The leader of the mortgage lending market in Russia, Sberbank, took an unpopular but economically justified step – it canceled all mortgage applications approved on the previous terms, for which loan agreements were not signed before March 30 inclusive. The new terms of the bank’s lending assume a rate twice as high, and customers will have to submit new applications. For the failed borrowers, the bank’s decision came as a complete surprise, many have already incurred significant costs for the transaction. The number of victims is estimated at hundreds.
Numerous complaints from Sberbank’s clients have appeared on social networks and financial forums. All of them are related to the receipt of notifications on March 28-29 on the cancellation of already prepared and approved mortgage transactions. The situation is being discussed in a specially created Telegram group, where more than 500 people have registered. Many customers received personal calls from managers and canceled transactions, which is not a technical error. Already approved applications with the term of signing the loan agreement, according to customer reviews, until April 26, mostly at a rate of 9.8% per annum reset by the bank unilaterally.
Citizens are invited to apply on new terms. Now mortgage rates on secondary housing in Sberbank – from 19% per annum.
For many clients, the deadline for signing transactions (finalization of the loan agreement) was set for March 30 – the first days of April. All of them have a complete package of documents, including a real estate appraisal, and the necessary insurance contracts. A number of borrowers also paid for the services of a realtor. In total, these costs can be estimated at hundreds of thousands of rubles. There are a number of people with complex deals who have already sold their apartments and had to buy new ones in the coming days on a mortgage from Sberbank (transactions were scheduled).
On the morning of March 30, it became clear that the deals would be made only to those who had to take place on March 29 and March 30, the rest had to submit new applications and go through the approval procedure based on the new high rates.
As Sberbank explained to Kommersant, the bank changed mortgage rates on March 1. Until March 30, inclusive, he “continued to issue loans on previously approved terms, helping clients complete the process of buying and selling real estate.” At the same time, the bank stressed that even if the application is approved before March 1, and the deal could not be reached by March 30, it will be necessary to “submit a new mortgage application and get a positive decision.”
Clients claim that many people who failed to get an already approved mortgage were ready for March 29, but the bank decided to postpone it to March 31 – April 1 and later.
As one of Sberbank’s managers explained in a conversation with a client, a mortgage on new buildings was scheduled for March 29-30 as part of preferential government programs to “reduce public response.”
According to members of the group in Telegram, the deals scheduled for today are underway. Those who did not have time, have already contacted the hotline of the Central Bank, but received a disappointing response – if the loan agreement was not signed, the bank has the right to cancel the transaction. Kommersant sent a request to the Central Bank. After raising the key rate of the Central Bank to 20% in late February, the President of the Russian Federation instructed to ensure that credit rates in contracts are maintained at the level at which they were before the decision of the regulator. However, the issue of approved but not issued loans was not specified in it.