Requirements for borrowers-veterans are slightly different from the VA loan requirements for ordinary customers. For example, one of the conditions for granting a “Loan for military personnel” is participation in the NIS program and more than one year of service in the military service over the past five years. For all consumer loans without exception, the borrower must meet the following criteria:
Be at least 21 years of age;
Have officially confirmed income and registration in the region of treatment (permanent or temporary).
VA loan requirements document. When making a loan, a standard package of documents for a veteran borrower may include:
The passport of the citizen of the Russian Federation;
Documents that confirm the employment and financial status of the borrower: work record book, employment contract, certificate 2-NDFL;
Certificate of military service in the form of an employer (when making a “loan to a serviceman”).
If a veteran applies for a military mortgage, he does not need to document his solvency. However, you will need other securities: a loan certificate before applying for a loan, as well as title documents and other documents for the property, if the mortgage was approved by the bank.
When making a loan with the help of guarantors, the package of documents becomes more extensive. It necessarily includes a passport of the guarantor and documents for confirmation of solvency. As a rule, this is a standard reference in the form of 2-NDFL.
The interest rates for different loan programs vary in a wide range. When drawing up a “Loan for any purpose “, the borrower will pay from 13.9 to 19.9% per annum if credited without attracting guarantors and is not a salary client of Sberbank. If a client works in a company that has a salary contract with the bank, he can expect a loan with a rate of 12.9%. The bank offers the same rate for loans secured by individuals.
“Loan to servicemen” is granted on other financial terms:
Under 14.5% per annum without collateral;
Under 13.5% per annum with a guarantor.
For the “Credit for the maintenance of subsidiary farming “is provided a single rate – 17% per annum. The single rate also applies to the refinancing program. It is 13.5% per annum. As for the military mortgage, the interest rates for this program in 2018 dropped to 9.5%.
The available amounts also depend on the specific loan program. The maximum possible limit for the “Loan for any purpose “is 5 million rubles. At this amount, customers with positive credit history and good income can count. However, this is not all – to approve the loan you need to draw one surety, which also meets all the VA loan requirements of the bank. In the absence of a guarantor, the limit for this program is reduced to 3 million rubles.
Presence of guarantors at registration of “the Credit for military men” will allow to increase the loan amount to 1 million rubles. If you cannot find a co-borrower, you can apply for a loan for half the amount – 500 thousand rubles. The presence of guarantors is not required when making a loan for refinancing. This loan is provided without collateral in the amount of up to 3 million rubles.
For the “Loan for the conduct of subsidiary farming” the following limits are set:
The minimum amount is 30 thousand rubles;
The maximum – 1.5 million rubles (if there are guarantors).
A military mortgage involves loans of up to 2.5 million rubles. This is exactly the amount that is guaranteed by the state. A veteran soldier can buy more expensive housing, and the missing money can be borrowed on general terms.
Timing. Depending on the type of loan program, Sberbank has established the following terms for using borrowed funds:
from three months to five years for ” Loan for any purpose “, ” Loan to the serviceman ” of ” Refinancing ” and ” Loan for the conduct of subsidiary plots “;
Up to 20 years for the “Military Mortgage “.
The pledge is provided only for one type of lending – “Military Mortgage “. When making this type of loan, collateral is the property acquired with the use of mortgage funds. The Pledgee is the Ministry of Defense of the Russian Federation, since it is this organization that takes on the basic payments on the mortgage.
Other conditions relate primarily to additional payments when opening and maintaining a credit account. For example, life insurance and health of a borrower is practically a mandatory addition to any loan product except for a military mortgage and a “Loan to the military”. For all loans Sberbank offers transparent conditions and the absence of hidden commissions. A potential borrower can pre-calculate his expenses for servicing the loan, since they are registered in the terms of the contract.