Borrow the sum of 250 000 euros implies to have sufficient financial capacity, it is a minimum wage but also a debt compatible with obtaining the mortgage.
Borrow 250,000 euros: what salary should you have?
The minimum wage to be paid for a home or apartment purchase in the amount of 250000 euros is 2000 euros net per month. This salary is based on a 35-year loan, the maximum borrowing period. For a shorter duration, it will naturally be necessary to have a higher salary, it takes about 3000 euros of income for a repayment period of 25 years. The minimum wage will therefore depend on the desired duration but also on the rates practiced at the moment because the higher the rates, the higher the wage will be.
You must know that to borrow this amount, you must be able to repay it, it implies to have a contract of employment type CDI. Borrowing to two also increases the amount of home loan because with two salaries, the ability to borrow is much larger. Simulations can be performed alone or with the co-borrower.
Debt capacity more than salary
While pay plays an important role, it is not everything. That is to say that a borrower who has a salary of 3000 euros net monthly but whose debt is close to 33% will absolutely not be able to borrow as part of a mortgage. It is therefore necessary to check the capacity to be able to go into debt but also the rest to live, it is the sum remaining after deduction of all the recurrent charges of the home.
Banks have the obligation to check the creditworthiness of their customers, this is an important condition before offering a mortgage, especially if the borrower wants to obtain the sum of 250,000 euros. This study is offered free by banking advisers, it allows to be quickly informed of the conditions of bank loan at the same time (rates, durations, insurance).
Estimate the feasibility of a € 250,000 loan
To validate a home loan, it is therefore necessary to apply for funding and in this area, it is possible to solicit several institutions to take the temperature on the best rates of the moment, it is also a great way compare the loan conditions and choose the best proposal.
Banks also need to provide advice, this can lead to recommendations on the management of finances and / or the optimization of current expenditure but it can also result in the proposal of loans adapted to the situation of the borrower. Note that for first-time buyers (first accession), it is possible to obtain a zero-interest loan, a loan whose interest is borne by the State. Other features are also valid and the bank must be able to inform the borrower to maximize his chances of getting the mortgage for an amount of 250000 euros.