Minimum mortgage amount given by the bank

What determines the minimum mortgage amount?

Banks themselves determine the amount of funds provided, but are guided by certain criteria when calculating. It is generally accepted that the minimum loan amount varies from 10% to 30% of the value of the purchased property. Naturally, the lower this threshold, the more unprofitable the deal for the bank, which means the mortgage may be denied. Let's look at the main indicators that influence the minimum amount available.

• The region where the mortgage loan is issued. The minimum mortgage amount may vary for each location. For example, at Rosbank House for residents of the capital this figure is 600,000 rubles, for residents of other regions - 300,000 rubles. This is explained by the difference in real estate prices.
• Borrower's income level. The regular payment should not exceed 40% of the borrower's monthly income. If you earn little, it is recommended to attract co-borrowers and indicate additional sources of income, otherwise it will be almost impossible to get a large mortgage loan and you will have to be content with the minimum mortgage amount.
• Housing assessment results. The amount of available credit is calculated as a percentage of the price set by an independent appraiser.
• The cost of the purchased property. As a rule, banks approve loans no more than 80-85% of the total price indicated in the appraisal report.
• Credit history. If it is spoiled by late payments, then it will be quite difficult to obtain even the minimum mortgage amount. In addition, if there are outstanding loans, the lender will take into account the amount of funds that are required to repay the existing debt.
• Age. Citizens close to retirement age find it much more difficult to obtain a mortgage loan. The main condition is that the borrower be under 65 years old at the time of making the last mortgage payment.

You should also remember that there are certain payments that do not affect the minimum loan amount, but are required when applying for a mortgage. These include:

• Registration of insurance;
• Registration of real estate valuation;
• Services of lawyers and notary.

Interest rate

The interest rate is a very important parameter when calculating a mortgage. It is measured as a percentage per annum. This parameter shows how much interest is charged on your debt per year. For clarity, let's take a specific interest rate - 12%. This means that another 12% of the debt amount is added to your debt per year, BUT: with mortgage lending, the bank charges you interest not once a year, but daily on the remaining amount of the debt. It is not difficult to calculate how much interest is accrued every day: 12% / 12 months / 30 days = 0.033%.

If you've already used our mortgage calculator and done the math, you've probably noticed that your monthly payment is made up of two parts: principal and interest. Since your debt decreases every month, you accrue less interest. That is why the first part of the payment (principal) increases, and the second (interest) decreases, and the total amount of the payment remains unchanged throughout the entire term.

Different banks offer different interest rates, they depend on various conditions, for example, on the size of the down payment, on the type of housing purchased, etc. Obviously, you need to look for an option with the lowest rate, because even a difference of half a percent will affect the amount of the monthly payment and the total overpayment on the loan:

Table 1. Demonstration of the influence of the interest rate on loan parameters.

Fixed and floating interest rate

A fixed interest rate is a loan rate that is set for the entire loan term. It is specified in the loan agreement and cannot be changed.

A floating interest rate is a loan rate that is not a constant value, but is calculated according to a formula defined in the agreement. The rate consists of two parts: The first component is floating, tied to some market indicator (for example Mosprime3m or the Central Bank refinancing rate) and changes with the frequency specified in the loan agreement (for example, monthly, quarterly or semi-annually). The second component, fixed, is the percentage that the bank takes for itself. This part remains always constant.

Minimum mortgage amount using maternity capital

When applying for a mortgage loan, maternity capital can be used to pay the down payment or partially early repayment. In this case, banks set a certain amount of the mortgage amount for capital. The amount may vary among different banking organizations.

Let's give an example. If the minimum mortgage amount is 1 million rubles, then taking into account maternity capital, this value will increase by the amount allocated as state aid.

Mortgage for 3,000,0000 rubles

Take the opportunity to recalculate your loan at a rate of 5.9%: activate the “Excellent Rate Guarantee” program. The “Excellent Rate Guarantee” program is a voluntary paid service of the Bank for Halva card holders to reduce the interest rate for the period of validity of this service under the Loan Agreement concluded between the Bank and the Borrower. The cost of the service is in accordance with the Bank's tariffs, which is charged at a time on the date of connection of the service. The validity period of the service is 3 years. Conditions for connection that must be met during the period of validity of the service: availability of Personal Insurance, no overdue payments, as well as making at least five purchases using the Halva card for a total amount of at least 10,000 (Ten thousand) rubles with own/borrowed funds in each full reporting period period. Interest is recalculated within 5 business days after the expiration of the service; the difference between paid and calculated interest is returned to the Borrower to his bank account. The base rate for this type of product is from 8.75%, subject to connection to the Complex of insurance programs (more details in the Insurance Instructions).

