You earn 60 thousand rubles. and want to know if you will be approved for a mortgage? The bank is interested in ensuring that you can pay your mortgage monthly for 5-10 years, and at the same time avoid delays. Managers will check your solvency and credit rating, and assess your maximum debt load. If you cannot prove your income, your mortgage loan will be denied.
Find out what your salary must be for the bank to approve a mortgage. We will give examples and tell you what to do if your income is low.
Bank criteria for mortgages
When considering a mortgage application, managers take into account not only the level of family income, but also how many months the borrower last worked. If you have worked for less than six months, do not count on mortgage approval. The age of the borrower in many banks must be between 21-75 years.
But the main criterion is net income. If the borrower lives alone, only the income of one person is taken into account. A mortgage will be approved if you receive twice as much as you plan to pay in monthly payments. For example, if you pay 50 thousand rubles on a mortgage, your income must be at least 100 thousand rubles. If you earn 40-50 thousand rubles, a mortgage will be approved only with additional income. For family borrowers, family income is taken into account.
How long does it take to get a mortgage approved?
To get loan approval, you must:
- Answer the questions in the questionnaire. On the Rosbank Dom website, in a special application form, you must indicate your last name, first name, region, type of property, contact phone number and e-mail. All you have to do is agree to the terms of data processing and click the “Submit Application” button.
- Upload scans of documents and digital signature. To obtain preliminary approval, it is enough to provide documents in electronic form. How long it takes to consider a mortgage depends on the bank. At Rosbank Dom you can get a preliminary decision online in 10 minutes.
- If the answer is yes, choose a convenient date and time.
Assessing the solvency of a mortgage borrower
When assessing solvency, banks take into account the presence of additional expenses and calculate the maximum debt load (MLL). If the borrower has other loan obligations, the lender summarizes them. And based on the data received, it calculates how much the borrower can pay per month. Expenses such as alimony, utility bills or rent are also taken into account. All of this will be deducted from your total salary.
Banks use special programs that allow them to assess the risk of possible non-repayment of money. The screening system analyzes the client's solvency and assigns points. Based on the data received, managers determine whether to approve the client’s application or not.
What can increase the time it takes to obtain a mortgage?
The term for obtaining a loan depends on the speed of collecting the package of documents. Typically it includes:
- copies of passport pages;
- certificate of income in the established form (2 days are required to obtain a certificate from work);
- a copy of the work book to confirm work experience;
- statement.
After approval of the borrower's candidacy, the banking organization separately reviews and approves the found property. If the client has not chosen an apartment, the time to obtain a mortgage depends on how quickly the realtor or buyer selects a suitable property among those already approved by the bank or on the rest of the real estate market. The search may take from several weeks to several months (after pre-approval, the lender gives the borrower 3 months to find housing).
Purchasing an apartment with a mortgage includes the stages of insurance and appraisal, registration of a purchase and sale transaction and a mortgage agreement. When choosing an insurance company, it is important that it is accredited by the bank where the loan is issued. Often he himself offers the client a list of approved insurers. It takes no more than 2 days to conclude an insurance contract.
Non-target mortgage loan from 10.15%
The loan is provided against existing real estate.
up to 65% of the value of existing real estate
For a period of up to 20 years
To learn more
After the borrower has agreed with the seller, ordered a real estate appraisal, and taken out insurance, purchase and sale transactions and mortgage lending are concluded. To do this, the buyer and the person selling the apartment must visit the bank office and sign documents; this requires another 1 day.
After purchasing a home, rights to real estate are registered with Rosreestr.
Let's calculate a mortgage based on salary using examples
The maximum mortgage loan amount is affected by the cost of living established in the region, salary and the number of dependents in the family. If spouses take out a mortgage, their total income is taken into account. To make it clear, let's look at examples.
Example 1
Ilya graduated from university two years ago, and for the last year he has been working in a store as a sales consultant. He receives a salary of 45 thousand rubles. But sometimes there are bonuses of 10 thousand rubles. The bank has calculated that over the past 12 months Ilya’s average income is 50 thousand rubles. Ilya is going to buy a studio in a new building in the Moscow region, which costs 4.5 million rubles. Ilya’s parents have already set aside 1.5 million to make a down payment. With a preferential mortgage, Ilya can get a loan at a rate of 6.75% in the amount of 3 million rubles. for a period of 20 years. The monthly payment will be 15,200 rubles. In this case, the mortgage payment from Ilya’s income will be 30.4%, so he has every chance of getting approval from the bank.
