Creditworthiness Calculator
The monthly obligations you have on all loans must usually not exceed 60% of your salary, which is therefore the client's maximum credit indebtedness. Banks reserve the right to set a lower maximum credit indebtedness in certain cases. If it is over 60%, there is no possibility of approving additional funds. The only way to obtain additional funds is by refinancing existing loans.
Frequently asked questions
How to use the credit worthiness calculator for a mortgage?
To use the calculator, which is also a mortagage maximum amount calculator, enter your total monthly income, current monthly debt, and desired loan repayment period. The calculator will automatically calculate the maximum amount of mortgage you can get, based on this information. The results are for informational purposes, so it is recommended to contact our loan advisor for a more detailed analysis.
What information is required to use the calculator?
You need the following information: total monthly income, monthly amount of current debts, and loan repayment period. This information allows the calculator to accurately estimate the maximum loan amount you can obtain.
Are the calculation results accurate?
The results provided by the calculator are informative and give you an approximate idea of the maximum loan amount. Keep in mind that the final approved amount may vary depending on additional factors such as your credit history and specific bank conditions. For precise information, we recommend contacting our loan advisor.
How is the maximum amount of the mortgage calculated?
The maximum loan amount is calculated based on your monthly income, current debts, and repayment period. The calculator uses this data to estimate the monthly installment you can afford, and then calculates the maximum loan amount that corresponds to that installment.
What does the displayed monthly installment represent?
The displayed monthly installment represents the amount you will pay each month if you take out the maximum loan amount estimated by the calculator. This installment includes interest, so it is important that it fits within your monthly budget.
What are the conditions for obtaining a mortgage?
The conditions for obtaining a mortgage include stable income, a good credit history, adequate collateral, and meeting age criteria. Each bank may have specific requirements, so it is advisable to consult with our loan advisor.
How does age affect mortgage conditions?
Banks usually require the loan applicant to be younger than 72 years at the time of the final installment. Age can affect the maximum repayment period and the size of the monthly installment. Older applicants often have a shorter repayment period, which can increase monthly obligations.
Does the calculator account for interest rate changes?
This calculator uses the current interest rate of 5.03% for calculations. Changes in the interest rate can affect the size of the monthly installment and the maximum loan amount, so it is important to regularly monitor market conditions or consult with our advisor.