Having decided to take out a mortgage loan, you need to become thoroughly familiar with the issue of insurance and find out how much insurance for a mortgage at Sberbank will cost, whether it is mandatory and under what conditions it is issued.
The insurance clause is specified in the loan agreement. It also says that in the event of termination or non-renewal of the contract personal insurance(the usual term of such an agreement is 1 year), the bank has the right to increase the interest rate. The insurance clause in the Sberbank loan agreement looks like this:
Insurance is a prerequisite for obtaining a subsidized mortgage at an attractive rate of 11.4%.
If you take out a mortgage from Sberbank, the housing being financed, according to the law of the Russian Federation, is subject to compulsory insurance, which reduces all risks to a minimum. If the property is lost or damaged, the borrower will receive the amount specified in the contract, which is redirected to Sberbank to repay the loan funds.
How to choose an insurance company for taking out a mortgage at Sberbank
Although there are many insurance companies, a subsidiary of Sberbank is Sberbank Insurance, here you can insure your apartment and get a policy.
In almost all Sberbank branches, mortgage managers most often hear that borrowers can only insure their life and health under a mortgage agreement with Sberbank Insurance. But this is not so: in fact, you can insure your life and health in any insurance company accredited for this type of insurance by Sberbank. The clause on insurance in accredited companies is stated as follows:
The borrower has the right to insure life and health in any insurance company that meets mandatory requirements Bank to insurance companies and terms of provision of insurance services.
As of May 2017, 21 companies are accredited with Sberbank for personal insurance:
- "VSK"
- "AlfaStrakhovanie"
- "Absolute Insurance"
- "Sberbank life insurance"
- "SOGAZ"
- "Zetta Insurance"
- "Ingosstrakh"
- "RESO-Garantiya"
- "National Insurance Company TATARSTAN" (JSC "NASKO")
- "Rosgosstrakh"
- "SK "PARI"
- "Renaissance Insurance Group"
- "RSK Sterkh"
- "SF "Adonis"
- "SK "RegionGarant"
- "SG "Spassky Gate"
- "Insurance Company "Surgutneftegaz"
- "Liberty Insurance"
- "Helios"
- "Insurance company "SDS"
- "Chulpan"
From June 1, 2016, you can return money for imposed insurance. This also applies to personal insurance for a mortgage. However, remember that the increase in the interest rate, if it is specified in the contract, has not been canceled - it will increase if there is no insurance.
Apartment insurance
Apartment insurance includes the following risks:
- Fire, explosion, flood.
- Robbery.
- Natural disasters.
- Damage or destruction of property by third parties.
The cost of insurance is determined by the borrower himself. It can be equal to the price of the apartment or the balance of the debt. In the latter case, as the debt decreases, the policy value decreases.
The insurance policy is issued for 1 year, so it must be renewed every year.
Life and health insurance
If apartment insurance is mandatory, then life and health insurance for a mortgage is voluntary. By insuring his life, the borrower will protect loved ones from obligations if, in the event of force majeure situations, he loses his previous financial condition. The life insurance policy includes the following risks:
- Disability or serious illness.
- Death.
- Short-term loss of performance.
Depending on the selected risk, Sberbank offers its own conditions for compensation. If in the event of death or lifelong disability the insurance company fully covers all debts, then in the case of temporary disability, funds are covered for the period when the borrower was unable to work (confirmed by sick leave).
Apartment insurance under a Sberbank mortgage is included in the list of mandatory conditions for registration housing loan. Property insurance acts as a guarantee for a financial institution regarding the safety of the property in proper condition until the loan is repaid in full. Before you start registration mortgage agreement, you should carefully study the terms of insurance and other nuances of the procedure.
Clients interested in registration mortgage loan at the Savings Bank may be faced with a number of certain requirements, the fulfillment of which is considered mandatory for concluding an agreement. First of all, the official condition is home insurance for a mortgage with Sberbank.
