How to get a mortgage if the official salary is small or “gray”

How much can it take to repay the loan?

Everything is heading towards the fact that soon a norm will be introduced at the legislative level according to which banks will not issue loans if their repayment takes more than 50% of the borrower’s income.

Moreover, we are talking not only about the loan for which the application is submitted. If a person has some other loan open at the same time, it is included in the calculation. In total, the borrower cannot give banks more than half of his salary. The norm has not yet been officially adopted, but lenders are already actively using it.

For example, if you receive 30,000 rubles, the mortgage payment cannot be more than 15,000. And this is provided that you have no other debt obligations.

Pledge of property

There is another way to solve the issue of how to get a mortgage with a small salary, this is to provide the bank with collateral. Collateral can be:

• vehicle (car);
• garden house or dacha;
• plot of land;
• apartment (your share in it);
• garage;
• jewelry;
• securities.

Despite the fact that a mortgaged apartment is automatically a collateral for the bank, the financial institution still requires additional guarantees. And confirmation of ownership of expensive property will not be superfluous.

Note: property under encumbrance cannot serve as collateral. For example, if a car was purchased on credit, then until it is repaid in full, the car cannot be presented as property as collateral. Also, for collateral, it will not be possible to present an apartment put up for sale by the borrower, because in the future, the bank will not be able to dispose of it, since it will be the property of other owners.

How much should your salary be to get a mortgage?

It is impossible to give a specific number. A lot depends on what and where you plan to buy. The most expensive real estate is in Moscow, St. Petersburg and Sochi. If you want to buy something there, your income level must be decent.

If we are talking about a regional city, especially its outskirts or region, then you can get a mortgage even if you have a low income.

It is better to calculate based on exactly how much you receive. For example, let’s take Sberbank; after all, this is the bank that most mortgage borrowers choose. We will take into account an ordinary borrower who is not a salary client of Sber.

To apply for a mortgage, you must have funds for a down payment - at least 15% of the property price.

The base interest rate in Sberbank is 9.5% per annum (information for the third quarter of 2021). If the borrower makes a down payment of no more than 20%, the rate increases by 0.2 points. If the client is not a salary client, then by another 0.5 points. As a result, our potential borrower will obtain a mortgage from Sberbank at a minimum interest rate of 10.2% per annum (if he refuses personal insurance, it will increase by another 1%).

Chances of approving applications from clients with low salaries

A small official salary does not stop some citizens from applying for a mortgage. Many people wonder whether it is possible to get a loan without proof of income. Not all banks make the same decisions. When a potential client chooses a financial organization, he must clarify whether it participates in preferential projects and promotions.

The likelihood of receiving a mortgage loan for citizens whose income is below the subsistence level is very low. However, there are several proven and legal ways to help low-income people get a mortgage to purchase a home.

Making calculations

So, a potential borrower can apply for a mortgage at Sberbank at 10.5% per annum (that’s what the mortgage calculator indicates). How much can he expect if he receives different wages?

In large cities, housing costs are traditionally higher than in small ones. But salaries in Moscow or St. Petersburg are also higher

• if the borrower’s net income is 20,000 rubles monthly. If you have such a low income, the loan amount may not exceed 850,000. For a period of 15 years, the monthly payment will be 9,400 rubles. If you choose a term of 20 years, then the bank may consider the possibility of issuing up to 970,000 rubles, the payment will be about 9,800 monthly;
• salary - 30,000 rubles. In this case, the possible mortgage amount increases. If you choose a term of 15 years, then you can borrow up to 1,300,000 rubles, the monthly payment will be approximately 14,100. If you set the term to 20 years, then you can borrow about 1,500,000 rubles, the payment will be approximately 15,000 rubles. monthly;
• salary - 40,000 rubles. In this case, by choosing a loan term of 15 years, you can expect to receive up to 1.75 million rubles with a payment of 19,800 rubles. If you choose a 20-year term, then you can borrow up to 1.95 million with a payment of 19,500;
• income - 50,000 rubles. In this case, for 15 years you can take up to 2.25 million, the payment will be approximately 24,900. If with such income you choose a period of 20 years, then the loan can take up to 2.5 million rubles with a payment of 25,000 every month ;
• income - 70,000 rubles. At this level of income, it is already realistic to count on a housing loan amount of 3.15 million rubles. For a period of 15 years, the payment will be 34,800 rubles. If you choose a period of 20 years, then the amount increases to 3.5 million with a payment of 35,000;
• income - 100,000 rubles. If you receive that much, the bank will easily give you a loan of up to 4.5 million rubles; you will need to pay 49,800 rubles monthly. for a period of 15 years. If you choose a period of 20 years, all 5,000,000 rubles can be used on credit, the payment will be about 50,000.

Please note that the possible amount is indicated taking into account that the client will have a 15% down payment. That is, if a loan can take out an amount of 5,000,000, then taking into account the borrower’s personal funds, he can buy an apartment for 5,750,000 rubles.

The calculations are approximate, carried out with the condition that the borrower will give the banks no more than 50% of the income. In addition, he has no dependents or other debt obligations.

Special programs and promotions

Some banks participate in special preferential programs, with the help of which they provide housing to the most vulnerable category of the population. More favorable conditions are offered here: low interest rates and down payments. In this case, you need to provide documents confirming that the citizen belongs to the category of the needy population.

Banks participate in the following government programs:

• Mortgage for military personnel;
• Mortgage for young families;
• Social mortgage loan;
• Loan for representatives of dangerous professions, education and medicine;
• Mortgage for large families.

Each program has its own requirements and conditions.

