Mortgage insurance VTB 24: calculator, is it mandatory in 2021, where is it cheaper, list of accredited companies and reviews

Nizhny Novgorod. January 18. NTA-Volga region - Where is it cheaper to get life insurance and VTB mortgage apartments. A mortgage is a risk for both the bank and the borrower. To protect both parties to the contract, mortgage insurance was introduced.

Since mortgage insurance is very expensive, and is also issued every year, it is important for the client to find a company where the policy will be cheaper.

In this article, we will analyze in detail what types of insurance exist for VTB Bank mortgages, and also find out which insurance sites are the cheapest.

Types of mortgage insurance at VTB 24

Without a special policy, no bank will provide mortgage funds. It is a kind of protection of a financial organization from possible risks associated with non-repayment of funds. In addition, VTB 24 mortgage insurance will also be useful to the borrower, as it can protect against significant costs in the event of damage or destruction of a real estate property. Thanks to it, banks cover their basic costs, and the client receives security guarantees in the event of an insured event.

ATTENTION! Compulsory mortgage insurance may only affect purchased residential real estate. The borrower can voluntarily insure his life or purchase comprehensive services.

There are several types of mortgage insurance available. This:

1. Protection of the borrower’s life and loss of his ability to work. It is not a mandatory type, but has a lot of undeniable advantages, such as the use of a reduced mortgage rate, exemption from obligations to compensate debt upon the death of the policyholder, as well as payment of the remaining loan amount in the event of the borrower’s illness or disability.
2. Property insurance. It is a prerequisite for obtaining a mortgage. This is a kind of financial protection of a residential property from various cases when natural disasters occur, for example, fires or floods, or the commission of illegal actions leading to damage or loss of property.
3. Title insurance. Aimed at preventing the main risks associated with the loss or restriction of the owner’s rights to housing. As a rule, this service is in demand when purchasing residential premises on the secondary market, providing buyers with legal guarantees when making an invalid or illegal transaction.

What is comprehensive insurance?

The definition of this type of insurance is hidden in the name of the program. Comprehensive insurance is a complete list of coverage of risks that could lead to failure to fulfill loan obligations.

Comprehensive insurance includes the following types of risks:

• Borrower protection: health, life, disability;
• property protection: fires, floods, man-made disasters, natural disasters and other causes;
• title protection: title insurance.

We remind you that of the listed programs, only property insurance is mandatory. The remaining products are purchased at the discretion of the borrower, however, if the client takes out comprehensive insurance, the bank may offer a mortgage on preferential terms, for example, with a reduced interest rate.

Is it possible to refuse mortgage insurance at VTB?

Legislation regulating the sphere of credit relationships prohibits a bank from issuing a mortgage if the borrower refuses to purchase an insurance policy that protects property risks. An agreement must be concluded between the buyer and the insurance company, providing protection against loss by the owner of the mortgaged property or damage to it.

In this case, it is possible not to pay for life insurance or restrictions on property rights. If these types of risks are not paid. The responsibility for their occurrence falls on the borrower.

Title protection is required in the first three years after the transaction, after which the statute of limitations period provided for by law expires.

If a client refuses to conclude an agreement on life insurance, then the interest rate on the loan increases. This is due to the compensation of existing risks.

If the borrower has purchased a policy, he has the right to subsequently terminate it due to:

• No payments for the first thirty days. It is canceled automatically.
• The policyholder's request for termination within the first 14 days from the date of signing the agreement.

But before making such a decision, it is necessary to assess the emerging risks to the applicant’s life or his rights as an owner.

BY THE WAY! If you purchase a comprehensive mortgage policy that includes several types of insurance, it cannot be cancelled. It is possible to terminate the contract only if the life and health of the subject or title are protected separately. VTB usually does not conduct a transaction without insuring these risks, so VTB insurance is voluntary and compulsory for all risks.

How to Reduce the Cost of Comprehensive Mortgage Insurance

First

: purchasing housing in a new building. It is impossible to insure housing in an unfinished (not rented out) high-rise building, so it is not required. In any case, until the house is completed (that is, two to three years). There is also no need for title insurance, since the title to the new building will be registered for the first time in the name of the buyer.

In the first three years of a mortgage on a primary apartment, you will be able to save more than 50% on insurance costs compared to a secondary apartment.

Second

: registration of a mortgage for a spouse. Insurance companies pay attention to both the age and gender of clients - they insure the life and health of a woman at almost 40% cheaper than a male borrower.

The insurer takes less risk by providing a life insurance policy to a woman - she experiences less physical stress and is less likely to put her health at risk.

Third

: do not have bad habits and extreme hobbies. When considering an applicant for an insurance policy, the insurer's agent questions the client, incl. asking questions about hobbies and bad habits. In particular, frequent alcohol consumption or mountaineering automatically increases the cost of insurance.

Of course, you can hide information about hazardous hobbies from the insurance company when taking out a policy in order to reduce insurance payments. However, if an insured event occurs, for example, the borrower dies from alcoholic cirrhosis of the liver, then the insurance company will refuse to repay the mortgage debt and will win the case.

