How much money can you expect from the bank, check with a bank adviser, ask him all the important questions and get valuable tips or use one of the loan calculator on the Internet. Or there is no own capital and the total amount must be taken as credit. Gladly you can use our household calculator and play through your situation: For real estate is not about shopping on the weekend, but an investment that lasts a lifetime. Before requesting funding from a bank or building society, you should be aware of how much money is left monthly for a loan or loan.
Whether for your own home, the retirement home, your own vehicle or the journey – as soon as you want to take out a loan, ask yourself how much you can actually pay. You will read in the following article that the answer to these questions is relatively easy. The natural persons are fully capable of contracting from the age of 18 and can therefore avail themselves of any kind of loan financing.
The house bank has a special cautionary obligation. In particular, the institution must ensure that the installments do not pose a threat to life’s needs. Only when the responsible member of a regular income (wages, remuneration, training allowance) and despite the creditworthiness of his life circumstances are not in danger, the young person without the consent of the parent or guardian can take out a loan.
Not only the credit ability determines if and how much credit you receive, but also the interest rate. To find out how you can increase your liquidity to secure interest, read the section on improving liquidity and saving loans. Important influencing factors are the sum of your monthly net income, the sum of your capital, your own funds, existing obligations or receivables, permanent employment and the living expenses (including maintenance obligations).
Exclusion criteria for a loan: Of particular importance is the own funds available for the financing of real estate. As a rule, banks recommend to save between 20 and 30% of their equity. Lending is easier the more equity is available. In low interest rates, there is also the possibility of obtaining financing without own resources.
If own resources are available, the question arises as to how much of this is required for the desired real estate financing. Remember: If you put all the available funds into the purchase of a home, for example, a sudden repair of a car can be a problem. Single people have to plan differently than foursome families. Depending on the risk appetite, I would suggest providing at least 6 times the total spend per month according to the income statement.
So you can spend a half year without any money. If creditworthiness and creditworthiness are given in principle, the question arises as to the monthly income of households. For this purpose, all monthly revenues are compared with the monthly expenses. It is particularly important to make sure that in the accounting honest with yourself and always has enough cache.
The following example shows a budget calculation for a 4-headed family. An example, based on the previously created budget calculation: Our host family would like to buy a small garden house. 20,000.00 USD were covered by own funds. We took the current interest rate into account and assumed 2.5% for a good credit rating. You will find more information on the correct adjustment of the interest on our credit calculator page.
Now our host family pays 898.26 USD a month and should be able to cope with unforeseen cases when 984.00 USD per month are available. If you want to risk more, you can shorten the duration and repay more money in this case. In summary, the main factors influencing lending are the monthly income and the result of the income and expenditure account.
Our budget and credit calculator helps you to assess how much credit you can afford. It’s best to consult our budget statement and a screenshot of our credit calculator for advice.