If the mortgage is taken out by a family

We figured out what the official salary should be to get a mortgage. But the above calculations are relevant for a borrower who takes out a mortgage individually. If there is an officially registered marriage, then the loan will be taken out not by one person, but by a family. All property and debt obligations are divided equally between the spouses.

In this situation, consider the following points:

• the income of the spouses will be summed up. That is, if together they receive 120,000 rubles, this amount of income will be taken into account by the bank;
• the second spouse does not have to work. If the wife is completely dependent on her husband, the bank will take this fact into account and reduce the possible amount of issue;
• if the wife receives child care benefits or has another source of income, this income will be taken into account in the consideration. Likewise, if one of the spouses receives a pension. The bank will take into account any sources of income;
• If there are children in the family, the costs of children will be taken into account when assessing the family's solvency. Usually we are talking about the subsistence level, the average in Russia is 10,000 rubles per child.

At the same time, the income of other family members is also taken into account, if any.
If the income is above average, exceeds 50,000 rubles, then the presence of one child will not particularly affect the level of solvency of the borrower, he will still be able to get a mortgage with a payment of 25,000. But if There are more children, then with such a salary the solvency will be less.

If the salary is more than 80,000 rubles, then even having three children will allow you to take out a housing loan with a monthly payment of 40,000. But if we are talking about a man who is married and his wife has no income, then this level of solvency will decrease.

All figures are indicated taking into account the fact that the borrower or family has no more loans.

Everything is individual

It is impossible to say exactly how much the salary should be for a mortgage; each bank approaches each client individually. But you need to understand that if you receive 20,000 a month and at the same time have a child to support, the bank is unlikely to give approval.

Banks look at the situation realistically and, given the minimum wage, most likely will not approve a mortgage

The balance of funds of the borrower or family after repayment of the mortgage and other obligatory payments is always taken into account. The remaining money should be enough to live on; at a minimum, there should be a living wage for each family member.

about the author

Irina Rusanova - higher education at the International East European University in the direction of "Banking". Graduated with honors from the Russian Economic Institute named after G.V. Plekhanov with a major in Finance and Credit. Ten years of experience in leading Russian banks: Alfa-Bank, Renaissance Credit, Home Credit Bank, Delta Credit, ATB, Svyaznoy (closed). He is an analyst and expert of the Brobank service on banking and financial stability. [email protected]

Is this article useful? Not really

Help us find out how much this article helped you. If something is missing or the information is not accurate, please report it below in the comments or write to us by email

Search and attraction of additional borrowers and guarantors

The main reason for attracting additional borrowers and guarantors is the insufficient level of income of the main borrower. Most banks allow three co-borrowers. The income of the main borrower and additional borrowers is considered in total, so the total amount may be sufficient to approve the application.

Co-borrowers can be the client's family, close friends or colleagues. It should be noted that in some financial companies, a spouse automatically becomes a co-borrower.

Experts recommend concluding a mortgage deal with a family member whose income level is higher than everyone else. In this case, the application will be approved.

The guarantor can be not only an individual, but also a legal entity. We must not forget that if the borrower fails to pay the bank, the guarantor must take this responsibility upon himself.

Comments: 4

Your comment (question) If you have questions about this article, you can tell us. Our team consists of only experienced experts and specialists with specialized education. We will try to help you in this topic:

Author of the article Irina Rusanova

Consultant, author Popovich Anna

Financial author Olga Pikhotskaya

1. Marina
   12/20/2020 at 00:03 If I receive 37,000 and I have no credit history... how much can I count on to buy an apartment in Kaluga?
   Reply ↓ Anna Popovich
   12/20/2020 at 00:59

   Dear Marina, the possibility of obtaining a loan depends on the total assessment of the borrower. Just because you don't have a credit history doesn't mean you can't get a mortgage. You can consider different lending options using this link.

   Reply ↓

How do banks check income?

The most reliable way to check is to obtain information from the Federal Tax Service or the Pension Fund about the borrower's contributions. If the income comes from a large, reliable enterprise, banks often limit themselves to verbal confirmation from the employer.

Many creditors simply do not contact those who independently report to the state for their income. Some financial institutions check the authenticity of information especially carefully.

Call to employer

Bank employees call the company to verify that the applicant has received the necessary income for a mortgage, and that he actually works for the organization. Make sure your colleagues provide comprehensive information. Depending on the size of the enterprise and internal regulations, obstacles may arise from the human resources department, security service, secretary and other departments:

• there is no consent to disclose the employee’s personal data over the phone;
• the colleague does not remember your name, is busy with work and is not going to clarify the information, limited to the answer maybe, I don’t know, etc.

Recommended article: Extract from the house register for a mortgage - how to get it?

Verification of information through the Pension Fund of Russia

Filling out an application for a loan is accompanied by signing consent to the processing of personal data with the involvement of third parties. In this case, state banks write or mean interaction with the Pension Fund. The numbers in 2-NDFL are easy to compare with pension contributions.

Electronic statements

The borrower may be asked to send electronically:

• an extract from the Pension Fund of the Russian Federation - the client himself makes a request from his personal government services account, but the email address for delivery indicates not his own, but the bank’s;
• declaration 2-NDFL from the personal account of the tax service - the document has an enhanced electronic signature, which allows you to establish authenticity.

Freely available information

General information about the activities of legal entities and individual entrepreneurs is available on the Federal Tax Service website. It is enough to generate an extract from the register of legal entities or individual entrepreneurs (Unified State Register of Legal Entities/Unified State Register of Individual Entrepreneurs). To do this, you need to enter your TIN in the appropriate request form.

Paid resources

Additionally, banks use statistical services to assess the history and reliability of legal entities and individual entrepreneurs, for example, SPARK.