SberBank will start issuing mortgages for real estate mortgaged with other banks

Very soon, Sberbank clients will be able to apply for secondary market mortgages on real estate encumbered by a mortgage with another credit institution.

According to the press service, the lending terms will be as follows:

• the maximum possible mortgage term will be 30 years;
• the interest rate on such a loan will match the rate for the finished housing mortgage program;
• the acquired housing must be located in an apartment building (excluding townhouses and apartments in houses with exterior wooden walls);
• the housing seller must not have issues with their current loan;
• the borrower must have sufficient funds to repay the seller's credit obligations.

To complete the transaction, a sales contract and the primary lender's consent to the resale of the housing will be required.