A few months ago it came out in Republic that young people with incomes from 1,200 dollars per month could access mortgage loans. What the heading did not say was that, although it was true that they could access loans of this type, these were for an amount that did not exceed 410, 600 dollars, through Home Mortgage Credit. But who earned exactly 1,200 could access credits of this cap? It is possible, but they did require payment in a greater number of years.
Knowing how much you must earn each month to access a mortgage loan is a common doubt. Especially when you want to buy an apartment or a new house soon. This time we tell you how much you should earn per month to access this type of credit.
There are many conditions that can affect the amount
Knowing the exact amount you must pay for a mortgage loan will vary according to each case. This is because not all credits are for the same sum of money, nor are they paid in the same amount of months nor have the same down payment. The aspects that will help to set the monthly fee are:
- The total amount of the credit.
- The percentage of initial fee paid.
- The period of years in which the credit will be paid.
- The interest fixed by each financial entity.
Because there are so many factors to consider, different banks have mortgage credit simulators. In those, the interest rate of each bank is taken into account, either the TCA or the TCEA.
Example of how much you must earn monthly to pay a mortgage loan
If we assume that we will buy a property valued at 200 thousand dollars and we have 20% for the initial installment (S / 40,000) and we plan to pay the loan in 20 years, we also have a net salary of S / 2,000, in the best case We will pay a monthly fee of 1,664 to 3,337 dollars, depending on the bank we have chosen to finance the purchase.
In the case that the one that offers the lowest interest rate has been chosen, if we know that the monthly expense for the mortgage will be 1,664 dollars, the ideal would be that this amount does not exceed 35% of your net income. In that sense, to have a healthy economy, the income of your family unit (all those who contribute in household expenses) should be 5,546 dollars.
Tips for applying for a mortgage loan
In order for the monthly installments of your mortgage loan to be reduced, it is best to buy when the largest initial installment is saved. It is advisable not to buy unless you have 20% of the value of the property to pay as an initial fee, although there are some banks that issue the loan with only 10%.
Keep in mind, when evaluating your budget, for the payment of monthly fees, other expenses that come with the acquisition of your property. For example, the basic services, as well as the maintenance payment of the property. The latter is usually included, in properties such as departments that enjoy common areas, cleaning service, video surveillance, security, etc.
Before requesting a loan from a bank, remember to also compare the different interest rates offered by each. As you have seen in the example, there are banks with which you can end up paying double for a mortgage loan, for the same amount borrowed. Also consider as part of the expenses that you will have to pay, when buying your property, those that are associated with your credit.