less. The payment on a loan with a lower interest rate may also be lower.
But in reality, many Russian borrowers use the refinancing instrument incorrectly. With high debt levels, they try to get a new loan in order to cover the previous debt.
In this case, the cost of the loan is not taken into account. As a result, not only do your monthly payments increase, but your debt also increases. Over time, the borrower along the chain begins to apply for loans from other banks to repay previous ones, which only aggravates the problems.
Refinancing - a new payment schedule and a new loan agreement.
So, the refinancing scheme is beneficial only if the interest rates of each subsequent loan are reduced (maybe some other loan conditions are improved). Recently, programs for refinancing mortgage loans have begun to appear.
This is especially true when, after 5–7 years, when the economic situation in the country changes (or in the event of the launch of any local marketing campaign by a specific bank), the overall interest rates decrease, and it is more profitable to issue a new loan, thereby reducing overpayments.
Moreover, this type of refinancing program applies both to loans issued by the same bank and by another credit institution.
When is it required?
Experts recommend applying for restructuring as soon as you feel that it is about to become impossible to pay the loan.
For example, if you were fired from your job or went on long-term sick leave. There is no need to be shy: for bank employees, such requests from borrowers are commonplace. While you are not yet in arrears, you have a greater chance of restructuring the loan on decent terms.
Another thing is that not every bank will agree to change the loan parameters.
The bank itself approaches the client with a proposal to change the terms of the contract if there is a delay (usually two months) and the client does not have liquid property that could be recovered to pay the debt.
Here are a few conditions without which your application for restructuring will not even be considered:
- the borrower has documented valid reasons (sharp reduction in income, dismissal due to closure of the organization, etc. - see the full list below);
- the client has not previously restructured or refinanced loans (use in its various forms is also taken into account, so be careful);
- the borrower had no late payments before the current loan;
- The client's age does not exceed 70 years.
In some banks (VTB24, Alfa-Bank and others), a mandatory condition for restructuring may be a two-month delay on the current loan - clients are turned away if they come with a request to change the terms of the contract earlier.
What benefits can the procedure bring?
By reducing the monthly loan burden, the borrower gets the opportunity to:
- not to permanently ruin your credit history (usually data on arrears lasting more than 2 months is transmitted to the National Bureau of Credit History);
- avoid litigation with the bank (this is a mortal sin for your credit history, and few people like to participate in litigation);
- preserve your property from forced collection;
- repay the loan within the new established period.
For the bank, restructuring is also a positive phenomenon, since it allows it to reduce the number of problem loans (the presence of a large number of loans overdue for more than 120 days may become the basis for an inspection by the Bank of Russia and for the revocation of a license).
Whose loans can be restructured?
Banks have a list of categories of clients that can be included in restructuring programs. Among them:
- employees laid off due to layoffs or due to the closure of an organization;
- employees whom the employer has officially notified of a salary reduction;
- Individual entrepreneurs whose business has suffered serious losses;
- holders of foreign currency loans affected by devaluation;
- victims of natural disasters and major accidents.
Belonging to any of the listed categories must be documented. Any official documents are accepted, but preference is given to approved forms (2-NDFL, 3-NDFL, certificates from the employment center, and so on).
A story from life. “My husband has two loans - from Sberbank and Raiffeisen, this year his salary was reduced, and I’m on maternity leave. We can’t pay 15,000 a month anymore.
My husband went to both banks, but they didn’t even count him anywhere: they said, if you bring a certificate of salary reduction, then we’ll offer a deferment for six months. And his salary is 80% gray, you can’t prove anything. Now, apparently, we will look for other options.”
Slightly different rules apply when considering restructuring for mortgage holders. Here the factors are:
- housing purchased with a mortgage must be the only one;
- net income for each family member (excluding mortgage payments) - no more than three minimum wages;
- there is no property that can be used to repay loans (car, securities, real estate).
Advantages and disadvantages of mortgage restructuring
Restructuring at Sberbank is associated with positive and negative aspects. The benefits for the client are:
- reduction in monthly payments;
- no fines or penalties will be imposed;
- credit history will remain positive;
- the mortgage can be paid even with a reduced income.
Loan restructuring is beneficial for the bank in that it will be able to resolve the problem without going to court, avoid all risks and retain the loyalty of the borrower. For individuals, this procedure may be inconvenient because it will lead to a total overpayment on the loan . Another disadvantage of mortgage restructuring at Sberbank is that the bank may refuse to carry out this procedure. He can find many reasons for this.
Types of Restructuring
You need to know what types of debt can be restructured. First of all, the client must find out whether his loan is eligible for contract restructuring. Some restrictions may apply here. Not every application will be accepted by a financial institution for consideration. Based on reviews from Sberbank clients, it can be judged that this is not an easy procedure and there are cases when the bank is forced to refuse.
Customer credit
A loan for unspecified purposes (consumer), as a rule, is issued for small amounts. Funds allocated for this form of loan range from 30 thousand to 300 thousand rubles. If you encounter difficulties with your monthly payments, you should contact Sberbank; you should not wait for arrears to arise.
After submitting documents sufficient to confirm the borrower’s predicament, Sberbank will accept the individual’s application. A decision will be made during the review of the documents and application. A consumer loan is included in the list of loans subject to restructuring.
It is important to understand that if the borrower has several such loans, then these funds are used to purchase items that are not important for life. Sberbank may refuse a request for restructuring, offering the client to sell the purchased items as a way out of a difficult situation. This may apply, for example, to a car if it was not purchased for solving life issues (for work or transporting a sick family member).
A refusal of a service to a client is possible if the job was lost not due to staff reduction or reorganization of the enterprise, but at the request of the employee himself. Such a reason is not valid and the application will not be accepted for consideration.
Credit cards
This form of lending does not participate in the loan restructuring program. Using a credit card involves short-term loans. They are usually valid for no more than 2 years. For example, consumer loans can last up to 7 years. The limit on the card is usually small. Larger amounts may be set for clients who have proven themselves as users.
Mortgage
The most popular type of loan when applying for loan restructuring. These loans are issued for the purchase of housing under construction or already completed. The amounts are significant; accordingly, the monthly payment makes up the main share of the family’s expenditure budget. If the borrower did not take out an insurance policy, there is no way to receive compensation from the insurance when the fact of loss of health occurred.
When the financial situation changes for the worse, not everyone is able to continue to pay the loan debt on time. In this case, you should initiate debt restructuring as quickly as possible by filing an application. The apartment for which the loan was issued is pledged to Sberbank. If there are no regular mortgage payments, the bank will be forced to put the home up for sale.
If the borrower has no other housing, Sberbank will take this into account and try to help its client. Therefore, you need to submit documents for mortgage restructuring as quickly as possible.
Sberbank is always ready to meet you halfway. After analyzing the application, he will select a suitable option for repaying the debt.
