Required salary level to receive a loan
The procedure for obtaining a mortgage is regulated by the Civil Code of the Russian Federation, which talks about the general requirements for its conclusion. The law does not establish the required level of wages, so each credit institution has the right to set it independently. The main condition is that earnings must provide the debtor with the opportunity to repay the loan properly.
You can only get a mortgage if you have an official salary. If the applicant's income is irregular or unofficial, the lender will not approve the application. A small salary is also not a good answer. This is due to the fact that any credit institution wants to protect itself from late payment of debt by the borrower.
In addition to the salary, the applicant’s work experience is also important. Thus, the lender checks the stability of earnings. If the applicant is on a probationary period or has not yet proven himself, he will be refused a mortgage. It is impossible to accurately determine the required salary amount, since it is determined by the following points:
- the amount of the expected monthly contribution;
- other obligatory payments;
- borrower's current expenses.
Each bank individually sets the amount of the minimum required income. Most often it is 30,000 rubles.
Mortgage with two identity documents
Some credit institutions provide their clients with the opportunity to obtain a mortgage using two documents. The first of them is a civilian passport, but the second can be a foreign passport, military ID, or driver’s license.
With such a loan, the borrower will not need to confirm his income. The decision to issue a mortgage is made quite quickly in this case.
But you should be prepared for the fact that the rate and down payment will be significantly higher.
In addition, additional restrictions may be introduced on the age of the borrower and the repayment period of such a loan.
What to do if the official salary is low
How to get a mortgage if the official salary is small? For such borrowers, there are several options available to obtain a mortgage.
Large down payment
Even if the borrower has a small salary, he will still be able to take out a mortgage if he makes a large down payment. It must be more than 60% of the total cost of housing. In this case, the bank risks the least, since the real estate remains its collateral. This is precisely the reason for the high chance of approval of the application. But you shouldn’t immediately sell your property in order to make a payment. First, send an application to the credit institution and wait for a response.
Confirmation of other sources of income
When applying for a mortgage, the applicant will be asked to verify their income. This can be done by submitting a certificate drawn up in form 2-NDFL, a work book or a certificate in the form of a bank. Credit organizations only accept information from borrowers about white income.
In addition to your main income, it is recommended to indicate additional income. The credit institution will definitely take into account all additional income if it is confirmed. This may include:
- doing business;
- renting out property;
- income from deposits, securities;
- confirmed monthly payments (scholarship, pension, benefits, etc.).
Providing collateral
The positive decision of a credit institution may be influenced by the presence of collateral. It can be an apartment, a car, a plot of land. This option is very beneficial for the bank, since if the borrower is unable to repay the debt, the mortgaged property will be sold.
Attracting guarantors or co-borrowers
It is quite possible to take out a mortgage with a small official salary. To do this, you can attract a guarantor or co-borrower, which will increase the applicant’s chances of having the application approved by the bank. They are often close relatives. If the loan is issued to several persons, then their total income is taken into account. For example, the borrower’s official income is 30,000 rubles, and his relative receives 35,000 rubles. In this case, the total salary level will be 65,000 rubles in the absence of other encumbrances (meaning loans, alimony, etc.).
Registration of a mortgage using two documents
You can use a program called “Mortgage under two documents,” which is offered only by large financial organizations of the Russian Federation. Borrowers with low salaries and no collateral resort to this option. Before submitting an application, you must find a bank that provides such a service and familiarize yourself with the required package of papers.
If you have additional income
Many banks take into account certificates of additional income if the official salary is small. It can be:
- certificate of additional income (F 2 personal income tax);
- request a certificate from the pension fund regarding additional payments;
- a certificate issued by the university accounting department regarding the scholarship;
- a copy of the housing or car rental agreement indicating the amount of monthly deductions;
- certificates of social benefits (maternity, child care, alimony).
Any additional income received from official sources and documented must be taken into account by the bank. Only Sberbank does not require official confirmation. The potential borrower indicates the amount and type of additional income in the application.