Such a categorical requirement to insure collateral real estate is based on the bank’s desire to minimize its own financial risks. Insurance is issued in favor of the institution and guarantees the preservation of the good condition of the apartment throughout the entire duration of the contractual relationship. In case of property damage, the bank will become the beneficiary - the insurance will cover the losses incurred in an amount equal to the cost of the housing.
Such aspirations of financial organizations are quite justified, since at the moment of action loan agreement Anything can happen to the property - fire, flooding and other events of a destructive nature.
In addition, the requirement is regulated by law. Text federal law on mortgage (paragraph 31) directly indicates the obligation of the loan recipient to fulfill the terms of the mortgage agreement. A clause of the agreement on the provision of a housing loan in Sberbank is the insurance of the purchased property in the event of partial damage or complete destruction in favor of the lender. Accordingly, you cannot refuse insurance.
Features of apartment insurance
If we talk about the benefits of insurance for the recipient targeted loan, the main point here is protection from various force majeure events - fire, natural disaster, etc. In the event of unexpected damage or destruction of the home, all costs are borne by the insurance company. It is from her budget that the cost is covered restoration work or the full amount is paid to the bank, while the client’s pocket does not suffer in any way.
You should remember the following features of property insurance when purchasing it with a mortgage:
- The insurance covers the entire term of the housing loan agreement. However, the agreement most often specifies a period of 12 months. This is absolutely legal. 30 days before the end of the period, the insurance office or bank will notify the client of the need to extend the contract.
- The insurance amount will change annually, since, according to the rules, its value cannot exceed the loan amount. Accordingly, loan repayment in this year will affect insurance amount in the next one. It will be reduced.
- If the mortgage is repaid and the insurance contract has not yet expired, the owner of the property becomes the beneficiary in the event of damage or loss of property.
- At early repayment target loan, the client has the right to terminate the insurance contract. The insurer has no opportunity to refuse refund Money. In this case, you will need to write an application and submit a certificate from the bank confirming that the mortgage has been repaid in full.
The procedure for insuring an apartment can be carried out at any insurance company. In particular, Sberbank offers services to its subsidiary Sberbank Insurance. But the client’s right to independently choose an insurer remains with him.
Sberbank offers mortgage real estate insurance under 2 programs:
- insurance policy is purchased by total cost the apartment being purchased;
- insurance is issued based on the amount of debt to the financial institution.
Insurance highlights include:
- The following items are subject to insurance: windows, ceilings, walls, doors and other structural elements.
- What is the property insured against - fire, gas explosion, lightning strike, natural disasters, damage due to action various means movements, unlawful acts of strangers, housing defects during construction.
- Apartment insurance rates vary from 0.12% to 0.25% of the loan received. Cost depends on general condition housing, therefore the amount of insurance is directly determined by the fact how the property is purchased - from the developer or on the secondary market. The exact value can be found on the Sberbank website or by visiting your nearest office in person.
- The duration of the insurance contract is 12 months with the possibility of annual renewal. In this case, the amount of insurance will change in accordance with the remaining amount of debt on the loan. In other words, to a lesser extent.
An additional advantage is the possibility of annual renewal of insurance through the Sberbank website, but only for clients of the subsidiary company Sberbank Insurance. At initial registration such an agreement is impossible, but further extension does not require personal presence.
Also, in this case, there is no need to personally notify a Sberbank specialist about an increase in the validity period of the policy. The notification will appear in the system automatically.
Required Documentation
The list of documents for obtaining real estate insurance is quite small. The list includes:
- borrower's passport;
- housing loan agreement;
- agreement on the purchase and sale of property, but only with the initial execution of an insurance contract.
An application for a policy is prepared by a Sberbank employee responsible for preparing documentation for mortgage lending.
What else should you pay attention to?
Before signing an insurance contract, the borrower is recommended to clarify the following points:
- The amount of premiums charged to the insurer. For Sber clients the tariff is the same - 0.15% of the value of the property recorded in the appraisal report (not to be confused with the size of the mortgage loan).
- Amount of insurance coverage. This is usually equal to the loan amount plus interest.
- Prolongation conditions. The clause must be indicated in the text of the insurance contract.
