The birth of a child is a good reason to improve living conditions. But if a woman is on maternity leave and plans to buy new real estate on credit, it will be very difficult to do so.
Features of obtaining a mortgage on maternity leave
The fact is that the borrower's income is the main criterion for a bank's decision to grant a loan. And a woman on maternity leave does not have high stable incomes. Plus, she also has additional expenses associated with raising a child.
Today maternity leave up to 1, 5 years is only 40% of the average earnings. According to AHML, the average size of mortgage payments on a loan in 2013 was 28, 2 thousand rubles. Accordingly, in order to cover loan payments at the expense of maternity leave, the average earnings must exceed 70 thousand rubles. per month. At the same time, it is believed that in order to approve a mortgage, it is necessary that loan payments do not exceed 30% of the total family income.
Even if a woman tries to convince the bank that she will go to work in the very near future and restore her previous earnings, these arguments are unlikely to be taken into account.
Therefore, often a woman on maternity leave can only apply for microfinance loans or get a credit card with a small limit. Of course, it will be impossible to buy an apartment with this money.
How to increase the likelihood of approving a mortgage on maternity leave
There are several ways to increase the likelihood of getting a mortgage while on maternity leave. The best option is to take a mortgage loan for the husband, and the woman to act as a guarantor. A working spouse will have a higher income and a higher chance of getting bank approval.
It is better to try to get a mortgage before going on maternity leave, then the likelihood of its approval will be much higher.
If this option is not suitable for some reason, then a substantial down payment may be required - up to 50-70% of the cost of housing. In this case, part of the contribution can be made through government subsidies or maternity capital. To receive state subsidies under the Young Family program, a family must be recognized as needing better housing conditions, and the age of the spouses must not exceed 35 years. The state can provide up to 35% of the appraised value of housing, if the family has children - up to 40%. Also, maternity capital can act as a first contribution, the right to which each family has at the birth of a second or subsequent child. In 2014, its size is 429,408 rubles. All this allows you to make the mortgage less expensive for the family budget and allow you to reduce the monthly payment.
The presence of liquid collateral in the form of another property in the property may also have a positive effect on the banking decision.
