What mortgage amount can you expect with a salary from 15,000 to 100,000

Owning your own home is the cherished desire of a large number of “family” people. However, given real estate prices and, unfortunately, stagnant wages, it often remains a desire. Prudent banks, in an effort to help their clients make their dreams come true, offer many mortgage programs. Sberbank is no exception, rightfully considered the most favorite among clients in the country. But what is the lower threshold of the amount of money that a potential borrower has the right to count on? In simple words, what is the minimum mortgage amount at Sberbank?

How does a bank determine the maximum mortgage amount?

Traditionally, mortgage loans in Russia are issued with the condition of providing a down payment. This term refers to the amount of the borrower’s own cash savings, which he contributes to pay for the cost of square meters. Depending on the mortgage lending program and bank policy, down payment requirements may vary. For example, some banks have a minimum down payment of 10% of the value of the purchased property. But such a threshold is most often available only for special categories of clients (for example, for those receiving a salary from a bank or employees of the public sector, etc.).

Still, the more common option is when the bank requires an initial payment of 15-20% of the stated price. Such a requirement is often valid only if space is purchased in apartment buildings. For individual residential buildings (cottages, townhouses, unfinished houses), the down payment can be from 30% of the cost.

In this case, the amount of the down payment as a percentage is calculated according to the following parameters:

1. Market value of housing. Independent appraisal organizations determine the actual value of real estate. Based on the prices of similar objects and calculated values, appraisers calculate the final value. Accordingly, the loan amount will be determined as the difference between this value and the amount of the down payment. Why do an apartment appraisal with a mortgage?
2. Cost according to the purchase and sale agreement. This indicator is declared by the parties to the transaction themselves - the buyer and the seller. It is also indicated in the agreement on the transfer of ownership. This value is also taken into account by the bank to calculate the maximum possible loan amount.

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For clarity, let's look at an example:

• the cost of the purchased housing under the contract is 3 million rubles;
• market value of real estate (in the appraisal report) – 3.2 million rubles;
• The minimum down payment stated by the bank is 20%.

Accordingly, to obtain a loan, the borrower must provide his own funds of at least 600,000 rubles (3 million * 0.2), since the market value is higher than the value in the purchase and sale agreement.

Attention! If the price in the sales contract is higher than in the appraisal report, the buyer will be required to increase the amount of the down payment. The bank will issue a mortgage in the amount of 80% of the market value indicated in the report.

Who can get a profitable mortgage?

The bank sets extremely favorable conditions for those borrowers who can be trusted. The rate is a direct indicator of trust. If it is low, there are some negative factors, the bank will increase the interest rate. This is standard practice.

Which mortgage borrowers do banks trust most?

• with a positive credit history. It’s good if the borrower has 2-3 debt obligations to banks paid on time. But the presence in your credit history of information about previously issued loans will become a negative factor;
• citizens who work officially and can confirm all declared sources of income. This is not only 2-NDFL or an electronic account statement from the Pension Fund, but also a copy of the work book certified by the employer;
• with decent experience at the current place of work. Banks indicate a minimum limit of 3 months, but they place maximum trust in those who work in one place for several years;
• working in large enterprises. If the employer is a small company or individual entrepreneur, the risks of being left without work are higher, and therefore the degree of trust is reduced;
• with a sufficient level of income. There should be enough money to live on, to pay off the mortgage, and to cover other obligations, if any. The higher the borrower’s income, the greater the chance of concluding a profitable mortgage agreement.

Each bank specifies requirements for the borrower, but these are simply certain frameworks or minimum parameters. This does not mean that a loan will be approved for everyone who meets these criteria.

Assessing the client's solvency

We have figured out how much of a mortgage you can expect based on the cost of housing. The next important step is to calculate the maximum possible mortgage amount based on the borrower’s income. What is important to know in this case:

1. When calculating the maximum amount, documented regular income is taken into account (from the main place of work, part-time work, income from renting out existing real estate, pension payments, etc.).
2. In most cases, income such as alimony, income from business activities, winnings and other irregular payments are not accepted by banks as income.
3. When calculating the maximum possible loan amount, amounts for existing obligations (loans, credit cards), and deductions for writs of execution (including alimony) are subtracted from income.
4. If there are several participants in the transaction (co-borrowers, guarantors), income is calculated for each of them. The amount of income is summed up.