Example 2
Ivan and Alina have been married for ten years. The couple are raising two minor children. The couple lives in Tula and is planning to move to the capital. In their hometown they are going to sell an apartment for 6 million rubles. and buy a two-room apartment in the capital with a mortgage for 12 million rubles. The family has two children and can use the “Family Mortgage” under the following conditions.
- Down payment from 20%.
- Rate: 5.99%.
- Lending duration up to 30 years.
The joint income of the spouses is 150 thousand rubles, and the monthly mortgage payment will be 42 thousand rubles. But they have two dependent children and the minimum required to support them is 23 thousand rubles. It turns out that Ivan and Alina will be approved for a mortgage in the capital to purchase a two-room apartment under the Family Mortgage program, since the monthly payment will be less than 50%.
Example 3
The Petrov family plans to buy a two-room apartment in St. Petersburg with a mortgage. The couple found real estate for 8 million rubles. The husband’s income is 80 thousand rubles, and the wife works unofficially and earns an average of 45 thousand rubles. on freelance. If the spouse registered as self-employed, the bank would take into account the income. But without registration, the wife is considered to be dependent on her husband. There are no children, so the income is divided between two. The mortgage rate on the secondary housing market will be 9.4%. The family plans to take out a mortgage for 30 years and the amount of monthly payments will be 55 thousand rubles. But the bank will refuse to issue a loan because the monthly income exceeds 50% of the family income. In order for the mortgage to be approved, the Petrov family’s income must be more than 100 thousand rubles. And if the spouse registers as self-employed, the mortgage to the Petrov family will be approved.
Read the article “Mortgage with state support: what you need to know and take into account?”
Register ownership
You can register ownership of an apartment in a new building only after drawing up cadastral passports for the entire property. That is, you will have to wait until the other residents receive the keys and draw up an acceptance certificate.
A good developer will definitely inform buyers about the start of apartment registration and send a list of documents for the registration authority.
To register property rights you will need:
- a statement from each party to the transaction;
- passport of the buyer and the seller’s representative;
- mortgage loan agreement;
- contract of sale of an apartment;
- receipt of payment of state duty.
After repaying the mortgage debt, the borrower must submit an application to the MFC to remove the encumbrance.
You need to bring:
- a document from the bank confirming full payment of the debt;
- mortgage loan agreement;
- homeowner's passport.
You must register ownership of an apartment within 120 days.
How to confirm income when getting a mortgage?
To confirm official employment and monthly payment, you need to present a 2-NDFL certificate to the bank. In the absence of a 2-NDFL certificate, you will have to prove to the bank that you have been working for the company for at least six months. Managers can call your employer and find out whether you are actually employed and why you cannot provide a certificate.
For those who work unofficially and work remotely, you need to submit a tax return to the bank. You will need confirmation of insurance payments and you will need to take statements about the receipt of money on your bank card. In the absence of tax registration, even bank card statements will not act as proof of income for the bank. And if you work officially and earn extra money, then the card statement indicating the receipt of money will be considered confirmation of additional income.
Features of consideration periods
Depending on the mortgage lending program, the processing time for an application may vary.
. Therefore, you need to know in which cases you will have to wait longer, and when the bank will make a decision quickly.
For military mortgage
This type of lending has its own characteristics. In this regard, the processing time for an application for a military mortgage in major large banks today is up to 5 days.
Previously, this issue was considered in different banks, and often today it takes from 10 to 14 days.
For a mortgage in Sberbank
This financial and credit institution is one of the largest and strongest lenders providing mortgage loans to its clients. At the same time, the period for consideration of the application by its specialists is, in accordance with the data of the official website of Sberbank of the Russian Federation, from 2 hours to 5 days
.
If the process drags on for another couple of days, there is nothing to worry about, since the bank may have many loan applications pending. The client may need to provide some documents, etc. Sometimes the review period is delayed for a longer period, since the client cannot quickly provide the missing certificates requested by the bank.
For a mortgage at VTB-24
If the decision is made on a salary client, the processing time for the application at VTB-24 may be about 1-2 days. When requesting an amount of more than 500 thousand rubles, you will need to collect more documents confirming the client’s solvency and reliability. In this case, the deadlines are extended over a longer period of time.
If you have a positive credit history issued by BKI, VTB-24 will take up to 4 days to review your application.
If the bank branch has a high load, the application may be processed in about 1.5 weeks.
For a mortgage at Rosselkhozbank
The procedure for reviewing mortgage loans at Rosselkhozbank takes up to 10 working days.
For a mortgage at Gazprombank
This financial institution makes a decision on the possibility of obtaining a mortgage within 3-5 business days after submitting the full list of documents that the bank requests under this program.
For AHML mortgage
For AHML, the review procedure is paid, it takes longer than in conventional banks - more than 10 days
.
