How to determine the level of income for a mortgage loan
In order to determine the necessary level of income to qualify for a mortgage, you need to calculate the monthly payment. It depends on the size of the down payment, amount and terms of credit.
For example, if the mortgage loan is 5.5 million rubles with the rate of 13.5% for the period of 10 years and an initial payment of 10% of the monthly payment will be 74 537,98 R. some banks require that the borrower's income was such that the monthly payment on the mortgage does not exceed 30% of income, others 40-50%. So, if the Bank has a 40% bracket, then you need the monthly payment multiplied by 2.5, this will be the minimum amount of income. Ie if the monthly payment will amount to 74,5 thousand rubles, the income should not be less 186,25 thousand.
If the borrower is not a sufficient amount of income to obtain the desired amount, he can either increase the down payment or extend credit terms. So, if at the specified parameters, the borrower will make 20% from apartment cost, the payment drops to 66 254,71 R., and income should be 162,63 thousand. the Increase in mortgage terms to 20 years will reduce by 13 thousand rubles, the monthly payment and the desired income - 32.5 thousand rubles, it is Important to note that the increase of terms of crediting entails higher interest on the loan, and increases the amount of overpayment. So, in Sberbank's mortgage for up to 10 years the rate is 13.5%, up to 20 years of 13.75%, while 30 - 14%.
In the differentiated payments on the loan that are more favorable to borrowers, in terms of overpayments, amount of monthly payments in the early payout will be higher than when annuitant. Accordingly, the income should be higher that the borrower was able to repay. So, if your mortgage for 10 years for the sum of 3,5 million rubles with the rate of 13.5% of the monthly payments annuitants scheme will be 53 296 R. Accordingly, revenues should be approximately 106-133,25 thousand dollars At the differentiated scheme they originally achieved 69 297 p. (although at the end of the payment made 29 500 rubles), thus the income to get such a loan should be higher - from 138,58 to 173,23 thousand.
Some banks allow a preliminary assessment of the maximum amount of credit, based on income. For example, in Sberbank with an income of 60 thousand rubles, you can count on a mortgage of up to 3.5 million p. a period of 20 years.
What other factors affect dobroesti mortgage
It should be noted that although the borrower's income is really very important for the loan, along with them in the account and other factors. In particular, the nature of the worker's employment (permanent, contract, entrepreneur or business owner, etc.), duration, and continuity of his experience, family composition, the presence of other loans, the level of education, availability of other assets. For example, if the borrower has the ownership of the other apartment, car or other valuable property, the amount of his income may be lower.
Borrowers who do not provide proof of income, today it is possible to get a mortgage at all without providing references. The mortgage according to two documents now acquired by Sberbank and VTB24. The only limitation of such loans is that the borrower must be quite an impressive down payment for the purchase of housing not less than 35-40%.