Methods for assessing the creditworthiness of a mortgage borrower

Important! If the cost of the apartment, taking into account savings, is affordable to the borrower, but the income is insufficient, the bank will refuse to issue a mortgage loan.

Can a mortgage be denied after approval?

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Another nuance in calculating the maximum loan amount is a special solvency ratio. Depending on the bank, it can range from 40 to 60 percent of available income. For example, with an income of 60,000 rubles and a solvency ratio of 50%, the maximum possible mortgage payment is 30,000 rubles.

Attention! It is also worth considering that with an income of approximately 10,000 rubles, the bank, in principle, will not be able to issue a mortgage loan, since it deducts the minimum subsistence level from income.

Here are a few examples of how much you can take out for a mortgage, taking into account different incomes. As initial data, we will take an interest rate of 11% per annum, the loan term is 25 years. Region of residence – Moscow region.

Features of lending in 2021 and for how long

Sberbank is considered the leader of the Russian mortgage market, which is largely due to the large number of loan products and favorable loan conditions. If desired, the client can use the classic option or resort to a simplified registration procedure.

The bank's lineup today includes the following offers:

• for the primary and secondary market;
• for the construction of residential real estate;
• with the participation of maternal capital;
• with the assistance of a housing certificate;
• non-targeted financing;
• mortgages for military and young families;
• refinancing program.

The borrower can be a citizen aged from 21 to 75 years. In most cases, housing purchased with a mortgage becomes collateral, but it is permissible to provide additional collateral as part of the process. If the income received is insufficient and to increase the guarantee of repayment, the client has the right to attract guarantors and co-borrowers. The maximum loan amount is limited by the terms of the program.

The client has the right to count on the following amounts:

1. State support - up to 12 million rubles;
2. Military - 2.502 million rubles;
3. Classic offers - up to 85% of the cost of real estate for the majority of clients and 90% for participants in salary projects.

Most of Sberbank's mortgage offers are designed for a contractual period of 30 years. The exception is a non-targeted financing loan, for which the maximum duration is 20 years.

It might be interesting!

What is a non-target mortgage, what is it, what are the requirements and conditions

What is the minimum amount you can take out for a mortgage?

An important aspect when applying for a mortgage is the minimum threshold for a loan. In other words, it will not be possible to buy an apartment with a mortgage loan of only fifty or one hundred thousand rubles. Each bank has its own “pricing” policy on this issue, but on average the amount is as follows:

• for regions – approximately 300,000 rubles;
• Moscow and Moscow Region - approximately 500,000 rubles.

Thus, if the cost of a Moscow apartment is 3 million rubles, it is necessary to obtain a loan of at least 500,000 rubles, the rest will be represented by the borrower’s own funds.

Minimum

The average minimum mortgage size as a percentage of the total value of the property is 25-30%. Less - 10-20% is not so much requested by citizens as it is unprofitable to provide for the banking institution itself.

The minimum mortgage loan amount available at Rosselkhozbank is only 100,000 rubles.

Payments made by the borrower will not affect the final amount:

• To obtain insurance for the real estate being financed;
• To conduct an assessment examination of the object by an independent expert;
• Notarial and other transactions for registering real estate or preparing technical documentation.

Due to the obligation to pledge the purchased real estate property to the bank, if the borrower has almost the entire cost of the apartment, it is recommended to issue not a mortgage with a minimum rate for the minimum amount, but a small consumer loan, the issuance of which does not require collateral and insurance of the property.

In any case, the borrower needs to carefully study the terms of the loan agreement, whether it is possible or not to issue a loan for the minimum amount, its percentage of the total cost of housing and the lending conditions when applying for a loan for 100% of the value of the property.

Is it possible to change the mortgage amount after approval?

Choosing suitable housing is a very serious and responsible step for everyone. Therefore, sometimes you have to contact the bank again to change the loan parameters, including reducing or increasing the amount of the mortgage loan. Is it possible to change the mortgage amount after approval? The answer depends on which direction it changes.

So, if the loan amount is planned to be reduced, the bank is almost guaranteed to make changes to the application without unnecessary delay.

