Is it possible to get a mortgage loan while on maternity leave?

The need to continue payments

If a woman knows that she will soon go on maternity leave, she should not hide this from the bank when taking out a mortgage. Although the likelihood of receiving a loan will be small, it is better than possible subsequent penalties from a financial institution.

If a woman plans to go on maternity leave after taking out a mortgage, then the situation here is completely different. The bank does not care about the financial situation of the borrower; the main thing for it is that payments are paid on time.

A woman also needs to keep in mind that going on maternity leave is not grounds for stopping payments.

Who is entitled to a mortgage deferment?

Deferment of mortgage payments is provided only to trustworthy borrowers (with no arrears for the entire loan term, with a good credit history) who have good reasons to ask for loan restructuring. The bank can give its consent to the deferment only if at least 6 months have passed since the conclusion of the agreement.

Among the good reasons most financial institutions include:

  • loss of a breadwinner;
  • economic crisis and financial difficulties beyond the control of the borrower;
  • forced move to another city;
  • pregnancy in the last months and caring for a newborn;
  • serious illness of the borrower or his relatives;
  • dismissal from work;
  • long-term disability.

Providing credit holidays is not the responsibility of the bank - it has every right to refuse without explaining the reasons. The most common grounds for refusal are:

  • the client has a problematic credit history;
  • presence of other unpaid loans;
  • taking out a loan less than six months ago;
  • leaving work at your own request;
  • 3 months until loan repayment.

Mortgage deferment involves suspending the accrual of late fees, reducing the monthly payment, and preserving the borrower’s credit history unblemished. During credit holidays, forced collections by the bank are impossible - for example, the sale of mortgaged real estate.

Options for the development of events in case of insufficient funds

A woman’s income during maternity leave is significantly less than during her regular work. Therefore, sometimes paying off your mortgage becomes problematic.

There are several ways out of the situation:

1. Mortgage holidays are issued or debt restructuring is underway.

2. Maternity capital is used.

3. Government support.

Each woman, depending on the situation, chooses an option that is acceptable to her.

Budget programs

Previously, people could only count on one offer from the state, such as, say, affordable housing for a young family. Today it does not provide for the closure of debt on an already taken out loan.

But in a number of regions there is help for families with children, you just need to contact the city administration for information.

The best way out of the situation would be to accumulate a so-called “airbag”. This term comes from the West, where families accumulate part of their money for six months in advance.

Advantageous mortgage offers from Sberbank of Russia ⇒

And when a difficult financial situation arises, they simply take funds from the previously prepared amount. This approach will allow you to pay off the loan after the birth of the child and not go into arrears.

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Additionally, the “cushion” will help to cope with other force majeure situations: loss of work or unforeseen expenses, for example, aimed at treatment or repairs.

04/16/2017 Information about the authors | Category: Mortgage

Vacations and restructuring

After submitting an application to the bank, a woman has the opportunity to apply for a mortgage payment holiday for up to 12 months. In this case, only accrued interest is paid according to the schedule. The entire principal debt begins to be repaid only after the end of the holidays. This option is not always acceptable for the borrower, because the amount of subsequent payments increases sharply.

The best option is to restructure the debt by postponing payments over a longer period. At the same time, their one-time value decreases.

mortgage and maternity leave Sberbank

So here it is: the home stretch of my third pregnancy. June has arrived, exactly 2 months until full term. In March, I still had a very vague idea of ​​how I would feel during this period, I all imagined that I was on bed rest, that the stitches were cracking and in general I was already an incapacitated citizen))) But pah-pah, I’m still walking. I do things, work. In the morning I’m generally invigorated, it seems that the 2nd trimester is still underway, and I’m light, fast, and can do a lot of things! Nooooo)))) By lunchtime I turn into a clumsy duck, and by the evening I can barely toss and turn with groans. Yes, it gets really bad in the evening(((I didn’t think that there are SO many muscles in the vagina and they move SO often!!!! Accordingly, not only the muscles hurt, but also the bones, especially the tailbone, like a pin being inserted. So sitting for a long time I can’t, I have to go through the pain, but I have to move, otherwise it will get even worse. Now I’m hinting that every week it will be even more difficult, and so that my last month of waiting doesn’t turn into a continuous lump of tears and pain….