- The opportunity to receive previously deposited funds in the event of early repayment of the mortgage loan. Financial organizations usually do not enter into disputes on such issues, but it is better to indicate this point in advance in the body of the agreement.
It is also important to remember that apartment insurance at Savings Bank is carried out according to a single program. Benefits for individual categories Citizens are not included in this case.
Home insurance for a mortgage loan from Sberbank is considered a prerequisite for obtaining a targeted loan - refusal to obtain insurance will entail a corresponding decision from financial organization. The main recommendation to all clients in this case would be to first study all the conditions and nuances of concluding a contract. The agreement should be signed only after reading it carefully.
An important condition for a happy life is peace of mind for the safety of residential property. And even more so if you buy a home with a mortgage loan. The borrower needs confidence in the future and the absence of risks. Sberbank offers mortgage insurance for its clients on favorable terms. Let's look at some questions clients have about concluding an agreement, and how much insurance costs at Sberbank for a mortgage.
Advantages and features of the service
Insuring real estate purchased with a mortgage from Sberbank is primarily beneficial for those who took out a housing loan from the same bank. Taking out insurance at the same time as concluding a mortgage agreement reduces annual interest loan by 1%. As the outstanding balance decreases, the cost of the policy decreases. Insurance can be obtained in the shortest possible time directly from the bank or by placing an application on the website.
Sberbank does not prevent the mortgage insurance from being taken out by another bank, but then the interest rates on the loan will be increased by 0.25% of the original rates.
What is insured
Sberbank offers insurance packages covering real estate, ownership, as well as the health and life of the borrower.
The housing policy includes insurance of the structural elements of the property - windows, doors, load-bearing and non-load-bearing walls, partitions and ceilings. When insuring a private residential building, the foundation and roof are also covered. The list of risks when insuring a mortgage from Sberbank includes:
- illegal actions of third parties;
- natural disasters;
- damage or loss of housing due to fire, gas explosion or lightning strike;
- falling trees or any large objects;
- detection of structural defects in the insured property;
- water flooding;
- collision vehicle;
- other negative impacts.
Mortgage life insurance at Sberbank in 2017 includes:
- loss of ability to work resulting from a serious long-term illness, disability, unsuccessful operation;
- death of the borrower - relatives are exempt from mortgage payments;
- loss of employment due to bankruptcy or liquidation of the company in which the borrower was employed.
How to get insurance
If the document is drawn up directly at the Sberbank office, the client receives it in his hands immediately after payment. Registration of mortgage insurance with Sberbank online is the most in a convenient way obtaining a policy. Submission of an application for insurance is made using the form on the website. IN electronic statement you must specify:
- type of housing (house, apartment);
- list of risks;
- contract time;
- year of construction of the residential property, presence of wood in the floors;
- the insured amount based on the results of an independent assessment;
- mortgage loan agreement number;
- personal data of the policyholder;
- contacts of the policyholder;
- address of the property.
The price for a year of insurance can be only 4-5 thousand rubles, it all depends on the balance of debt on a mortgage loan at Sberbank PJSC. To accurately calculate the cost of insurance, use the calculator at https://online.sberbankins.ru/store/mort/index.html#/viewCalc
When registering online, payment is made immediately. Then you need to wait for an SMS notification that the application has been accepted and the policy has been generated in personal account. The bank sends the original document by Russian Post by registered mail at the location of the insured residential property. Delivery is carried out on average in 1.5-2 weeks. If it is not possible to pick up the envelope with the policy due to the remoteness of the post office, you should provide the bank with your personal information and the address to which the letter should be sent a second time.
Information about issuing a policy with insurance is automatically transmitted to Sberbank.
Calculation of the cost of an insurance policy
This happens automatically when you place an application on the site. However, the exact price of the service is set upon signing loan agreement for housing. An electronic policy format with all the information the client needs is also available. Registration takes place on the website of Sberbank Insurance LLC
The calculation shows that insurance premiums merged with monthly payments on a mortgage loan. That is, if the annual mortgage rate is 12%, then together with insurance it will increase to 12.5-13%. The full amount of the loan is indicated in the repayment schedule, but you will also have to add the amount of insurance premiums to these values.
