The minimum wage for mortgage approval in Moscow and the Moscow region has become known. This was reported “News” with reference to the words of Alexander Shornikov, Director of the Retail Risks Department of Zenit Bank, and Vitaly Kostyukevich, Director of the Retail Products Department of Absolut Bank.
Shornikov noted: based on the conditional cost of an apartment of eight million rubles and an unsubsidized mortgage, the average monthly payment with an initial payment of ten percent of the total amount will be about 70 thousand rubles a month. “The income of the borrower for such a payment in the absence of other loans should be from 85 thousand rubles. For a family of two or three people – from 100 thousand to 120 thousand rubles. A good practice is the ratio of the mortgage payment to the average monthly family income – no more than 50 percent,” he said. In the case of a subsidized mortgage, the payment is lower, which will proportionally reduce the client’s income requirement, the specialist emphasized.
With a down payment of 10-20 percent, mortgage rates tend to be the same. Banks usually offer discounts for deposits of 30-40 percent, a Zenit bank spokesman added.
According to Kostyukevich, with an average cost of a one-room apartment in Moscow of ten and a half million rubles, and in the Moscow region – six million rubles, with a loan term of 25 years and a ten percent down payment, the borrower’s income should be at least 142.5 thousand rubles in the capital and at least 81.5 thousand rubles – in the region. With a loan term of 15 years and a 20% installment, the borrower’s income must be at least 84,000 rubles to purchase housing in the Moscow region and about 147,000 rubles in Moscow.
Earlier, the economist revealed the reasons for the refusal of Muscovites from mortgages in 2021.
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