I went on maternity leave. At the stock exchange, in order to issue a business license and deregister, I went through the floors: 1-3-2-4-3-1. The heat had just hit, frankly I almost died like a horse... I handed it over to the social security department, but I had to run to make a copy of the work report and get the card account number from Sberbank (I ended up without it). Then!!! A couple of days later I went to the stock exchange to get certificates of income (of course I got 600 rubles for 2 months, fell on the floor and hit my forehead), went to the housing office for certificates of family composition, there I also received them in four offices: in one they print it out, in the other The accountant signs, the third one is signed by the boss, and the fourth one is stamped. Yohhoooooo!!!! The next station is the social security department. Thank God, I came across a very nice woman there that time (I brought her a chocolate bar for her kindness), she explained everything in detail, how quickly and what exactly to fill out. Otherwise, some “employees” won’t squeeze out too many words, as if they were paying these damn benefits out of their salary... This time I brought the Talmud copies of ALL documents needed/not needed))) But they still discovered that my husband had been given a salary certificate 2 May instead of June 1 (the accountant aunt was exhausted, apparently not like a child...) I went to him for new certificates, aaaaand))) I handed in documents for the poor and child benefits (400 rubles for two, either laugh or cry... But at the same time let them be.) So, I’m waiting for a decision on the needy, and I can apply to the kindergarten for compensation and buy a ticket to the camp (here we were pleased, last year we went for 7 thousand, this year, if everything works out, for 700 rubles). I’ll go apply for the subsidy later, I have to pay the rent first.. They gave me a little hope that at least my dad could get a registration for a newborn without me, but they still take a damn week!!! Log into your computer and write a couple of lines - a week!!! My husband was discharged for 3 days and registered from another area, and here... Well, when the baby is born, I will have to re-register all the benefits and payments again, I will collect 5 packs of documents (the same ones, mostly), and with the little one I will fly on wings love for mortal money)) Another ambush, it turns out, is with regional financial capital (((Everyone is against us, of course... In general, they give us 100 thousand for the third and subsequent children, but only for the poor. And up to 3 years it can be used only for a mortgage!! But I don’t have a mortgage and, accordingly, no one will give it to me, because we are poor!!! After 3 years, I can use it for education, kindergarten fees. But then I will have to be registered somewhere- then at work with a small salary. There was no sadness until they gave a hundred thousand))))

They upset me. A referral to the maternity hospital will be given at 37-38, later they do not have the right. In the maternity hospital (if everything is fine) we will give birth at 39-40, at least a week, that is, we will have to stay there + a week after giving birth. But I can not! Firstly, there is nowhere to put the children for such a period of time; the mother-in-law, the viper, promises to take the children over the phone for the entire holidays, but in fact, horseradish! Mamos works either at work or in the garden, he can pick him up at the dacha, but it’s a day or two later and then reluctantly - it doesn’t help the situation; my sister has generally become like a stranger lately (a separate wound on her heart, she was always my best friend, so sympathetic, kind, and last year they replaced her, selfish, arrogant, doesn’t communicate, dissatisfied with requests for help, I think I’ve lost her, oh woe There is no limit to my loneliness now); It’s hard for my granny to watch them for so long... Our dad is at work from 9 to 20, and if he doesn’t work for half a month, we’ll have to choose: either eat or get dressed... Of course, in case of emergency, no one will get hurt, and we’ll decide somehow question, but this turns out to be a very bad option, nervous(((Well, and secondly, it’s very hot and stuffy in the maternity hospital, the mattresses are oilcloth, I personally feel bad in the heat - my pulse quickens and my blood pressure drops. That is, I’ll feel bad there too , and the baby, and in the end, a CS will be prescribed much earlier than it would have been possible. Now I’m sitting here thinking of ways to escape))) And I don’t really want to let G down, she’s good for me, and give up ahead of time. I’m thinking of leaving the car nearby and driving home under the air conditioning to spend the night quietly (or asking for time off, but it depends on your luck and most likely “no”, who will take such responsibility for me with scars?), I’m afraid they’ll only notice if they write me off for violating the rules, and I’ll give birth in the field))) Or not go according to the direction, but leave by ambulance later, I just need to clarify whether they will accept me in the perinatal center under this condition. On the 9th there is an ultrasound and appointment, I’ll ask around what’s what..

