Raiffeisenbank: Service for electronic registration of mortgage transactions

The service for electronic registration of mortgage transactions of Raiffeisenbank is started based on the digital-platform for registration of the real estate of SmartDeal. Using service clients can submit documents for registration of the rights to the real estate in Rosreestr in electronic form.

2018: Start of service

Raiffeisenbank announced on July 2, 2018 start based on the SmartDeal platform of service which allows to submit documents for registration of the rights to the real estate in Rosreestr in electronic form.

Electronic registration simplifies for clients process of the transaction on purchase of the apartment in primary market. In banks where there is no such service, the client makes the transaction in four stages: visits the builder and selects the apartment; comes to bank to sign the loan agreement; returns to the builder to sign the agreement of participation in shared-equity construction; the builder files documents to Rosreestr. Electronic registration reduces process to two stages: selected the apartment at the builder and signed the agreement of participation in shared-equity construction, then in bank signed all documents and sent to Rosreestr to registration — Andrey Morozov, the chief of the department of development of credit products of Raiffeisenbank told.

Besides, the agreement of participation in shared-equity construction in electronic form can be registered in Rosreestr within one working day in spite of the fact that fixed term makes no more than 3-5 working days. At traditional submission of documents process takes 7 days, specified in Raiffeisenbank.

The software for service to bank was provided by the company of Practician Uspekh which is the author and the developer of the SmartDeal platform. The application of the same name allows to receive the strengthened qualified electronic signature in certification center, to sign the loan agreement with bank and the agreement of participation in shared-equity construction with the builder, to send documents to Rosreestr. All processes happen during one visit of the client to bank.

In the SmartDeal application the employee of the bank and the employee of the builder can keep track of the statuses of registration, and the client receives notifications on the status from Rosreestr on e-mail. Thus, process of settlement between the builder and bank becomes simpler, and process of registration becomes more transparent and managed — Morozov added.

"SmartDeal creates the platform for interaction with Rosreestr which banks, builders and real estate agencies can join. Raiffeisenbank became our partner who one of the first started service of electronic registration for the mortgage clients, and since July 1 will use the solution of SmartDeal for release and registration of the electronic mortgage. Such initiatives and solutions promote creation of the reliable and safe digital real estate market in Russia", – Ruslan Akhmerov, the top analyst of SmartDeal comments.

So far the mortgage borrowers of Raiffeisenbank who purchased apartments in new buildings of PIK group and LSR Group in the Moscow region and KVS groups in St. Petersburg will be able to use service.