Mortgage loan “New building” is a cash loan secured by the rights of claims of acquired real estate on the primary market in construction projects accredited by the Bank. Loan term from 3 to 30 years, loan amount RUB 0,000. The base rate is from 12.49%, the rate varies depending on the percentage of the down payment. Requirements for the Borrower: Citizenship of the Russian Federation; permanent registration at the place of residence or temporary registration for a period of 4 months; the minimum age at the time of receiving a loan is 20 years, the maximum age at the time of loan repayment is 85 years (inclusive); total work experience of at least 1 year and continuous work experience in the last place of at least 3 months (this requirement does not apply to persons participating in a transaction without proof of income). For business owners and individual entrepreneurs, the period for running their own business/entrepreneurial activity is at least 12 months on the territory of the Russian Federation. Documents: application form; a copy of all pages of the passport; a copy of the work book certified by the employer; a copy of the income certificate; SNILS. You can find out more detailed information on the loan, other conditions for granting and repaying the loan and requirements for borrowers on the website.

Mortgage or consumer loan: what to choose

If the borrower does not have enough money to buy an apartment or house, then it would be more rational to take out a consumer loan. Additional advantages will be the lack of insurance, a small package of documents, and no need to provide collateral. However, more often people are faced with a situation where a significant part of the amount is not enough to purchase housing. In this case, you must try to increase the minimum mortgage amount.

How to do it? Find additional sources of income, attract co-borrowers, correct your credit history if necessary.

Who can take out a mortgage at 6.5%?

• The program applies to all citizens of the Russian Federation; residents will not be able to use it.
• The mortgage agreement must be concluded before November 1, 2021.
• Mortgages are provided only for new buildings, while the house itself can only be built/put into operation.
• The loan amount ranges from 3 (in the regions) to 8 million rubles (in Moscow and St. Petersburg).
• The down payment on the loan must be 20% of the cost of the purchased home.
• You can use maternity capital and other types of government support.
• The loan term is not limited.

In other words, a positive decision to grant a mortgage will not be affected by age (mortgages will also be given to pensioners), the presence or absence of children, officially entered into or civil marriages, etc. The main problem here is the requirements for real estate. Read about them below.

How to calculate the minimum mortgage amount yourself

In order to pre-calculate the minimum and maximum amount, use a special online calculator on the Rosbank Dom website. With its help, you can easily find out the basic parameters of a future mortgage, assess your financial capabilities and select a suitable mortgage program.

Using the calculator is quite simple. It is enough to indicate the type of property, location, down payment and total cost of the property. Based on this data, the service will calculate the minimum and maximum mortgage amount.

And to obtain more detailed information, it is recommended to use the help of Rosbank Dom professionals.

Calculation example

Let's consider several typical situations. The cost of the apartment is 5 million rubles. The down payment must be at least 15% of the cost of the apartment. Thus, we find that we need to have 750 thousand rubles for the down payment. Interest rate 10.5%. The loan term is 15 years.

We enter the received data into the Sberbank mortgage calculator and click the “Calculate loan” button. We receive the following data:

• Monthly payment: RUB 46,979. (you need to pay this amount to the bank monthly for 15 years)
• Full amount of payments: RUB 8,456,302. (the entire amount that you will pay to the bank over 15 years)
• Overpayment amount: RUB 4,206,302. (you took 4.2 million rubles from the bank, and will give back twice as much)

Table of calculation examples

Is it possible to take out several mortgages at 6.5%?

Yes, there are no restrictions on quantity. But the problem may lie in your solvency - in how banks assess it. In addition, in a state of economic uncertainty, it is better not to take on increased financial obligations. You cannot be sure that you will not be affected by a reduction in salary or work, etc.

How much can you borrow for a mortgage?

The preferential mortgage program applies to fixed amounts.

• In Moscow, Moscow region, St. Petersburg and Leningrad region, the amount is 8 million.
• In the regions - up to 3 million.

What is meant here? An apartment may cost more than the specified amount (especially if you remember that we are purchasing housing in a new building), however, according to the state program, at a preferential interest rate you will be given only the specified amount of money.