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The news portal tv3.lt asked the banks to share information about the loan amount and the annual interest rate of a relative who earns 1000 euros without a family. The conditions they raised were different.
True, the representatives of all banks pointed out that each mortgage loan is a very individual issue.
In addition, according to almost everyone, an important indicator of the size of the loan is the EURIBOR, the average interest rate of the European interbank market at which banks are willing to lend money in euros to other banks.
This indicator is said to have a very large impact on the amount of housing loan payments to the population, because if it increases by a small percentage, housing payments for some residents could almost double.
Most would give a little over 80,000. euros
Thus, if a person who earns 1,000 euros per month in the hands of a family that currently has no family plans to buy a home, the maximum loan amount that can be issued could, in perfect circumstances, reach 80,000. According to representatives of Luminor Bank.
If you bought a newly built 1-room apartment in Vilnius for 46 thousand. EUR – currently this option is one of the cheapest – say, for a period of 30 years, to borrow at least 39 thousand euros. Andrius Kvakšys, the bank’s home loan product manager, says.
“First of all, we estimate the fact that EUR 46 thousand is not the loan amount, but the price of the apartment. Therefore, if the minimum initial contribution requirements (15%) were applied, the loan amount would not exceed € 39,100. The monthly installment of a loan of this type would range between € 140 and € 150-155 ”, says the specialist.
However, immediately remember that now is the minimum interest period, when the EURIBOR is negative, so when evaluating your ability to buy a home and take out a mortgage, you must also calculate what would happen if the EURIBOR rises to 5%.
“In that case, the monthly payment could reach 270 euros,” says A. Kvakšys.
However, if a resident plans to buy the most expensive new construction home that is currently selling for more than 500 thousand. his salary would be too low for that. In 30 years, the resident will not be able to repay such an amount to the bank and it would be impossible to give the resident a longer loan repayment term.
“The main parameters for granting a home loan are set out in the Regulation on Responsible Loans of the Bank of Lithuania. They claim that the maximum loan term is 30 years, so we could not grant a 40-year loan, ”says A. Kvakšys.
It clarifies that the bank’s online calculator can be used to estimate the maximum loan amount. According to her, a person who earns 1,000 euros without a family and without additional financial obligations could expect to receive a maximum of 83,000. if you plan to borrow for a period of 30 years.
Significant initial contribution amount
Eglė Dovbyšienė, Director of the Retail Banking Department at SEB Bank, says that in the case of a hypothetical example, the circumstances can only be indicated as preliminary.
According to the information provided, we can only indicate indicative amounts so that a person who earns 1,000 euros can buy 46,000. housing, with 15%. In this case, the amount of the loan would reach 39,100 euros, the own part – 6,900 euros, and the indicative monthly installment of said loan would be about 150 euros ”, says E. Dovbyšienė.
It also points out that a resident who receives 1,000 euros in his hands could tentatively borrow a maximum of 72,000 euros. EUR and to acquire 84.7 thousand. house worth 12.7 thousand euros, if, in perfect circumstances, initial contribution.
In this case, the monthly payment would tentatively amount to about 270 euros. Having a higher own share would change the value of the house accordingly, ”says the specialist.
According to E. Dovbyšienė, the exact amount of the loan, the share of own funds or the amount of the installment can only be determined individually, therefore, in each case, the specialists of the bank from which it is planned to order should be consulted. borrowed. the home loan.
As the bank’s Internet calculator shows, in a completely different, but also preliminary example, if a resident were given 50 thousand. The final amount paid by the bank after the 25 years of the loan would reach almost 70 thousand, with the bank paying just over 225 euros per month.
I would pay about 20 thousand. euros more
Swedbank spokesman Saulius Abraškevičius says the best way to check the preliminary chances of getting a mortgage loan at the bank is to calculate them with an online calculator.
Thus, it follows that a resident who earns 1,000 euros, with or without a spouse, receives 46,000. During the 30-year amortization period, the bank would pay a little more than 63,000 LTL. euros.
In these circumstances, the monthly amount paid by the resident would be € 177.
“When considering the subject of loans, we always carefully evaluate personal or family financial situation, income and existing financial liabilities and similar factors, as well as the size of the accumulated initial contribution.
However, one of the most important criteria for making a financing decision is the responsible loan: an approved loan for a client should not become a financial burden in the future if the personal or family financial situation changes ”, says S. Abraškevičius .
According to him, the sustainability of income in the future is the most important aspect when making a financing decision.
“It is also important what the relationship is between the client’s income and arrears. In accordance with current regulations on responsible lending, monthly payments of financial liabilities cannot exceed 40%. the amount of the client’s or household’s monthly income, “says S. Abraškevičius.
The loan amount cannot exceed 85%. property prices or values
At that time, Dovilė Kalvaitienė, Head of Financial Services Development Products at Šiaulių bankas, points out that currently the interest rate fluctuates around 2.3%, and its exact amount is calculated individually for each client, evaluating their financial capacity to cover the credit, the quality of the guarantee. , credit and collateral. ratio and other factors.
“An eg. In the case of (…), the maximum amount that can be loaned, taking into account the economic capacity of the client to acquire the main home, may not exceed 85%. Real estate prices or values ( whichever is lower) ”, says D. Kalvaitienė.
It adds that the preliminary calculation of the loan was made under the assumption that the person lives alone, has no minor children, and has no financial obligations.
According to the bank’s online calculator and the preliminary example provided in it, 55 thousand. for a period of 30 years, subject to a 2.5% loan. Variable annual interest rate, chosen annuity modality, a single contract administration commission of 220 euros is paid, and the total annual interest rate of the loan would be 2.54%.
Thus, the total amount of the credit to be paid is 78,453.94 euros. The total number of credit installments is 360 and the amount of a monthly installment is 217.32 euros.
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