Things are different if, based on an approved application, the client decides to increase the mortgage amount. In this case, the credit inspector will be forced to re-evaluate all the parameters of the application: weigh the risks, calculate solvency, etc. And, as practice shows, sometimes there are times when, upon re-examination, the bank refuses to issue a mortgage in principle. In addition, the client may be charged an additional fee for re-processing the application.

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What to do if the bank refuses a mortgage

To avoid unpleasant nuances and unnecessary expenses, we recommend using any online calculator to calculate the maximum loan amount. Then feel free to apply for a mortgage loan from your favorite bank.

Is it possible to extend the mortgage approval period?

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Author:

Mortgage specialist Maria Yurievna Sokhan

Date of publication May 18, 2019 May 18, 2019

How can you influence the interest rate?

Before considering which bank is better to get a mortgage from, it is important to understand what generally affects the interest rate. Different people can contact the same Sberbank and enter into agreements on radically different conditions. One will receive a rate of 7.6%, the other 8.8%.

Banks never set specific rates, they always create a grid. That is, the exact percentage is assigned when analyzing the registration conditions. Increasing and decreasing factors are established that are applied to interest rates.

What factors increase mortgage rates:

• The application was not submitted by a salary client of the bank. Typically, lenders indicate the percentage for salary employees in the product description and increase it by 0.5-1 points if the client is third-party;
• the client made a small down payment or used maternity capital instead;
• the client submits an application through the office and not online. Banks are taking loan processing online because it is convenient and profitable for them;
• the borrower decided to refuse insurance. This can be stand-alone life insurance, title insurance, or comprehensive life insurance. For this, the largest increasing coefficient is established.

What factors reduce the interest rate:

• request from a salary or corporate client. Often rates are also reduced for savers or debit card holders;
• the borrower makes a down payment of more than 30-50%;
• the borrower purchases an apartment in a new building from a partner developer.

A profitable mortgage in 2021 awaits those who are planning to buy an apartment in a new building. Such objects are less secure, so the loan rate is set lower. In addition, banks and developers often create joint partnership programs, within which the best conditions are created; the contract is concluded at literally 3-5%.

Costs when applying for a mortgage at Sberbank

When applying for a mortgage loan, expenses will arise for the following items:

• valuation of collateral real estate;
• payment of state duty when registering a transaction and receiving a registration certificate;
• registration of an insurance policy for a residential property, life and health of the borrower (a preliminary calculation can be made on the DomClick website);
• real estate and notary services;
• payment for renting a safe deposit box (if the payment form is accredited);
• registration of various certificates in Sberbank.

How to find out how much money the bank will issue?

Using the calculator on the website of the selected bank, you can calculate the amount of the monthly payment, as well as the average monthly income at which a mortgage will be approved.

For example, on the Sberbank website you need to enter the following information in the calculator:

• the cost of the property you plan to purchase;
• the amount of the down payment on the loan;
• desired loan term.

Example . When purchasing an apartment worth 4 million rubles with a mortgage for 15 years through the DomKlik.ru website, the loan rate will be 9.1%, and the monthly payment will be 33,223 rubles. This is possible if:

• the down payment is 800 thousand rubles;
• I have a Sberbank salary card;
• you agree to life insurance;
• you register the transaction electronically.

And you can count on approval of such a mortgage with an average monthly income of 47,461 rubles.

How to calculate a mortgage based on your salary online

On the Internet you can now find many sites that host an online mortgage calculation service. With its help, you can find out the approximate amount of the monthly loan payment, as well as the total amount of overpayment on the loan.

It is enough to fill in the appropriate columns of the calculator: loan amount, term of use, interest rate. Then click on the “Calculate/Calculate” button. The result will show the total loan amount, the size of the regular payment and the amount of overpayment on the loan.

The size of the regular payment should be no more than half of the borrower's salary. Only under this condition is it possible to obtain a mortgage. If it is not met, it is necessary to reconsider either the total amount or the loan term.

In a simplified version, the expected payment amount must be multiplied by 2.5. If the result is a number close to your earnings, then the mortgage will most likely be approved.

The amount of wages is of no small importance when a bank makes a decision on lending to clients. Especially in the case of a mortgage, when the fact of purchasing real estate depends on bank approval. When submitting an application and a package of documents, it is not recommended to falsify data; anyway, the banking service will verify the authenticity of the information provided. If your income level is insufficient to apply for a mortgage, various options for revising the terms of the loan are possible. Consultation on this issue can be obtained at a bank branch.

