How to get a mortgage loan to woman on maternity leave

The birth of a child is a good occasion to improve their living conditions. But if a woman is on maternity leave and plans to purchase new property on credit, will make it very difficult.

Features of obtaining a mortgage in the decree

The fact that the borrower's income - the main criterion for the decision of Bank on granting a loan. A woman on maternity leave does not have high stable incomes. Plus it be additional costs associated with raising a child.

Today, maternity leave of 1.5 years constitute only 40% of average earnings. According AHML, the average size of mortgage loan payments in 2013 was 28.2 thousand rubles, Respectively, to cover the payments on the loan due to maternity leave average earnings should exceed 70 thousand rubles per month. It is assumed that for a mortgage approval requires that mortgage payments not exceed 30% of the total family income.

Even if a woman tries to convince the Bank that in the near future come to work and will restore your previous earnings, it is unlikely that these arguments will be considered.

So often a woman on maternity leave can only apply for microfinance loans or get a credit card with a small limit. Of course, to buy apartment on this money is impossible.

How to improve your chances of mortgage approval in the decree

To increase the likelihood of obtaining a mortgage while on maternity leave in several ways. The best option is to get a mortgage on the husband, and the woman to act as guarantor. The working spouse's income will be higher, and the chances of getting approval from the Bank above.

It is better to try to arrange a mortgage prior to going on maternity leave, then the probability of approval will be much higher.

If this option is for any reason not suitable, you may need a substantial first Deposit - up to 50-70% of the cost of housing. In this part of the fee can be paid through state subsidies or the parent capital. To obtain government subsidies under the program "Young family", the family must be recognized as needing improved housing conditions, and age of spouses not to exceed 35 years. Government may provide up to 35% of the appraised value of housing, if the family has children up to 40%. As the first contribution can be a maternity capital, the right to which has each family at the birth of a second or subsequent child. In 2014 its size is 429 408 p. All this allows to make the mortgage less the invoice for the family budget and enable to reduce your monthly payment.

Positively to the Bank's decision can be influenced by the presence of liquid collateral in the form of other property owned.