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

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.

Stages that must be completed to obtain a consumer loan from a bank

The smallest in volume and financially loyal loan agreements are drawn up in the shortest period of time. The most frequent and popular in this area are the services of Sberbank of the Russian Federation.

1. In order to receive small amounts here, it is enough to provide the employees of the savings bank with documents confirming your identity and identification code, which was assigned by the tax authorities.
2. A mortgage loan in an amount of no more than one hundred thousand rubles is also provided on the basis of a certificate of semi-annual income . In this case, the bank employee will necessarily offer a longer time period for repaying the mortgage.
3. Receiving amounts in excess of one hundred thousand rubles for making significantly more expensive purchases requires the necessary completion of certificates on a confirmed form from the main office of Sberbank and the presence of official confirmation of work experience.
4. An alternative version of income certificates is the well-known form 2-NDFL , which indicates all tax-type deductions made; receiving a good salary in an “envelope”, not a single employer will accommodate its own employee.
5. When paragraph F 2-NDFL is not entirely sufficient, filling out other documents for a consumer or mortgage loan . For example, providing two guarantors with official incomes can make loan officers much more loyal and compliant compared to those who only have an official salary, and a very small one at that.
6. Mortgages can be called fundamentally quite affordable for people who have already become clients of the Sberbank institution , previous volumes of payments from which an excellent credit history in all respects has been formed.

The decision to grant a consumer mortgage loan is made on an individual basis based on the documents provided and personal data and circumstances.

But even at the same time, even if you receive a small salary, this cannot be a reason to deny yourself the purchase of objects that are significant in all respects.

What is the maximum amount a consumer can expect?

When going to a financial institution for a loan, a potential borrower should know the following:

• The maximum amount he expects.
• Formula for calculating monthly payments , which includes possible expenses.
• Using preliminary calculations, it is necessary to determine how painlessly the borrower will repay the required tranches . This is what will allow you to make calculations and payments without any special difficulties and violation of the payment regime.

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.

At what salary can you expect to be approved for a mortgage?

Current legislation does not establish specific criteria for loan approval. Each individual situation is considered individually. And if one bank has refused, this does not mean that another financial institution will also refuse. The calculation is made based on important factors:

• official cost of living established in a particular region;
• the number of people making up the potential borrower’s family;
• expenses incurred by the family every month;
• total income.

There are official recommendations based on which the monthly contribution cannot exceed 40 percent of family income. The required mortgage payment is deducted from the total income. The remaining amount is divided by the number of family members. If the result obtained is not less than the established amount for a given region, then the decision on the loan may be positive. This is an important point for those who doubt and do not know how to get a mortgage with a small official salary. You can even do your own calculations before going to the bank.

Important! Most banks allow a loan burden of up to 60% of total family income.

Also, many banks, when determining the amount per person, may not take into account the number of dependents (children) when calculating. This gives even more hope. Therefore, it is not worth stopping at one bank. There is no obligation to submit an application. Contact several banks at once and one of them will definitely make a positive decision. Think carefully before making your final decision.

Which bank is better to contact?

There are several banks that you should contact when applying for a mortgage:

1. 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

2. 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

3. 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

4. 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%.

How to get a mortgage with a minimum official salary?

It is simply impossible to give an exact figure for all cases. The minimum salary at which you can get a mortgage loan depends on many factors, namely:

• Bank conditions.
• Loan amounts.
• Availability of additional guarantors for the bank regarding the client’s solvency.

If we talk about the average value, banks can approve a loan for the purchase of a home if the monthly payment is 30–40% of the borrower’s salary.

According to statistics, to approve a mortgage, the borrower’s salary must exceed 30 - 40 thousand rubles per month. Accordingly, with an income of 10,000 rubles, mortgage lending will be unavailable to the borrower.

What salary should be in order to take out a mortgage and what factors are taken into account, read here.

Military mortgage

For people related to public service and officially registered in the ranks of internal troops or bodies, there is a wonderful program - a military mortgage. The only disadvantage is that it is better to start using it as early as possible. Is it possible to get a mortgage with a low salary? After several years of service, military personnel and related categories of citizens are offered to apply for a housing loan. A preferential interest rate is provided and the borrower is only required to make a sufficient down payment. Further, until the end of service, the state itself pays the loan. The borrower's account is credited monthly with an amount that covers the payment. The amount is fixed for all military citizens, so the bank calculates the loan term and the amount that can be received in advance. Thus, the borrower is completely relieved of the need to pay a home loan.

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.