The client can submit a request for refinancing online via VTB's website. The borrower will then receive an electronic signature on the transaction, which will be used to sign documents remotely, after which the VTB employee will send them for registration. Currently, clients need to visit the bank's office once, but in the future, the transaction will be processed completely remotely.

The pilot takes place in 11 regions across Russia – St. Petersburg, the Republics of Chuvashia, Karelia, Sakha (Yakutia), Perm, Krasnoyarsk and Altai territories, Kostroma, Novosibirsk, Samara and Arkhangelsk regions. At the moment, more than 200 customers have reduced their mortgage payments in this way.

"Many borrowers want to improve mortgage conditions by reducing the amount of monthly payments, but they are afraid of a complex refinancing procedure. VTB creates a 100% digital customer path for all mortgage products. This time we are piloting the fastest and easiest refinancing possible. While this requires a single visit to the Bank, in the future the entire process will be remote. We are currently testing the service in a number of regions, but we plan to launch it all over the country by the end of the year. This will allow customers to transfer mortgages to our bank and make it much easier to reduce their payments on it, " comments Mikhail Seroshtan, Head of the Mortgage Lending Department and VTB Vice President.

At VTB, customers can refinance a mortgage issued by another bank for the purchase of ready-made or under-construction housing at a rate of 7.4% for families who have had a second or subsequent child since January 1, 2020. As part of the state support for families with children, borrowers can refinance at 5%. For clients who receive a salary paid into a VTB account, the rate will be 8%, for borrowers from other banks - 8.2%.