Sberbank of Russia : rolls out e-registration of real estate for small businesses

Sberbank has rolled out a service for small businesses allowing them to register the real property with Rosreestr, Russia's federal registration agency. The service may be of use to companies obtaining a loan with real estate as collateral.

When registering a loan against property, along with the lending agreement you sign a mortgage agreement, which requires registration with Rosteestr. This can now be done online without going to a Multifunctional Public Services Center or registration agency offices. A lien waiver for your property can also be signed online when you repay your loan.

Alexey Shashkin, Director of Small and Micro-Sized Business, Sberbank:

'To register a property lien for real estate held by a small business customer, a bank employee and a client had to submit documents at a Rosreestr office or a Multifunctional Public Services Center personally. Now they don't need to do that: a bank employee sends an application for electronic registration when drawing up a mortgage agreement. When the loan is repaid, a lien waiver is also signed online. We started piloting these services six months ago, and now they are already available to our customers throughout the country. During this time, more than 60% of the lien waivers, which is approximately 4,200 real estate pieces of small businesses, have been submitted through Sberbank's online service.'

DomClick by Sber is the provider of services. Lien waivers are free. This option was marketed to remove collateral from Rosteestr register at the request of a bank client fast. Lien registration comes at a fee of RUB10,900 in Moscow, Moscow Region, and St. Petersburg, and RUB7,900 in other cities. You can use the services by contacting your client manager or by filling out a loan application via the SberBusiness app.