Mortgage for construction

The construction site must meet the following requirements:

• is included in the number of lands intended for individual housing construction and agricultural work;
• not listed as collateral;
• registered in the BTI as “construction in progress” if there are any buildings on it.

All owners of land plots in this case are required to act as mortgagors. Banking control is carried out at all stages of construction.

Registration of collateral for a mortgage

After receiving consent from the bank on the application and selecting a residential property, it is necessary to draw up a document for the mortgage collateral - an agreement. It is drawn up in writing and does not require notarization (Clause 1, Article 10 of the Law “On Mortgage (Pledge of Real Estate)” dated July 16, 1998 No. 102-FZ). In this way, the lender is insured against non-repayment of the debt by the borrower. If the latter fails to fulfill its obligations, the bank has the right to receive satisfaction through the sale of the mortgaged property. (Article 334 of the Civil Code of the Russian Federation).

Expert opinion

Irina Bogdanova

Expert in the field of mortgage lending.

The borrower will be able to obtain full ownership of the purchased apartment (house) only after the encumbrance is removed, when the mortgage debt is fully repaid and the corresponding registration entry in the Unified State Register is removed.

The mortgage agreement is available for download at the following link:

Deadlines for considering a mortgage application

The time spent at Sberbank to review a mortgage application ranges from 5 to 8 days. This does not include weekends and holidays. During this period, bank employees check the authenticity of the applicant’s documents, his solvency and credit history. The bank issues the decision in advance.

The deadline for considering a mortgage application at Sberbank may be extended for a number of reasons (for example, a potential borrower has provided inaccurate information). You can find out the status of your application in your “Personal Account” of the Sberbank-Online service by opening the “Loans” section.

The received mortgage approval from Sberbank is valid for up to 90 days. During this time, you need to have time to complete all the necessary steps to apply for a housing loan.

Reasons for the long processing of an application

The period for reviewing a mortgage application may be extended for several reasons:

• the client provided incomplete information about himself;
• there are errors in the documents;
• bad credit history;
• bank specialists conduct a second inspection due to doubts regarding the existing facts;
• technical problems in the system;
• outstanding loan debts were identified;
• the potential borrower requests too large an amount for the maximum installment term of the mortgage from Sberbank.

Expert opinion

Irina Bogdanova

Expert in the field of mortgage lending.

The mortgage consultant has the right to refuse without explaining anything. But usually the person is explained the reasons for the rejection of the application and given the opportunity to correct the shortcomings.

How to speed up the review process

Typically, a mortgage application is processed within 5 days. There is no way to directly influence employees. The only thing you can do is to insure yourself in advance.

Indirect ways to speed up the procedure for the borrower:

1. Check your CI in advance through BKI. Then there will be an opportunity to correct it if necessary.
2. Close existing loans so that the credit burden is leveled.
3. Avoid making mistakes when filling out the form. Provide only reliable information about yourself, do not inflate your income level in order to get a larger loan.
4. Attach high-quality photocopies of documents to your application.

An application submitted online through your “Personal Account” will be considered faster. In addition, remote application saves time, since the borrower does not need to go to the branch and stand in line. It is enough to send scanned documents and attach them to the application form.

Then the mortgage approval period is reduced to 2 business days.

What will be the other conditions?

Mortgage loans are issued against the security of the property you are purchasing or owning. During the entire term of the loan agreement, it is necessary to insure the collateral against the risks of loss or damage. Life insurance is available upon request. But if you refuse it, the loan rate will increase by 1%.

The loan term in Sberbank, Raiffeisenbank, Alfa-Bank, Promsvyazbank, VTB and Rosselkhozbank can reach 30 years, and in UBRD - 25 years. The minimum down payment in Rosselkhozbank, Alfa-Bank, Raiffeisenbank, Sberbank is 15%, in UBRD - 20%, in VTB - 10%, and in Promsvyazbank you can get a mortgage without a down payment.

The loan rate in Sberbank will be from 8.6% (when buying an apartment from partner developers - from 7.1%), in VTB, UBRD - from 8.9%, in Alfa-Bank - from 8.99%, in Rosselkhozbank - from 9.3%, and in Raiffeisenbank - from 10.25%.