Basic moments
First of all, you need to obtain approval from Sberbank to receive a loan. To implement this task, you need to contact directly a loan specialist who deals with mortgage lending issues and consult on all issues related to the approval of a mortgage loan.
A bank specialist will help you pre-calculate the loan amount. After an oral interview, the manager will make the necessary calculations and provide a list of necessary documents for submission to Sberbank for consideration.
There are cases that after reviewing the documents, the decision to issue a loan will be made the next day after the application. But usually this process lasts for a week.
Collection of documents
A mortgage in the country's largest banking institution is issued only if a complete package of documents is provided. It is recommended to prepare and complete them at the stage of selecting a property suitable for purchase. This is due to the fact that the preparation of certificates, statements and other papers may require quite a long period of time. In order for a deal with Sber to be concluded, you will need to provide credit specialists with the following documents:
- Documents that are used to confirm the identity of the borrower, as well as his social status;
- Certificates and statements that are used to confirm the income level of the loan recipient;
- A set of additional papers that are needed in cases of using various property as collateral or if there is a co-borrower on the mortgage;
- An application that must be completed in the correct manner.
Registration of insurance for real estate
After searching for suitable housing and reporting its estimated value, clients think about what actions to take next on the way to their cherished dream of owning their own apartment. And here you can’t do without taking out insurance. Current legislation requires compulsory insurance of real estate, which is purchased with a mortgage.
For insurance, you should contact companies that are accredited by a credit institution. Thanks to this, you can insure your residential property in just a few days. The document is completed very quickly, and it will definitely meet banking requirements.
If desired, the client can also take out insurance for his life and health. This procedure is not mandatory, but if it is carried out, the bank will welcome it. The client gets the opportunity to obtain a mortgage loan on more favorable terms. The process is paid separately.
Actions of the borrower after signing the mortgage agreement - what else is needed?
After concluding a loan agreement, there is very little left to do - register ownership. To do this, contact the seller at the MFC, where they provide a similar service, or use the “Electronic Registration” service (the second method will cost more, but you can submit documents remotely).
Entry into ownership is available only for finished objects - if the apartment was purchased under the DDU, the agreement must be registered, and the premises must be registered after completion of construction. Don’t forget to familiarize yourself with the payment schedule in SberBank to avoid delays - if you have any questions or difficulties, contact your personal manager for help.
Procedure after approval of the application
After the bank has approved the application and the client has found a suitable property, the most crucial moment comes. It consists of signing a mortgage agreement. The client’s task is to study the provided document in detail. This is especially true for those points where the loan amount, monthly payment, and obligations of the parties are written. The debt repayment schedule is formed separately, it is also worth checking.
Simultaneously with the mortgage agreement, an additional agreement on home insurance is signed. You cannot refuse this, otherwise the bank simply will not approve the mortgage. In addition, it is advisable to insure your life. The bank cannot oblige the client to do this, but the interest rate depends on the fulfillment of this condition. By insuring life, a person can count on reducing the interest rate by 1%. It seems like a small privilege, but if the loan is issued for years, it is very noticeable.
At the final stage, having concluded a deal, the client needs to enter his home into electronic registers.
You can ask a bank employee for help or contact the MFC. After preparing the documents, the banking institution transfers the entire loan amount to the account of the person who sold the property. After this, we can say with confidence that the transaction is completed. The client becomes the owner paying off the mortgage. Mortgage in Sberbank. This is why most mortgages are taken out from Sberbank. Mortgage conditions in 2021
Real estate valuation
Further actions include having an expert assessment of the value of the property. The client is required to carry out this procedure. The expert's opinion allows you to determine the size of the mortgage loan. But it is worth remembering that to conduct such an assessment you must contact agencies that are accredited by Sber. Thanks to this, it is possible to save time on drawing up an expert opinion on the estimated value of the selected property. It is issued after one week.
What can and cannot be done?
Purchasing an apartment using a mortgage imposes some restrictions on new owners:
- The borrower can register himself and his immediate relatives in the apartment.
- The owner cannot completely dispose of the property, because it is pledged to Sberbank. You cannot bequeath or donate housing. You can even sell it only with the permission of the bank.
- The borrower has the right to make repairs of any kind. In addition to redevelopment. Any changes must be coordinated with Sberbank. Coordination of redevelopment takes place in 3 stages:
- preparing the project and obtaining consent from regulatory authorities;
- coordination of reconstruction with the insurance company;
- obtaining the bank's consent.
- The owner can, purely theoretically, re-mortgage his apartment. But again, the consent of Sberbank will be required. In such a situation, another bank is unlikely to agree to become the second lender in line if the borrower cannot pay the mortgage.
