Mortgage experience requirement and how long you need to work to get a mortgage in 2022

Mortgage loan from Otkritie Bank from 9.3% → Apply

A mortgage is one of the fastest and most realistic ways to get personal square meters in Russia. The amount of income in this case plays an important role. The salary should be enough to cover the monthly payment and provide the person with all the essentials.

Official employment and the number of years worked at the enterprise are also important. Let's consider the basic requirements for the level of experience and income for a mortgage loan in order to understand whether the application will be approved by the bank or not.

Current offers

Loan without refusal Loan with arrearsUrgently with your passportLoans at 0%Work in Yandex.TaxiYandex.Food courier up to 3,400 rubles/day!

Bank experience requirements

Any bank offering mortgage products to clients voices a requirement to satisfy the application, compliance with which is a mandatory condition. One of the key requirements for borrowers is the minimum length of service in the current position and the employee’s total length of service as a whole.

Below is a table with data on the required length of service in leading Russian banks:

Most banks consider clients with a total work experience of at least one year. At your last job, some credit institutions require you to work for more than 1 month, while others require 3, 4, 6 months.

Procedure

The very first steps are to assess your financial capabilities, choose a specific bank, and determine the requirements for a new home. Next, you should familiarize yourself in detail with the terms of the mortgage loan.

Important! Pay attention to all the details and do not hesitate to ask questions that are unclear to you, since often advertising brochures and even the consultants themselves are silent about some features of the banking product. Some features include additional insurance, commission payments, issuance of a bank card, and so on.

Credit application

The loan application is filled out at the bank's office ; the borrower must first take care of providing, along with the application for a mortgage loan, the necessary package of documents, the basis of which is personal documents, as well as official papers confirming the income of the future payer and confirming the ownership of the collateral.

Many banks review a loan application on a fee basis; the result of the decision made is announced to the borrower within a few days, or in rare cases weeks. The bank provides the borrower with a form containing the terms of the mortgage agreement and the validity period of this decision. The bank’s positive decision lasts for 3-6 months, so you need to use it during this period.

Choosing housing and its design

A mortgage loan cools the borrower's ardor, a loan narrows the boundaries of choice - not every seller agrees to sell real estate on the basis of a mortgage. Large development companies offer mortgage terms to their clients, but they prefer to cooperate with selected banks. Banks, on the contrary, will refuse to issue a loan for the purchase of housing from a construction company with a dubious reputation.

Having chosen the best option, the borrower enters into a loan agreement with the seller. The contract obliges the buyer to pledge the purchased property to the bank within a few weeks after the transaction is concluded.

Home insurance

After purchasing a home and receiving documents on ownership, the borrower must fulfill the following condition, not from the bank, but from the mortgage law. The owner must insure the property against damage and risk of loss.

The policy of the insurance company is that the assessment of the object depends on the degree of probability of the occurrence of possible risks. The insurer can either increase the amount of premiums, having considered all the details relating to the home, or refuse to insure it at all.

The beneficiary of collateral property insurance is the bank itself, that is, all insurance payments from the client are intended for it.

Note! In addition to compulsory insurance of real estate, the bank can persistently offer the client life insurance and ownership of collateral housing. Such actions are not legal.

Transfer of housing as collateral to the bank

The last stage is the execution of a pledge agreement in the form of the bank. The agreement is registered at the state level and comes into force only after registration. Rosreestr makes a note in the database about encumbering an apartment or private house with collateral.

What documents are needed to confirm work experience?

When applying for a mortgage, you need to document not only your income, but also your work experience. The necessary documents with which you can prove the fact of employment and the duration of work at the current place include:

1. Work book (a copy of all pages certified by the employer).
2. A copy of the employment contract (if a person works several jobs at once, then you will need to provide copies of both contracts).
3. Extracts from orders and other organizational documents (in some cases, a certificate for a certain period of work of a particular person is required).
4. Tax return for individual entrepreneurs.

As a rule, banks do not require any papers other than a work book.

If there is a break in work activity, it will be necessary to provide an oral or documentary explanation for it. We also recommend that you find out how a mortgage is obtained without official employment.

How can a student get a loan?

To take out a student loan, you must also collect documents about your official income, work and property. In this case, guarantors will also be needed.

The easiest way for a student to take out a student loan. Sberbank even has a special government program that will help you quickly get a loan for the entire period of study.

Unfortunately, students are not often given loans for other purposes. Therefore, if possible, ask your parents to take out a loan and pay it off for them. Then there will be no problems with the acquisition of real estate and other large purchases.

How long do you need to work after maternity leave?

In accordance with Russian legislation, maternity and parental leave is included in the length of service and is not counted among any kind of breaks in work. When considering mortgage applications from clients with so-called “aggravating circumstances” (such as maternity leave), each bank is guided by its own regulations and instructions.

There is no single hard and fast rule in this matter. In general, many banks adhere to the same policy regarding the minimum work experience for women who have just returned from maternity leave as for newly applying borrowers. That is, in some banks it will be necessary for at least 3 months to pass from the date of the first payroll, in others - 4 or 6. Everything here is individual.

IMPORTANT! Some banks implement a flexible policy of analyzing the solvency of potential clients and accept applications for a mortgage loan almost immediately after returning from maternity leave.

An important role here is also played by the age of the child at which the mother decided to go to work - 1.5 or 3 years. In the first case, the requirements for length of service will be more serious than in the second.

