Becoming a homeowner by receiving a minimum wage corresponding to the minimum wage is entirely possible, you just need to submit a mortgage loan request to a specialized service.
GFIC salary and real estate project
Many workers receive the equivalent of the minimum wage each month, i.e. the minimum wage that can be granted to an employee in the country. This minimum income does not mean, however, that the employee cannot carry out real estate projects, indeed it is not necessarily the amount of the salary that will matter, it is above all the repayment capacity.
When you have a salary with a CDI contract, you can spend up to a third of your salary to reimburse monthly payments. If the candidate in question has no outstanding credit, he can devote all of his repayment capacity to repaying a home loan.
It is therefore not the amount of salary that matters, it is indeed the ability to repay. A borrower receiving an income of $ 2,000 net can spend up to $ 660 in monthly payments under various loans.
If the latter already has consumer loans in the process of repayment, the monthly payments of which amount to 350 dollars per month, he only has 310 dollars per month left to devote to the mortgage.
Another GFIC employee with no current credit will be able to devote up to 396 dollars (33% of 1200 dollars, GFIC rounded because this amount is regularly revised), so he will have better repayment capacity.
Estimate the feasibility of a home loan
Borrowing capacity plays an important role because it will make it possible to define the maximum amount that a borrower will be able to obtain, taking into account his financial situation and his income. Simply there are other elements to take into account as naturally the interest rate applied by the bank but also the repayment period which will condition the amount of purchase of the property.
It is also important to note that a borrower with modest incomes will be able to benefit from the financial devices and assistance for homeownership. First, there is the GFI (loan at zero rates) but it is also possible to take advantage of the employer loan or even the loan for social accession, these devices can facilitate obtaining the mortgage when you receive a credit.
All these elements will be able to be taken into account in the context of a real estate loan simulation, the borrower can provide all the details regarding the real estate project but also about his financial and personal situation.
Estimate the feasibility of the financing
The elements will make it possible to estimate the feasibility of the financing but also to inform the borrower of the repayment conditions which will be proposed to him.
The simulator will also interrogate the various assistive devices for homeownership in order to verify that the borrower is eligible for financial assistance. It is important to note that the mortgage loan simulation is free and without any commitment constraint.