State assistance

As soon as a child is born in a family, you need to send an application to the AHML organization.

This is an agency that provides financial assistance to families in difficult situations. The amount of allocated funds can be 30% of the remaining debt for a woman.

This assistance is provided at the state level. It is carried out according to a developed program in which several dozen financial organizations take part.

Despite existing support opportunities, the family itself must make the necessary preparations before such an event as the birth of a child. To do this, you need to create a cash cushion in advance so as not to experience financial difficulties during the maternity period.

Mortgage deferment upon birth of a child

The birth of a child becomes an additional burden on the budget of a young family, so the bank can provide a deferment
on the mortgage upon the birth of a child
for up to 3 years. It is important to remember that the birth of a baby in itself is not the basis for a credit holiday. The second mandatory criterion is a serious deterioration in the financial condition of the family.

Providing a deferment for the birth of a child does not mean a complete cessation of payments. The borrower will still have to pay interest on the loan.

At the birth of a second child, large banks (Sberbank, VTB24) can defer payments for 5 years.

Why might a bank refuse?

The main reasons for refusal may be:

  1. Insufficient income. If a woman is married, then the husband’s salary is also taken into account as family income. However, this is not enough. Due to the fact that a woman is on vacation and must take care of her baby, her solvency decreases. Even with a successful set of circumstances, dedicating your full time to earning money will not work.
  2. Risk for the bank. Mortgage is the main source of income for the bank. By issuing money to buy a home, he plans to make a tangible profit from this transaction. The bank earns from interest and additional commissions. If the borrower for some reason stops paying, then he can be sued and the money can be forcibly recovered. However, it is extremely difficult to sue a woman who has recently given birth to a baby. The judge may get into a position and make an unfavorable decision for the bank.
  3. No guarantee. The bank understands that a woman’s work activity is limited during maternity leave. Your existing savings may not be enough to pay your monthly payments regularly.

Also read: Why VTB refuses a mortgage application: TOP 7 common reasons and rules for borrowers

Refinancing a mortgage while on maternity leave: is it worth hiding this fact?

An alternative may be to obtain a new loan in the name of a spouse whose income allows him to take out an amount sufficient to repay the old loan. Bank employees will proportionally deduct expenses for maintaining their wife and children from their salaries. The possible loan amount will be calculated from the remaining amount.

The ability to refinance a mortgage taken out before maternity leave depends on family income. If it is enough to make monthly payments, there is no need to worry. The bank is primarily interested not in the source of funds, but in their availability. If paying loan installments becomes an unbearable burden, there is no need to wait for the loan to become overdue or to transfer the loan to collectors or the enforcement service. The decree itself is not a valid reason for deferment or protection from sanctions from a credit institution. If your financial situation is difficult, you should contact the bank that issued the mortgage and ask for preferential conditions. Some banks may accommodate a young mother and provide a deferred payment in the form of a credit holiday to pay off the loan balance.

Use of maternity capital

If the child is the second in the family, then the problem can be solved with the help of maternal capital.
One of the uses of these funds permitted by law is to pay off a mortgage loan. It is worth noting that this is the only option when you can submit an application to the Pension Fund for payments without waiting for the child to turn three years old. To repay a mortgage with maternity capital, first of all, you need to get a certificate from the bank indicating the loan balance. The following package of documents is also collected:

  • documents confirming the identity of the person who has the right to capital (mother, father or guardian);
  • certificate;
  • documents confirming the fact of purchase of the apartment;
  • application, approved sample;
  • loan agreement;
  • a notarial obligation of the owner of the apartment to re-register it in the name of all family members after repaying the loan.

All these documents must be submitted to the Pension Fund. The application of the certificate holder is considered within 30 days.

Refusal is possible in the following cases:

  1. submitting an incomplete package of documents or providing deliberately false information;
  2. deprivation of parental rights in relation to a child, the fact of whose birth gave the right to receive maternity capital;
  3. the applicant has committed a crime against the person of the child;
  4. temporary restriction of rights to maternity capital of a guardian.

If a positive decision is made, the funds will be transferred to the borrower's loan account within two months. After this, in order to reduce the burden on the family budget, the borrower must contact the bank with an application to recalculate the schedule. The bank, in turn, will calculate a new schedule where, due to early repayment, the required payment will be less than the initial one.

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