Minimum income

There is no such indicator, since the legislation has not established a framework for payers. And institutions themselves decide who to give money to and who to refuse. In any case, the client's salary must be adequate when compared with the amount owed.

In the example, everything looks like this. The lending limit is 1 million rubles. The average interest rate in Russia for banks is 12.5%. For example, a young family decided to receive money for 5 years. When using a mortgage calculator, you can quickly find out that the monthly payment will be 22,498.

Next, you need to understand for yourself what total family income will be considered acceptable. To do this, let's perform a simple operation from the previous example:

RUB 22,498 / 0.4 = 56,245 rub.

It turns out that the family must receive at least 56.2 thousand per month in order for the organization to agree on a loan, or better yet, higher, then the credit risks will be less.

What to do if your total experience is less than a year

The vast majority of banks in Russia issue housing loans to clients with at least one year of general work experience. What should a client whose work experience lasts slightly less than the designated period do?

At first glance, there can be only one outcome of the case - the bank’s refusal. However, there are several options to solve this problem.

The first is that for some clients, a number of lenders may make certain concessions, namely lowering the minimum total occupancy threshold. Such clients usually include participants in salary projects and employees of important partner enterprises. For example, Rosselkhozbank salary client will be able to apply for a mortgage with an experience of at least six months.

According to the second option, some banks may accommodate a potential borrower whose total work experience falls short of the required period. For example, if a person has worked for only 10-11 months and meets all other requirements of a credit institution, then the bank may agree to issue a loan. This is usually done if the lender is interested in the upcoming transaction.

Mortgage without experience

Borrowers who are unable to prove their work history or are just starting their careers also have a chance to get a mortgage loan. Such borrowers include freelancers, entrepreneurs without a legal entity, workers with “gray” and “black” wages, as well as people involved in creativity, leasing real estate, etc.

Such clients can apply for a mortgage without experience using:

1. Obtaining a mortgage using two documents. Such a loan is usually issued upon presentation of a passport and a second document of your choice (TIN, SNILS, international passport, military ID, driver’s license, etc.). Mortgage programs based on two documents are associated with increased risks for the bank, so lending conditions are designed to minimize them. This is usually expressed in an increased interest rate, a significant share of the down payment and a shortened loan term. Also, one of the bank’s mandatory requirements for approving an application for such a product will be the conclusion of a comprehensive insurance agreement.
2. Confirmation of experience by providing a copy of a civil law contract. If a person works not according to labor, but according to the GPA, then to submit a mortgage application you will need to provide a copy of it. The bank, depending on the type of employment, position, nature of the work performed, level of income and its stability, will already decide on the advisability of issuing borrowed funds. It is important to know that Globex Bank accepts applications only according to the GPA. Almost all other banks require that the workplace be indicated in the employment contract, and the contract will be used as an additional source of income.
3. Applying for a loan secured by existing real estate. By providing the bank with title documents for other real estate, the potential borrower has the opportunity to obtain a mortgage loan with the transfer of this real estate as collateral. The borrowed funds issued by the bank will be used to purchase a new property.
4. Payment of a significant portion of the down payment from the cost of the purchased housing. To prove his solvency (especially in the absence of the possibility of confirming his experience and level of income), the client, to increase the chances of the bank making a positive decision, can immediately deposit at least 40-50: of the market price of the property being purchased. In this case, the lender will become more loyal to him.
5. Involve a co-borrower or guarantor who is officially employed. A guarantor or co-borrower will increase the likelihood of obtaining a mortgage loan for a client who cannot prove his or her employment. In addition, the bank will take into account their income, which will increase the loan amount.

Payment per month

The level of the monthly payment schedule depends on the appraised value of the property, the repayment period and, of course, the annual interest. The shorter the lending period, the more rubles a person has to deposit into the cash register. Most institutions operate under the rule that loan payments should not exceed 40% of the family's income.

Visually, everything looks like this. Let’s say that in order to pay a mortgage of 8 thousand rubles you need to earn at least 20,000. The calculations are simple.

4 banks that are happy to issue mortgage loans

Loan without refusal Loan with arrearsUrgently with your passportLoans at 0%Work in Yandex.TaxiYandex.Food courier up to 3,400 rubles/day!

The payment of 8 thousand must be divided by a factor of 0.4. Then we will get the required level of earnings acceptable to the lender. Sometimes bankers give loans where this figure exceeds the 60% mark.

What else are they watching?

In addition to work experience, credit institutions analyze the following parameters related to the borrower and his family:

• availability of permanent or temporary registration;
• marital status and family composition;
• the level of education;
• quality of credit history and financial reputation;
• availability of liquid property in ownership (movable and immovable);
• presence of other credit obligations.

But the main factor that directly influences the decision to issue a mortgage is the level of income received by the borrower and his family members.

To understand the minimum income required to approve a loan application, it is recommended to use our mortgage calculator. With the help of this visual and easy-to-use tool, any user can obtain an income figure that allows them to properly service the loan.

RESULT

So let's summarize. How to get a mortgage as a student in 2021? First of all, you need to determine whether you are over 21 years old, whether you have a down payment of more than 20% of the principal amount, whether you have been officially employed for more than 6 months, whether you have a clean credit history, whether you have guarantors and collateral. Only after this can you decide on the amount of the apartment and collect documents for the loan.