Let us now calculate what you can expect when borrowing for the purchase of an apartment. That is to say, as an example sort out the situation. Inputs: Family of 3 people planning to purchase a one bedroom apartment. Spouses work, the child goes to kindergarten.

Requirements for an apartment: 2-bedroom apartment in a modern house storeys of 10 floors with an area of 55 sq.m. isolated room. The house is located in one of the sleeping areas of the city today. There is a minimum initial deposit. Period, which will take out a loan is 20 years (240 months). Interest rate – 13.5% APR. Assume that the events take place in Krasnodar in the summer of 2008. In general, the situation is a classic emerges.

To date, the average cost of housing in Krasnodar is 57 000 rubles per sq. m. Thus, the cost of their desired apartment will be 55kv.m. * 57 000rub .= 3.135 million rubles. Initial payment – 10%, 3.135 million * 10% = 313 500 rubles. Required loan amount – 3 135 000-313 500 = 2 822 000 rubles. Necessary expenses from their own savings associated with the acquisition Apartments: Downpayment – 10% (313 500 rubles). Insurance – 1.5% of the loan amount increased by 10% (2.822 million 10%) * 1.5% = 46 563 rubles, the bank The Commission – 1% of the loan amount (28 220 rubles) Assessing the apartment – 4500 rubles Gos.poshliny – 1000 rubles hope size of aggregate household income needed to obtain this loan. Here’s the formula annuity payment, which is used by all banks. The monthly annuity payment OZS = * ((PR/12) / (1 – (1 + PR/12) = – (R))) Where: NEO – the balance Loan Amount on the settlement date (in U.S. dollar / ruble), Pr – the annual interest rate, R – the number of full annuity period remaining until the final repayment. According to this formula, the monthly annuity payment for the required loan amount to 34 072 rubles. When taking into account the fact that banks rely loans so that monthly payments did not exceed 50% of monthly income, the net family income must be 68 144 rub. But that’s not all. To this sum must be added the cost of maintenance, and this is 11 000 rubles. Summing up: So, a family of three people who have no additional obligations and costs, wishing buy 2-room apartment of 55 sq.m. value of 3.135 million rubles in the sleeping area of Krasnodar, you must have: total income for a family of at least 79,000 rubles. Own the accumulation of not less than 393 783 rubles. In these excluded from the calculation of Realtors commission, which usually amounts to 3-5% of the purchase price. I think that this example will help you sober and properly assess their strength and opportunities for getting a mortgage.