Russia to launch mortgage registration using biometrics

12.09.2022 | 13:00 Home / News / Fintech /
#Dom.RF #mortgage #the Unified Biometric System
DOM.RF, financial institution for development in the housing sector, will launch mortgage registration in Russia using the Unified Biometric System (UBS).

It is expected that the first transaction for the purchase of housing using the “DOM.RF and Bank DOM.RF will be carried out before the end of 2022, and its widespread use is planned to begin in 2023.

At present, the institution is completing the organizational work and technical measures necessary for data exchange with the UBS. According to the polls, more than 60 percent of Russians who have taken out a mortgage have a positive attitude towards the possibility of applying for a loan online.

“The introduction of the possibility to issue a mortgage using biometrics will make such transactions safe, will reduce the time for applying and increase the convenience of receiving the service. To do this, you only need a smartphone and Internet access,” explained Nikolai Kozak, DOM.RF Managing Director for Digital Transformation.

It is noted that in conditions of the pandemic, banks have accelerated the introduction of online mortgage technologies. In particular, Bank DOM.RF began to carry out completely remote transactions - using technology that allows to sign documents from a smartphone.

At the same time, along with Rosreestr, the bank issued the first electronic mortgage in Russia to replace a documentary (paper) mortgage on an already existing mortgage loan. For citizens, this opportunity provided a significant simplification of the process of removing encumbrances when repaying a loan or refinancing.

To use the service, a citizen will need to pass a check in the Unified Biometric System and log in using the public services portal account. One can register with the UBS and submit data at one of the branches of Rostelecom.

The Unified Biometric System (UBS) is a national digital platform that allows a remote identification of a person by his/her biometric parameters. The system was created with the assistance of the Bank of Russia (CB). The developer and operator of the system is Rostelecom.

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