Fourth

: prices from different insurers differ by 15-20%. Only the first year of the mortgage is necessarily insured by the company specified by the mortgage bank (otherwise the rate increases by 1%). After a year, it is permissible to take out a policy from a more profitable insurer that is accredited by the bank.

Fifth

: insure for 3-5 years. If you intend to repay your mortgage early, it is inconvenient to take out “long” insurance - the mortgage debt will become smaller, and insurance payments will be paid on the old (large) amount of credit debt. To recalculate and partially refund money, you will have to run around for certificates and prepare an application from the insurance company. The return will take a month and a half.

But insurers offer good discounts (15-20%) on policies issued at a time for 3 years. In addition, by purchasing a life and health insurance policy for a five-year period, the borrower receives the right to a 13% tax deduction (Article 219, paragraph 1, paragraph 4 of the Tax Code).

To select cheap options for mortgage insurance, contact our realtors specializing in mortgage insurance.

How much does a mortgage insurance policy cost and where can you buy it cheaper in 2021?

The cost of the policy will depend on certain conditions, including:

• the price of the purchased property and its location;
• the amount of the down payment that the client can provide;
• loan amount;
• expert assessment of the property;
• a list of risks that will be included in the agreement.

To evaluate the proposals of the insurance company, you can contact their offices directly. Very often they hold promotions that reduce the cost of popular programs issued when providing a home loan. Among the proposals, the following companies stand out for their cost-effectiveness:

• JSC IC "Alliance" The company offers policies starting from 0.34% of the mortgage amount.
• VTB Insurance. It is one of the leading insurers and offers to make a lump sum insurance premium for 3 or 5 years, but at the same time take advantage of a discount of several thousand rubles.
• VSK. Provides a flexible system for calculating the cost of the policy depending on the age and gender of the client, high-quality service and fast payment of compensation.

IMPORTANT! When selecting an insurance company, you need to pay attention not only to the low cost of the service, but also to the company’s reputation in the market. In the future, if an insured event occurs, compensation may be required to be paid, which must be issued within the time limits established by law.

Myth 10: It is more profitable to issue a policy on the official website

It is much more profitable to take out insurance on Polis812:

• It is possible to select insurance from the required list of insurance companies accredited by the bank;
• The conditions are briefly described;
• There are additional discounts and extended policy terms (compared to Sberbank);
• All insurance issued online through Polis812 is accepted by Sberbank;
• When using the promo code, an additional 15% discount.

Take out mortgage insurance

Online calculator

Internet users can pre-calculate the cost of mortgage insurance before purchasing a policy directly on our portal. To calculate the amount, you need to enter the following data into the calculator form:

• city ​​of insurance;
• name of the banking institution;
• Terms of agreement;
• mortgage loan amount;
• name of the insured property;
• personal information about the borrower;
• insurance situations.

Important point! You can apply for an insurance policy for a VTB mortgage immediately after making the calculation online. The electronic policy can be printed and submitted to the bank.

Myth 7: Life insurance for a Sberbank mortgage is too expensive

Life insurance with Sberbank Insurance can be taken out by persons over 18 years of age, whose age at the end of the policy will not be older than 65 or 60 years (men and women, respectively). They may also refuse to pay or conclude a policy if you have heart, liver, or mental diseases.

When taking out health insurance at Sberbank, a person is insured not only against death and disability (only groups 1 and 2, since when assigned to category 3, the ability to work is not lost), but also if he becomes ill with Coronavirus infection.

In many contracts, Sberbank indicates the reasons for refusal to pay: war, strike, explosions, radiation and damage caused by the insured person. The caveat is that if a suicide occurs, then Sberbank makes payments to the heirs if at least 2 years have passed since the purchase of the policy.

All these risks, together with property insurance, will cost the client about 4,000 thousand rubles. per year (if you take out insurance through Polis812), while for life insurance Sberbank gives a discount of 1% per year on the mortgage (with a debt of 1 million, the savings will be approximately 6,500 rubles).

Consequently, even by taking out a mortgage and concluding a life insurance agreement, a person remains in a small financial advantage and does not have to worry about the mortgage if an accident occurs.

Registration procedure

The procedure for obtaining an insurance policy consists of the following steps:

1. Filing a Mortgage Insurance Application. This can be done by visiting the insurance company office in person or on the VTB 24 website.
2. Submission of required papers. The list includes information about real estate to confirm the transaction.
3. Conclusion of an insurance agreement.
4. Payment for the policy and its receipt.

Important! To submit an application electronically, you will need to make a calculation using a calculator on our website, and then pay for it online. After this, the policy can be printed and submitted to the bank. Typically, the cost of a policy via the Internet is approximately 10-15% cheaper than a similar one in a bank or insurance office.

Frequently asked questions about mortgage insurance

What are the conditions for granting a military mortgage?

The state program of preferential lending to military personnel for the purchase of housing is regulated by Federal Law No. 117, which has been in force since the beginning of 2009. Loans are given to officers, enlisted personnel, and students of military educational institutions who have been participating in the NIS (savings and mortgage system) for at least 3 years. The loan term is no more than 25 years. Amount - up to 2.2 million rubles.

