The Most Reasonable Credit Terms
The most reasonable credit terms are considered to be convenient repayment schedule and monthly installment rates. Usually, the most convenient installment rate is 50% of the family income.
Thus, when a family applies for a housing credit in the amount of $40 000 (for instance, they wish to sell their present accommodation and buy a new one), the overall monthly income of the family should make up not less than $1200 a month.
In case you wish to buy a flat on the whole and need to borrow at least $100 000-$120 000, you will have to prove that your family’s total income is about $2000-$2500 a month.
Remember: if credit charge (debt amount + mortgage interest) is more than 50% of the family total income, it gets quite hard to make the ends meet and life holds no pleasure whatsoever…