Banks that are the easiest to get a mortgage from

How is the mortgage amount calculated?

Any Internet user can independently calculate the maximum mortgage amount - just open our mortgage calculator. With it you can find out:

• Upper and lower thresholds for loan amounts;
• View the payment schedule for the entire loan period;
• Choose a convenient type of payment – ​​annuity or differentiated;
• Determine the required income level for loan approval;
• Find out how early repayment of a mortgage will affect different periods and for different amounts;
• Understand the final payment after repaying the mortgage with maternity capital.

You can also contact the bank branch directly and pre-calculate the possible amount of the future loan.

What factors will the bank itself take into account when calculating the amount available for lending to a citizen:

• The borrower's income level - the mortgage payment should not exceed 40-60% of the funds received by the citizen. The citizen’s earnings are confirmed by a certificate in Form 2-NDFL, or as established by the bank. Additionally, papers confirming income and part-time employment, and other monthly income acceptable for accounting for income may be provided.

Sberbank, for example, allows a payment of such a size that about 10,000 of the remaining total income remains for each family member. At the same time, it takes into account additional income without documents. This allows you to significantly increase the loan amount.

• Borrower's age. Most banks limit the amounts for individuals who will meet the retirement age “thresholds” at the time of loan repayment. There is also a minimum age limit for a borrower; in most credit institutions it is 21 years or older.

From the age of 18 you can get a mortgage in Ak Bars and Globex Bank, and the maximum borrower age is in Sberbank and Transcapitalbank (75 years at the end of the mortgage)

• Total expenses for all family members, number of dependents. Each bank has its own calculations for the minimum amount to account for expenses for each family member. On average, this amount is within the minimum subsistence level.

A number of banks (VTB 24, Raiffeisenbank, Trankapitalbank, etc.) do not take children and other dependents into account at all when calculating the loan amount. This allows you to significantly increase the size of your mortgage. Moreover, if you have many children and not enough income, then we recommend, first of all, to contact these banks.

• Availability of existing and repaid loans, quality of fulfillment of obligations under them. If all debt obligations are repaid on time and there is a good credit history, the bank can issue a mortgage if there are other obligations to credit institutions.

Credit history is a topic for a separate discussion. Banks do not see all loans, and each interprets the permissible number of overdue loans differently from the point of view of approval. We recommend reading our post “Mortgages with a bad credit history” if you have doubts about the purity of your history with banks.

• Possibility to provide a full package of documents - preferential programs and mortgages under two documents have a reduced threshold for the maximum amount and loan term, but because Since they allow you to write any income in the application form, you can receive an amount significantly higher than if you provide a standard package of documents.
• Type of property - for housing under construction, finished housing, suburban real estate, the allowed loan size will be different, as will the size of the down payment and the annual lending rate.
• The presence or absence of co-borrowers and/or guarantors. It is necessary not only to obtain a guarantee of return of bank funds and confirmation of additional income. Quite often, a guarantee is issued, for example, for the duration of the construction of a facility when applying for a mortgage on housing under construction.
• The cost of the loaned object. Verified with the appraisal report provided by the borrower. If there is a significant difference, only the price indicated in the bank documents will be taken into account, or the borrower will have to choose another property.
• Place of residence of the borrower - for residents of metropolitan regions, the thresholds for minimum and maximum amounts change.
• The presence or absence of an insurance policy will affect the loan rate and accordingly affect the borrower’s financial ability to pay certain payments.
• A citizen has a preferential position - participation in government subsidy programs, or having a bank salary card.
• Capabilities of the bank itself. Taking into account its costs and time for processing and servicing the loan, the bank will determine the amount possible for lending.

For how many years do they give a mortgage?

14 Nov
2015 Contents
:

• Mortgage: how many years is it more profitable to pay
• Military mortgage: how much goes to your personal account per year
• Adviсe

Most credit institutions in the country limit the term of mortgage loans to 30 years. The majority of borrowers obtain loans for a period of 10-15 years. Many clients try to pay off their debt early in order to reduce the amount of overpayment. Read the article about what terms of housing loans banks offer and for how many years it is better to take out a mortgage.

Mortgage: how many years is it more profitable to pay

Mortgage terms are divided into three groups:

1. From 1 year to 7 years. This is the most favorable period, since the overpayment on the loan is the smallest. When choosing such conditions, the borrower receives a mortgage at the lower threshold of the rate range, as well as other benefits. By choosing a short loan term, for example, 2-3 years, the client can make an installment payment when purchasing an apartment in a building under construction. Banks and construction companies often collaborate, so a quick turnaround of money benefits both parties.
2. From 7 to 20 years. This is the most common option for obtaining a home loan. With such a period, the monthly payment is not very burdensome for the client. The overpayment is 100-150%.
3. From 20 years and above. The maximum term offered by banks is 50 years. Under such loan conditions, the overpayment is 300-500%, and sometimes more. The only plus is the minimum monthly payment. Borrowers whose age is no more than 30-40 years are entitled to receive a loan for a period of more than 20 years. Living in their own housing, but with a mortgage, they remain in debt to the bank almost their entire lives.

