The financial condition of the borrower is one of the key factors that influences the bank's decision to grant a mortgage. Therefore, a preliminary assessment of your chances of getting a loan can be based on comparing your own income level and the required minimum for approving a mortgage.
Instructions
Step 1
The size of the required level of income of the borrower depends on two factors - the amount of the loan that the borrower needs, as well as the term of the loan. To calculate the minimum income level, you need to calculate the amount of the monthly payment. The easiest way to do this is using special mortgage calculators for banks. They need to set the initial terms of lending - its amount, terms, as well as the interest rate. As a result, you will receive the amount of monthly payments.
Step 2
Most banks provide a mortgage to the borrower, provided that the monthly payment should not exceed 40% of the potential borrower's income. But experts believe that the mortgage does not cause a serious blow to the family budget, the debt burden should not exceed 30% of total income.
Step 3
The borrower can estimate the adequacy of his income by multiplying the estimated monthly mortgage payment by 2.5. So, it turns out that with a monthly mortgage payment of 40 thousand rubles. the borrower's income must be 100 thousand rubles. When the bank evaluates the borrower, not only his official income is taken into account, but also other income (for example, income from renting real estate or from part-time work).
Step 4
It should be borne in mind that with a differentiated mortgage repayment scheme, the level of income should be higher than with an annuity one. This is due to the fact that with this approach, the initial size of monthly payments is much higher.
Step 5
You can also use the reverse way of assessing the adequacy of the borrower's income level and determine the maximum amount of the mortgage with the available income. Some banks provide the borrower with the opportunity to evaluate online the amount that he can count on For example, in Sberbank, a borrower with an income of 20 thousand rubles. a month can get a mortgage in the amount of just over 1 million rubles. for 20 years or 819 thousand rubles for 10 years. It should be borne in mind that this calculation will be very approximate, since the amount of lending can actually be increased with the involvement of guarantors and the availability of liquid collateral.
