Mitte Realty

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Loan Expectations

by Brianna - September 1st, 2018.
Filed under: News. Tagged as: .

About how banks account for revenues and expenditures, we talked about earlier. Now let's calculate what you can expect and what needs to be a borrower to purchase an apartment. So to speak, as an example sort out the situation. Inputs: A family of 3 persons planning to purchase a one bedroom apartment. Spouses work, the child goes to kindergarten.

Requirements for an apartment: 2-bedroom apartment in a modern house floors from 10 floors with an area of 55 sq.m. rooms are separate. The house is located in one of the sleeping areas of the city today. There is a minimum initial deposit. Term, which will take out a loan is 20 years (240 months). Interest rate – 13,5% apr.

Assume that the events take place in Krasnodar in the summer of 2008. In general, the situation still looms classic. To date, the average cost of housing in Krasnodar is 57 000 rubles per sq. m. Thus, the cost of their desired apartment will be 55kv.m. * 57 000rub .= 3,135,000 rubles. Downpayment – 10%, ie 3135000 * 10% = 313 500 rubles. Required loan amount – 3 135 000-313 500 = 2 822 000 rubles. Necessary expenses from their own savings associated with the acquisition of apartment: Downpayment – 10% (313,500 rubles). Insurance – 1.5% of the loan amount increased by 10% (2,822,000 +10%) * 1.5% = 46,563 rubles, the bank Commission – 1% loan amount (28,220 rubles) Assessment of apartments – 4,500 rubles Gos.poshliny – 1 000 rubles calculates the size of the aggregate family income required to obtain this loan. Here's the formula annuity payment, which is used by all banks. Monthly annuity payment = neo * ((PR/12) / (1 – (1 + Pr/12) – (R))) Where: neo – the remainder of the loan amount to The estimated date (in U.S. dollar / ruble), Pr – the annual interest rate, R – the number of full annuity period until the final repayment. According to this formula, the monthly annuity payment for necessary credit will be 34,072 rubles. With allowance for the fact that the bank expects loans so that monthly payments did not exceed 50% of monthly income, net family income must be 68,144 rubles. But this is not everything. To this sum must be added the cost of maintaining the family, and this is about 11,000 rubles. Summing up: So, a family of three people who do not have any additional obligations and expenditures, wishing to purchase 2 room apartment of 55 sq.m. worth 3,135,000 rubles in the sleeping area of Krasnodar, you must have: total income for a family of at least 79,000 rubles. Own the accumulation of at least 393,783 rubles. In these calculations do not take into account the commission of Realtors, which usually amounts to 3-5% of the purchase price. I think that this example will help you clearly and correctly assess their strength and opportunities for getting a mortgage.

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