December 5 2017 By October 2017, 66 thousand were commissioned. new apartments, by over 11% more than a year ago. This is largely due to the Flat for the Young program, which is already entering a declining phase. Do you dream about your own m4, but you’re wondering if you have a chance of being a single mortgage? A lot depends on your earnings. It turns out that a single earning over 5000 PLN can receive up to 648 thousand. PLN loan. Discover the bank offers.
A loan for a flat for a single person is usually more risky than a marriage loan for young people. When you commit two, if you both earn, losing a job by one person is not as much of a threat to a bank as losing a job by a single borrower. When applying for a loan alone, you have to take into account that your living costs will be higher than in the case of married couples or families with children. The minimum acceptable amount of expenses for maintaining a household operated by a single fluctuates within 1000 PLN. Each additional person costs about 200-300 PLN more.
These factors mean that lone borrowers are more likely to be incurring higher loan costs. The bank may require, for example, mortgage insurance. It is common practice to include a life insurance policy in the package. Such security allows the liability to be settled even after the borrower’s death. It is true that according to the new mortgage law insurance is not compulsory, but in practice banks often issue a negative decision if you do not choose this type of liability protection.
How much do you have to earn to get a loan of half a million zlotys?
Currently, the factor that is most important when considering a loan application is the amount of earnings. The number of singles with a good salary is growing, especially in large cities. That is why banks cannot ignore such a large group of consumers. Currently, a housing loan for singles is easier to obtain than a few years ago. On the occasion of the November edition of the mortgage ranking by Bankate, 14 participating banks prepared a simulation of a single mortgage. According to her, to get a loan with an average value of 550 thousand. PLN single should earn 5500 PLN per month.
Credither turned out to be the most liberal bank, ready to lend to a lone 30-year-old over 648 thousand. zł. A mortgage loan higher than half a million zlotys was proposed by 12 out of 14 institutions. However, non-interest loan costs were not included in the simulation. It was carried out with the assumption that the borrower is able to cover 20 percent. own contribution and the liability will be repaid for 30 years.
According to the regulation of the Polish Financial Supervision Authority, one of the factors taken into account when considering the creditworthiness of a single and any other applicant is the DTI indicator. It is the ratio of income to credit liabilities expressed as a percentage. So how much you earn is only one element that determines the amount of credit. It is also very important how much your monthly installment will consume your income. The PFSA draws banks’ attention to conservative approach to clients whose total monthly liabilities after granting the loan would exceed 40 percent. income. Caution is recommended if the income of such a borrower does not exceed the average in the region. However, when someone earns more, DTI at 50 percent. shouldn’t be a problem. The highest recommended ratio available to the wealthiest customers is DTI reaching 65 percent.
According to the Central Statistical Office of Poland, average earnings in Warsaw in October 2017 reached PLN 5,573.79 gross. This means that our single loan application with a net income of PLN 5,500 earns above average. So he could afford the loan installment to absorb up to 50 percent. his salary. However, it should be noted that such a heavy burden leaves a small margin for financial stumbles. The safer amount of DTI is within 30-35 percent.
It is worth noting that when calculating your creditworthiness, banks take into account all current liabilities. It doesn’t matter if you took only a small Christmas loan, which you pay back after 2 months, if it is the current burden, it will be included in the DTI. The bank does not check how much time you have to settle your loan, so before you apply for a single mortgage, make sure you have paid off all debts, whether it’s credit card debt or an online loan.
Loan for singles in the Flat for Youth program
Flat for the Young is a government program that allows you to get a mortgage subsidy. The last funding under SDG will be granted in January 2018. If you are planning to buy a property, this is the last call to get help from the state. You can apply for a subsidy regardless of marital status, which means that SDG also supports housing loans for singles.
If you are not raising a child alone, you can count on a maximum of 10 percent. loan financing. Restrictions also apply to the size of the apartment. To take advantage of the subsidy, you can apply for a mortgage to finance the purchase of an apartment with a maximum area of 75 m2. The area increases if you raise children up to a maximum of 85 m2. However, the co-financing concerns the value calculated per square meter up to 50 m2. Even if the area of the property is larger, the additional payment will not exceed 10 percent. value of 50 m2. The program with certain exceptions is intended for persons under 35 years of age. The SDG program does not take into account the income of applicants, so a 30-year-old single from the simulation, earning PLN 5,500, could also apply for funding, but there is not much time left for submitting applications.