For example, interest rate for a loan together with payment of insurance - 13%. This means that about 1% is due to payment insurance policy. If the client refuses to take out insurance with Sberbank and chooses another institution, the rate increases to 13.25%. But if third party bank offers insurance on more favorable terms that cover Sberbank’s interest surcharge for refusing the service, it makes sense to get insurance there.
About the need for insurance
The law states that voluntary insurance is not among the necessary ones. But concluding a mortgage agreement implies simultaneous registration of insurance.
This is explained by the fact that the rules for obtaining insurance upon receipt of ownership of residential premises are regulated by separate laws on mortgages. Home insurance is thus pledged and must be taken out without fail. Therefore, the question of whether mortgage insurance is mandatory at Sberbank should be answered in the affirmative. Another thing is what to choose insurance organization for a housing loan from Sberbank, the client can at his own discretion. But this will be unprofitable, since the bank will increase the annual interest. In addition, it is necessary to check that the selected organization is on the list of those accredited by Sberbank, otherwise the bank will not accept the document.
Mortgage insurance from Sberbank really allows you not to worry about the safety of your home. Therefore, it is advisable to apply for it for those who received a mortgage loan from the same large and reliable bank.
Nowadays insurance is often used for various property, which raises the question of how to pay for mortgage insurance in Sberbank Online. This option is convenient because you can pay money via the Internet, and you can even use it for this mobile phone. You will need to follow the instructions to transfer funds. Note that it will be most convenient to use insurance from Sberbank itself, if this financial institution a mortgage has been issued.
About insurance
Many people take out a mortgage because they cannot buy an apartment right away. Considering the fact that the loan is taken out for long term, on average for 15-20 years, it is profitable to take out insurance. During this period, anything can happen to both the person and the property that is pledged. If suddenly the house, for example, suffers from flooding, then part of the money will be reimbursed.
The lower the debt balance, the cheaper the policy will start to cost. Another plus is that you can quickly insure your mortgage by submitting an application on the website or contacting the bank.
You can take out insurance for the following: real estate, ownership, life and health of the borrower. If you take out a housing policy, it will include insurance of windows, doors, ceilings, partitions, and walls. Note that in private houses a roof and foundation are also added.
Important! Sberbank offers people to take out insurance, and this will be especially convenient for those who took out a loan from the same institution. Because thanks to this procedure you can reduce the annual loan interest by 1%.
The list of mortgage risks may include the following:
- Illegal actions from strangers.
- Natural disasters.
- Identification of design defects that could not be immediately detected.
- Large objects falling onto property, such as trees.
- Fire, gas explosion or lightning strike that resulted in loss of home.
- Flooding.
- Serious collision of a vehicle with a house or apartment.
- Other negative actions that do not depend on the owner of the property.
If we talk about human life, then the following cases are already included. Firstly, we are talking about loss of ability to work due to disability, bad surgery or serious illness. Secondly, this means the death of the borrower - relatives will not need to pay the mortgage. Thirdly, it is insured in case of job loss due to the liquidation of the company in which the person was employed.
Anyone who has a mortgage can take out an insurance policy, which they will later have to pay for in Sberbank Online. Of course, you will have to provide documents, both personal and property. You will also need to confirm that the person has a loan from a financial institution. Once the policy is issued, a person can receive it either at the bank office or by mail. After this, you should think about payment; by the way, for a year it can be only 4-5 thousand rubles.
Is it possible to pay for insurance through Sberbank Online
Welcome! Today we will look at insurance when applying for a Sberbank mortgage. Banks force them to insure real estate purchased on credit, and when applying for a mortgage, borrowers agree to additional costs for the purchase of property insurance policies. What other types of insurance will the lender require? We will discuss the terms of mortgage insurance at Sberbank later in this post.
When taking out housing loans, banks offer three types of insurance:
- real estate;
- life and health of the borrower;
- title.
Which of them are mandatory for Sberbank, and which can be refused? Let's consider the guarantees of each policy, their cost and the conditions of the insurers.