The video below contains advice for those who want to get a mortgage with unofficial income:
Which bank is better to contact?
There are several banks that you should contact when applying for a mortgage:
- VTB 24. The bank provides its clients with a program called. In this case, you will not need to confirm your income; it is enough to present a passport of a citizen of the Russian Federation, as well as an insurance certificate of compulsory pension insurance (SSOPS).
Conditions for a mortgage at VTB Bank under the “Victory over formalities” program - Deltacreditbank. To receive a loan, it is enough to present to an employee of the credit institution a passport of a citizen of the Russian Federation, as well as a completed application.
Mortgage lending programs at Deltacreditbank - Rosselkhozbank. You are not required to confirm your income if the loan amount is no more than 60% of the value of the property. The borrower only needs to present to the credit institution employee his passport as a citizen of the Russian Federation, as well as another document confirming his identity ( ).
Conditions for a mortgage (according to 2 documents) in Rosselkhozbank - Sberbank. There is no need to confirm your income if the borrower immediately repays half the cost of the property. Also, the minimum loan amount is 300 thousand rubles, and the interest rate on it is from 12%.
Preferential mortgage lending programs
Some large banks often issue mortgages under preferential programs that offer lower interest rates.
Requirements for the borrower's official income may also be reduced. Among the preferential offers from banks are the following programs:
- social mortgage is provided for those citizens who are in line to improve their living conditions;
- mortgage for military personnel. A citizen who has been in military service for more than three years can take advantage of the program. After each year, the serviceman receives a money transfer to his personal account. The amount of money can only be used to pay the down payment on the mortgage;
- mortgage for young families. Families in which the spouses are under 35 years old can participate in the program, and the family should not have other living space and therefore need a mortgage. They will be provided with a government subsidy of up to 40% of the value of the property to pay the down payment on the mortgage.
Some banks may develop their own programs to provide mortgage loans to certain categories of citizens.
Other options
Mortgage real estate
Getting a loan secured by property is a very real option. In this case, banks will not take into account low wages. In most cases, especially if the credit history is not damaged, the application is approved.
One should not be surprised at this turn of events. According to Article 6 of Federal Law No. 102, the availability of real estate is the main tool for obtaining a mortgage. The apartment or house that one wishes to use as collateral must be owned by the borrower, for which he provides supporting documents.
All questions of a citizen’s solvency disappear when real estate is pledged. But in this case there are risks. If the borrower incurs debts while paying off the loan, regardless of whether there is a good or bad reason, the apartment or house pledged by the credit institution is confiscated and becomes the property of the bank.
Find extra income
If a citizen, in addition to the small official salary, has some kind of extra income, then this helps to get a positive decision from the bank.
Many Russians are forced to look for part-time work due to low wages. These additional sources of income can be used to prove solvency.
Sometimes these are informal part-time jobs. A person occupies his weekend, evening time or morning before work. A good employer, ready to put himself in the position of an employee, can employ him even part-time.
Rent out a vacant apartment
If the borrower owns an apartment or house, then this is a profitable option. But in this case, residents need to sign an official lease agreement and pay taxes to the state. Banks consider contracts as a document confirming additional income.
Social program
In large cities of Russia, and not only, there are various social programs for citizens who belong to the low-income and low-income categories of the population. How to get a mortgage with a small official salary? In particular, in Moscow there are the “Young Family” and “Housing” programs. The conditions for them differ, but it is possible to take advantage of benefits from the state when applying for a mortgage loan. The state may provide a subsidy, which the borrower can use to increase the down payment or to pay off the principal amount of the debt. The difficulty in obtaining benefits is that the borrower must meet many requirements. For example, the living space in an apartment in terms of footage per person, according to registration, should not exceed the minimum for the region. The purchased property must be located in the region where the benefit was issued and received. Plus, there is a long queue to receive a subsidy from the state, and there is a chance of not waiting at all if the borrower is approaching 35 years of age. Social programs are designed mainly for young people, age should not exceed 35 years.
