How to confirm your income.
The bank’s assessment of the level of the borrower’s income is one of the key moments in the decision to issue a mortgage loan. Before trusting someone for money, the bank will certainly be sure that it will get them back.
Therefore, having set a goal to obtain a loan, it is worthwhile in advance to prepare weighty arguments in favor of its financial solvency. Which ones? It depends on your sources of income. Let’s consider the main options.
“White” salary.
If you work for hire, the best way to confirm your income is a certificate of 2-NDFL (income of an individual) from your current job. The certificate will require a copy of the current employment contract and / or work record book.
Banks like “white” salaries. In addition to the actual confirmation of your solvency, this form of payment of labor also indicates the reliability of your employer: in modern conditions, only stable, successful companies can afford to pay high “white” salaries.
If your “white” income exceeds the expected monthly payments on the loan at least twice – you can count on a problem-free receipt of the required amount at a minimum interest (of course, if other requirements are met, which is quite a lot).
It is worth noting that, in addition to the size of the salary, banks attach great importance to the length of service. As a rule, at least 6 months of work experience at the current place of work is required to obtain a loan. In addition, when deciding on the issue of a loan, an important role will also be played by the total work experience of the employee (preferably at least 2 years), as well as the frequency of shifts in past jobs. In addition, banking analysts will evaluate your profession, its value and prospects in the labor market. This is quite logical – the lender needs a guarantee of stability of your income both in the present and in the future.
An integrated assessment of the solvency of a potential borrower is called underwriting.
In addition to the current and prospective level of the borrower’s income, his ability to repay the loan due to his age and health status, his willingness to repay the loan (the past credit history is considered), as well as the value of the pledged property as sufficient collateral for the loan (his analysis of the results of independent property valuation) .
“Gray salary”
Unfortunately, high “white” salaries are an inadmissible luxury for most Russian companies (especially for small and medium-sized businesses). Many of us still receive a part of the earned money “in the envelope”. Fortunately, this fact is not at all an obstacle to obtaining a mortgage loan.
To confirm income in this case, it is necessary to provide a certificate of real incomes from the current place of employment, certified by the signature and seal of the employer. As a rule, each bank has its own form of such reference, there are no significant differences between them.
Theoretically, the option of “oral” confirmation of income is also allowed – for this the bank employee meets with the employer of the borrower and receives from him personally relevant information. But this option is often used in addition to the help in the form of the bank.
Of course, the “gray” income of the borrower is a risk factor for the bank. The information on such incomes is checked with a special predilection (up to the departure of a specialist to the office of the company), and the interest rate on the given loan will be higher than in the case of “white” income.
The situation is very bad for employees working without an employment contract and receiving their entire salary in an envelope. Without help 2-NDFL access to credit for them will be closed. The only way out of this situation is to provide the bank with proof of its income by one of the following methods.
Income from entrepreneurial activity.
An entrepreneur for a bank, strangely enough, is often not the most desired customer. On the one hand, income from entrepreneurial activity is very high, but on the other – after losing their business, it will be much more difficult for them to find a new stable earnings, rather than a hired employee.
Therefore, if the main source of your income is your own business – be prepared to share with the bank all its secrets.
First, you will need to submit documents directly confirming the declared amount of income. For individual entrepreneurs, these are tax returns and statements of monthly turnover on the account. For owners (or co-owners) of other legal entities – balance sheets, profit and loss statements.
And secondly, banks can request a number of documents proving the overall reliability of your business – documents confirming ownership of fixed assets, documents confirming the timely payment by you of all taxes necessary for the operation of the license and evidence and even copies of contracts with the main counterparties.
Additional difficulties may arise for individual entrepreneurs paying a single tax on imputed income, since their profit is not reflected in the primary documentation. Most likely, having estimated the income level of such a borrower by indirect data (management reporting or through “exit to the site”), the bank will not refuse the loan, however it will establish a higher interest and increase the amount of the initial installment. Experts recommend this category of IP in advance (no later than six months before applying to the bank) to take care of changing the tax system.
Other regular incomes.
If you have additional regular income (this may be rent, dividends, interest on deposits and much more), the final probability of a positive decision to grant a loan will increase. Therefore, such incomes must be declared and confirmed.
To do this, it will be required to provide the bank with documents on the receipt of the relevant income for the last 1-2 years (for example, a lease agreement) and documents confirming the payment of tax on personal income for the same period.
If incomes are based on “gray” schemes (let’s say the same lease, but without registering the contract) – banks will consider their confirmation without tax returns. However, here, as in the case of the “gray” salary, it is worth preparing for an increase in the interest rate on the loan.
At the end of 2017 it became known that the Central Bank was going to take measures to tighten up.
By 2025, mortgages should be available to 50% of Russian families, and the number of families.
In the outgoing year, the Central Bank of Russia replaced the state support program for the mortgage market. In the opinion.