Insurance of collateral property
Insurance of the purchased property is issued for the period of mortgage lending. The conditions provide for compensation for property damage in the event of a fire, flood, house destruction, etc.
Mortgage insurance at Sberbank is mandatory; it guarantees the lender the good condition of the collateral until the debt is fully repaid. The property is insured in favor of the bank in the event of insured event the beneficiary will be Sberbank.
For the borrower compulsory insurance entails additional costs: every year you need to renew the contract, pay obligatory payments. A positive point is the insurer’s guarantee of reimbursement of unforeseen expenses. In other words, collateral insurance for a Sberbank mortgage loan eliminates all possible risks of damage and loss of property. Many people perceive the price of the policy as the price of their peace of mind: in the event of force majeure, you will not have to look for money to repair the premises, all expenses will be paid by the insurance company.
How much does such a guarantee cost, and is it possible to reduce the cost of Sberbank mortgage insurance? The price of the policy depends on a number of characteristics of the property. Evaluated technical condition, year of construction, number of storeys, basic elements of the house structure. Therefore, rates for insurance of an apartment in a new building and in the secondary market may differ.
In 2019, tariffs are offered in the range of 0.12% to 0.25%. This year, the conditions have not changed and it is easy to calculate that with a mortgage in the amount of 3 million rubles, the cost of the policy can range from 360 to 750 thousand rubles for the entire loan term. As you settle with the bank and the amount of the principal debt decreases, the annual cost of insurance will also decrease.
Insurers offer two models of mortgage loan insurance: based on the value of the property being purchased or based on the amount of the remaining debt to the bank.
As a rule, bank managers recommend insuring your mortgage loan through the partner company Sberbank-Insurance. This is convenient for the borrower because it is fast: insurance can be issued online, and a copy of the policy will be automatically sent to the bank. On our website there is sample service calculator.
If you compare the prices of insurers, each one has attractive offers. large company. By the way, Sberbank does not place restrictions on choice and offers list of 25 accredited companies.
Life and health insurance
When applying for a loan from Sberbank, the borrower can insure life and health by: at will, these are not mandatory lending conditions. But it is worth noting that the bank actively lobbies its interests by reducing interest on loans if you have a personal insurance policy.
The lender's interest is explained by additional guarantees: in the event of the borrower's illness or death, the insurer will repay the balance of the mortgage loan with Sberbank.
The policy includes such risks as: death, disability, serious illness, loss of work in case of illness or at the initiative of the employer. You can select risks at your own discretion, taking into account their set full price insurance.
The price is influenced by the age, gender, profession and health status of the borrower at the time of applying for the loan. Insurers will ask you to provide certificates from medical institutions and in the presence of serious illnesses, insurance rates will be increased. Hence the range of rates: health insurance today is offered from 0.3% to 1.5%. What percentage will be set for the borrower is decided individually.
For an approximate calculation, we use the previous example: with a mortgage amount of 3 million rubles, the cost of insurance will be from 9 to 45 thousand rubles per year.
You can calculate your insurance yourself by using the calculators on the company websites. But to obtain accurate data, you should contact the managers and provide everything necessary information. The final conditions depend on several factors, including the loyalty of the insurer: regular customers will provide discounts.
You need to calculate the savings on the rate for mortgage credit lending: It is usually 0.5% -1.0% lower if you have life insurance. For the insured person, the risks of loss of real estate in the event of illness or transfer of debt to his loved ones (heirs) in the event of death are reduced. Sometimes these arguments are decisive when making a decision.
Title Insurance
Title insurance for mortgages at Sberbank is issued on a voluntary basis. The essence of the procedure is to insure the borrower's right to the purchased property.
Typically, title insurance is chosen by buyers of secondary homes, cottages and land plots. But in Lately Buyers of new buildings also insure themselves, preferring to protect themselves from possible problems.
Title insurance for a mortgage at Sberbank is perceived positively when approving a loan application, but it does not affect loan rates. average price policy in 2019 is from 0.3% to 0.5%. With a mortgage of 3 million rubles, the borrower can pay from 9 to 15 thousand rubles.