What to do for registration:

1. Apply for a certificate to Rosvoenipoteka;
2. Select real estate (in any region of the country) that meets the terms of the program and the bank’s criteria;
3. Collect documents that the lender needs;
4. Submit a loan application and wait for the bank’s decision.

The starting fee is at least 10% of the cost of the property. If the cost of real estate is higher than provided by the program, the borrower pays the remaining amount with his own money.

Life insurance is mandatory for military personnel (FZ-52 dated March 28, 1998). The bank has no right to require the military borrower to once again obtain life insurance for the mortgage.

Is it possible to transfer a mortgage to another person?

Re-registration may be required in case of divorce, loss of the borrower’s ability to work, relocation, or significant deterioration in financial situation. Replacement of the borrower is permitted only with the consent of the mortgagee, provided that the new debtor meets the lender's criteria in terms of income level, financial reputation, employment (confirmed by documents).

During the period of preparation and collection of documents and consideration of the application, the previous borrower continues to pay the loan in order to avoid delays. To renew the agreement, the creditor may require the new debtor to make an assessment of the collateral. Insurance (life, real estate, title) is issued to the new debtor.

Is it possible for a Russian citizen to get a mortgage abroad?

Can. Before the pandemic, Israel offered attractive conditions (3.5%). In Spain, you could choose a suitable interest rate system - fixed (4-5.5%), floating (minimum 2% per annum), mixed. The maximum loan period is 40 years.

Foreign banks issue long-term housing loans on the same terms as in Russia, the registration procedure and package of documents are approximately the same. The main difficulty in obtaining a loan is proving your solvency.

Mortgages are issued in euros, dollars or local currency, so citizens who receive income in rubles risk spending more money than they expected.

As for life insurance, rates abroad are 5-8 times lower than here, the protection is more thoughtful, for example, one policy protects both spouses for the risk of death.

Required documents

To conclude a contract you will need to bring:

• civil passports of borrowers;
• SNILS;
• a certificate of the person’s income for the last six months;
• work book;
• medical certificate confirming the absence of chronic serious diseases;
• background information on existing debts on financial obligations, including alimony, tax payments, etc.;
• cadastral and technical documentation for the facility, extract from the Unified State Register;
• VTB 24 mortgage agreement.

There are cases when additional documentation may be requested, for example, when the number of owners increases or their age exceeds the permissible limit.

Miser pays twice

Let's say you are young and self-confident, and do not want to pay the abstract risk of a “brick on your head.” Let's also make the assumption that you found a bank that doesn't care, who appreciated your excellent health and safe profession and agreed to issue a mortgage loan without insuring your life. Will this mean that you have won on all boards? Not at all.

Firstly, the bank, realizing that it has increased the risk of non-repayment, will most likely simply raise your mortgage rate, where it will “pledge” losses in the event of your illness, injury or even death. Secondly, you, wittingly or unwittingly, are exposing your relatives to the blow: after all, if you lose the opportunity to repay the loan, then most likely they will have to pay off the debt, otherwise the question of forced eviction from the apartment will arise... Thirdly, in the event of a serious illness Medical expenses will inevitably be added to the mortgage burden. And in these circumstances, an insurance premium that will save your home will not be at all superfluous...

Even if you prudently save for a rainy day, they may not be enough: inflation and other risks of financial loss cannot be discounted.

List of accredited insurance companies VTB 24 for mortgages for 2021

A list of accredited companies has been published on the VTB portal. You can take out an insurance policy at one of these institutions.

Myth 9: I took out insurance at the bank, and I’ll sort out the problems there

If problems, questions or insured events arise, contact the insurance company. Even if the agreement was concluded at a bank branch, it is only an intermediary of services.

Before applying for a policy, you must carefully read the list of insurance services and the procedure for resolving issues. This will help you avoid having to resolve problems in another city, receive payments and be confident in the legality of the policy.

There are no problems with well-known companies (VSK, Reso-insurance, AlfaStrakhovanie), because offices are located in Moscow and they have transparent conditions. With start-up and unknown companies, everything can be much more complicated.

Procedure in the event of an insured event

If a situation occurs under the terms of the insurance agreement, the following steps must be taken:

1. It is necessary to minimize the damage as much as possible and report the incident to the appropriate authorities.
2. Contact the insurance company via the hotline or call the toll-free number.
3. Determine the time for a meeting with a company employee to inspect the property and carry out assessment actions. In this case, you should not touch the damaged object, except in cases of preventing its further destruction.
4. Prepare the necessary documentation, including reports from the relevant authorities about the incident, an expert’s opinion on the amount of damage, bank account details, and an application form.

If an insured event occurs

In this situation, you need to immediately notify the bank and insurance company about the incident. After the call, the borrower writes an application for compensation for an insured event.

The text of the document must indicate the circumstances of the incident, time and possible causes.

In any case, the amount of compensation will depend on the amount of damage caused.

The expert assessment report is usually drawn up by a representative of the insurance company, but this does not prohibit the policyholder from contacting independent appraisers.