The answer to the question of how many years to take out a mortgage is very individual. Banking specialists consider the optimal loan term to be 15 years. In this case, the risk of not meeting the long-term debt load is minimal.

You need to decide on the mortgage term before concluding a loan agreement. Once signed, you can't change anything. The size of the down payment is also important. The larger it is, the shorter the loan term should be chosen.

Loan calculators help you calculate all the pros and cons of a mortgage loan for different terms. With their help, they select the most profitable loan repayment scheme for the borrower, the optimal size of the down payment and the amount of the monthly payment.

Military mortgage: how much goes to your personal account per year

A military mortgage is a type of regular home loan. Military personnel of any rank have the right to apply for it. To do this, you must register in the Savings and Mortgage System.

Every year, a sum of state funds intended for the purchase of housing is transferred to the military personnel’s personal account. It is indexed as of January 1 of each year. In 2015, its size is 245 thousand 880 rubles.

After three years of participation in the savings system, the military gets the opportunity to purchase real estate on credit. He chooses the term and object of the loan independently. The money accumulated during this time goes towards the down payment on the mortgage. Next, Rosvoenipoteka pays monthly loan installments. This occurs as long as the borrower serves in the Armed Forces.

Adviсe

1. Before deciding how many years to pay off your mortgage, you need to fully assess your financial capabilities.
2. Sometimes it would be a good idea to take out life and health insurance. Over a long loan period, anything can happen to a client. The insurance policy will save the borrower's family from the debt burden.
3. If you have available funds, it is better to repay your housing loan ahead of schedule or partially ahead of schedule. This is a significant savings in interest.

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.

Maximum

The maximum size of a mortgage loan is on average 70-80% of the cost of the purchased real estate property and also depends on a number of external factors and conditions on the part of the borrower and the bank.

When the amount threshold reaches 100%, you should be on your guard. Such lending is usually approved for people who do not have savings for a down payment, so the loan rate may be increased.

See our post “Mortgage without a down payment“.

Also, with 100% lending or requesting the maximum possible amount to the borrower, the loan period is usually reduced and some additional conditions are introduced.

The maximum mortgage loan amount depends on the following factors:

1. Total family income. A co-borrower on your mortgage will allow you to increase your loan size.
2. Number of dependents. The more dependents you have, the lower the amount of approval; to increase it you need to consider banks that do not take them into account or enter into a prenuptial agreement and remove one spouse from the deal.
3. Debt obligations. Credit cards (even if you don't use them) and loans can greatly reduce your maximum credit limit. Be sure to close everything unnecessary, and if there are a lot of debts, then again, perhaps, you cannot do without a marriage partner. It will allow you to remove the spouse who has the maximum debt load from the transaction.
4. Region of purchase of the object. In Moscow and St. Petersburg the amounts are higher.
5. Bank and its mortgage program. Each bank independently determines its credit policy and sets limits for various types of programs.

It is recommended that the maximum possible amount of a mortgage loan be issued to persons who have the ability and ability to repay debt obligations early, or to borrowers with a fairly high level of income.

Offers from top 10 mortgage banks

When considering various loan offers, it is initially better to find out exactly how much a mortgage is given in a particular bank, whether this amount will be enough for a loan and what pitfalls and nuances exist. Let's consider what maximum and minimum amounts will be given by leading Russian banks to citizens who apply for a mortgage loan.

What should the salary be?

Each bank is guided by its own settlement system. No one discloses the full formulas, but an approximate calculation method looks like this (you need to add up all the indicators):

• 1 subsistence minimum (LM) per borrower;
• 1 PM for dependents (children);
• the amount of monthly loan payments;
• a mortgage payment that is no more than 40% of income.

The cost of living may vary depending on the region of residence. For example, in Moscow it is about 16 thousand rubles, and in Belgorod – 9000 rubles.

10% of the limit of all open credit cards counts towards this ratio, whether you use them or not. If you don't need them, close those accounts before applying.

Let's look at the situation using an example. Let's say the salary is 25,000 rubles per month. There are no credit cards or unpaid loans. The borrower is not married and has no children. Lives in Belgorod in an apartment with his parents.

25,000 rubles – 9,000 (living wage for yourself) = 16,000 rubles. We remember that the payment should not exceed 40% of the salary. 40% of 25,000 = 10,000 rubles.

This borrower will be given a mortgage only if the monthly payment does not exceed 10,000 rubles. Usually this amount is not enough, so it is desirable that the minimum salary be no lower than 30,000 rubles.

With a monthly income of 30,000 rubles, you can count on a maximum mortgage amount of 1,500,000 rubles for 20 years.

Let's consider at what salary it is possible to approve a mortgage for 3,000,000 rubles with an initial payment of 1,000,000:

The amount of bank funds will be 2,000,000 rubles. If you take out a mortgage for this amount at 10% per annum for 15 years, the monthly payment will be 21,493 rubles. In this case, regular income is needed at least 53,732.5 rubles.