Mortgage title insurance at Sberbank provides guarantees in repaying the loan debt in the event of deprivation of rights to real estate. This can only happen by court order:
- when a transaction is declared invalid due to identified errors;
- upon presentation of the rights of legal copyright holders, if their interests were not taken into account in the purchase and sale agreement;
- when identifying illegal schemes and forgery of documents during the sale of real estate.
Thus, each borrower independently decides whether title insurance is required for him: this policy will not affect the terms of the Sber mortgage.
Online calculator
Calculation of the cost of a mortgage insurance policy for Sberbank can be done online. To do this, you need to fill out the fields of the calculator on our website. After receiving the calculation, you can issue a policy online and transfer it to Sberbank.
Insurance registration procedure
To buy a mortgage insurance policy from Sberbank, you must select insurance company and submit an application. You will need to submit a package of documents. A complete list can be obtained from your insurer. Typically this list includes:
- Borrower’s passport (original and copy provided);
- application on insurance company letterhead;
- a questionnaire with the borrower’s personal data and characteristics of the mortgage loan;
- certificate of ownership of the purchased property;
- report on the assessment of the collateral;
- copy of the technical passport.
The registration procedure will take a little time. If the borrower chooses Sberbank-Insurance, the service can be issued on the day of the transaction. After signing the contract, you need to pay the insurance premium for the first year and give the bank a copy of the insurance policy.
The policy is renewed annually. If you use the services of one insurer, you do not need to collect documents for each next installment: the borrower’s data is stored in an electronic database. With standard loan repayment, the insurance company calculates and reports the amount of the next installment. After payment, the insurer will send a copy of the policy to the bank.
If the borrower changes insurance company, you will need to provide the entire set of documents and a certificate from the bank about the balance of the debt.
How much does a loan cost without insurance?
The total cost of a mortgage for a borrower consists not only of the amount of the “body” of the loan and interest, but also of all additional expenses. Over the course of a number of years you will have to pay insurance premiums so that the company renews the policy. This is a significant burden on the personal budget, but the loan terms do not imply otherwise. If you refuse insurance for the next year, you can receive a notification from the lender about an increase in the rate or an offer to repay the loan in full.
Therefore, it is necessary to comply with the obligatory conditions of the lender in order to avoid the risk of loss. Concerning voluntary insurance, then each borrower will answer the question of whether insurance is required for him, based on his personal situation. How to calculate costs in this case? A calculator on the insurer’s website or consultants in its offices will come to the rescue.
Practical clients choose comprehensive mortgage insurance from Sberbank, which includes all two types of policies. The packaged service is cheaper, the total fee can be about 1% per year of the mortgage amount.
Return of mortgage insurance
Not all borrowers are aware of their right to return insurance after repaying the debt to the bank. Insurers are reluctant to share such information, but by law they cannot refuse a refund. How to return mortgage insurance from Sberbank?
In order for the company to return the fees, the borrower must submit an application. Let's consider in what cases this is possible:
- after early full repayment of the loan, if the insurance period is more than 11 months, the borrower has the right to receive an annual contribution;
- in case of early repayment, if the policy is valid for 6 months, the client will be refunded 50% of the cost of paid mortgage insurance premiums;
- If the policy is valid for less than six months, refund may be refused. In such a situation, you can file a lawsuit if the financial benefit is obvious.
Sberbank Insurance will receive information about early repayment of the loan directly from the bank.
To apply for a refund of insurance after paying off a mortgage from another insurer, you should attach a Sberbank certificate to the application about the debt being fully or partially repaid.
Conclusion
So, for everyone who plans to get a mortgage from Sberbank, mandatory It is necessary to insure the purchased property against the risk of loss or damage. As for voluntary insurance, each borrower must make his own choice. We recommend that you do not neglect the opportunity to protect your financial position from risks: a mortgage is issued for a long period and no one knows what can happen during this time.
If you need help with your insurance return, we recommend that you sign up for free consultation to our lawyer in a special form.
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