Can a woman on maternity leave get a mortgage: banking conditions, possible reasons for refusal

Copywriter, author of a blog about freelancing.

Before I got married, I lived with my mother in a small dorm room. There was enough money for food, utilities and clothing for the season—there was no talk of buying an apartment. Having got my first job, I promised myself to change our living conditions at all costs.

When I moved to my husband, my mother stayed in the dorm. A few years later, I became a successful sales manager with an average salary of about 70 thousand rubles per month. Then I decided to buy my mother an apartment and took out almost 3 million rubles on a 20-year mortgage with a monthly payment of 26,800 rubles. My husband and I discussed in advance that I would take on the loan obligations, since this was solely my idea.

A year later I became pregnant. We have long wanted a child, and here they are - the long-awaited two stripes. All that remains is to decide how I will pay the mortgage when I go on maternity leave and lose my usual income.

I set a goal for myself: to independently ensure uninterrupted mortgage payments during maternity leave, without affecting my spouse’s finances.

I will share with you the important stages of financial and mortgage independence.

Opening a deposit

For me, the ideal option was a perpetual savings account with the ability to replenish and withdraw. In banks, such deposits are often called a piggy bank.

I opened a deposit in rubles at 4% per annum in the bank where I receive my salary and pay off my mortgage. Other banks had more profitable options, but I wanted to have all my accounts in one place, so as not to bother with transfer fees between different financial institutions and to see the whole financial picture.

I saved at least 10% from every salary. I left the quarterly bonuses entirely - I decided that new shoes and the latest iPhone model could wait. Thus, by the time I went on maternity leave, I had saved up 150,000 rubles. From this amount, 500 rubles in interest are credited to the card every month. I admit honestly that I still spend the modest income from my piggy bank on coffee.

Which banks are recommended for a woman on maternity leave to apply for a mortgage?

If you have a wealthy spouse, you can try to get a mortgage. It is recommended to contact banks that offer favorable conditions for this category of borrowers.

In addition, you can apply for a mortgage to the bank where the woman was the owner of the salary card. Sometimes lenders are ready to formalize an agreement with this category of clients.

When applying for a mortgage, it is important to consider the following mandatory conditions:

• Having an impeccable credit history.
• Maximum fulfillment of all lender requirements.

All this will help to have a positive impact on obtaining a decision from a financial institution.

Calculation of benefits

In order not to miss anything and to get the maximum from the state and employer, I turned to the mothers I knew for help. New parents know exactly where, when, how and what benefits they can receive. I'll tell you about the main payments.

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Maternity benefit

For a singleton pregnancy without complications, maternity leave begins 70 days before the expected date of birth (EDD) and lasts 140 days. In my case, the PDR was set for August 30, 2021 - accordingly, I went on maternity leave on June 21. Maternity benefits are paid as a one-time payment.

To calculate its amount, we divide the income for two full calendar years preceding the decree by the number of days in this period. We get the average earnings per day. Multiply by the number of days of maternity leave.

The logic is simple: the higher the earnings, the larger the benefit, but not more than the maximum established amount.

To calculate my maternity benefits, I took a certificate from the accounting department in form 2‑NDFL for 2021 and 2021. My income for two years was 1,851,600 rubles. We divide this amount by 730 days, we get 2,536 rubles per day. Multiply by 140 days of maternity leave. This turns out to be 355,040 rubles - more than the maximum payment in 2021. In fact, I received 301,095 rubles. Even if you earn billions, you will receive no more maternity benefits than the maximum declared payment at the time of the PDR.

Limitations How the amount of sick leave and maternity leave will change in 2020 based on the amount of accruals from January 1, 2021 is as follows: the minimum payment amount is 55,831 rubles, the maximum is 322,192 rubles.

One-time benefit for the birth of a child

Paid to one of the spouses for each child, documented by the employer.

The amount of the benefit for the birth of a child in 2021 from February 1, 2021 is 18,004.12 rubles.

Documents I needed:

• birth certificate;
• birth certificate (issued at the maternity hospital upon discharge);
• a certificate from the spouse’s work stating that he did not receive a lump sum allowance (be careful: the certificate is valid for one month);
• application for payment.

The family is entitled to this benefit, even if no one works officially - in this case, apply for payment to the social insurance fund.

Child care allowance up to one and a half years old

The payment is received by the family member who cares for the child and is on appropriate leave. It could even be a grandparent.

The amount of the benefit is Childcare benefit up to 1.5 years in 2021, 40% of average earnings for the two previous calendar years. There are restrictions on the amount. From January 1, 2021, the minimum benefit amount is 4,852 rubles, the maximum is 27,984.66 rubles.

Calculation example: average daily earnings are 2,536 rubles. Multiply by 30.4 (average number of days in a month). We receive 77,094 rubles. We take 40% of this amount. We receive 30,837 rubles - this is more than the maximum payment amount. Accordingly, when you are on parental leave in 2021, you will receive 27,984.66 rubles monthly.

The benefit is provided financially by the employer. Documents that I needed to process the payment:

• birth certificate;
• birth certificate;
• a certificate from the spouse’s work stating that he does not take care leave and does not receive monthly benefits (the certificate is valid for one month);
• application for parental leave.

It is important to understand that parental leave begins from the end of maternity leave, and not from the date of birth, as many believe. In fact, 3 months pass from the moment of birth to the moment of receiving the monthly payment.

Let me explain. We count not from the actual date of birth, but from the planned one (in the antenatal clinic it is calculated at the beginning of pregnancy). We add 70 days to the maximum allowance and we get the start of parental leave. In my case, the work holiday fell on August 30 - accordingly, the vacation began on November 8, 2021, and I received the first payment only on December 10, payday.

Maternal capital

Good news for those expecting their first child: maternity capital is required What you need to know about maternity (family) capital and for the first child born after January 1, 2021.

• At the birth of the first child - 466,617 rubles.
• At the birth of a second child, if there was no payment for the first, 616,617 rubles.
• At the birth of a second child, if there was a payment for the first, 150,000 rubles.

An application for a certificate can be submitted online on the State Services portal or during a personal visit to.

Maternity capital funds can be used to pay off the principal debt and interest on the mortgage.

How to increase the chances of approval of your application?

There are several options to help increase your credit rating:

1. Make a large down payment (at least 50% of the cost of the purchased home);
2. Find additional home-based work (the highest paid remote employees are qualified programmers);
3. Create sources of passive income (securities, rental payments, royalties, civil transactions, etc.);
4. Reduce family budget expenses (eliminate consumer loans, cigarettes, alcohol, fast food and other unnecessary expenses);
5. Provide the bank with liquid collateral of significant value. If the value of the collateral property is several times higher than the price of the purchased property, then the bank will most likely issue a mortgage loan;
6. Attract reliable co-borrowers and guarantors (relatives and close friends can act as such);
7. During the credit interview, you must answer the bank manager's questions honestly. An attempt to mislead the credit committee usually ends in the application being rejected;
8. Collect a complete set of documents and certificates regarding your financial situation and employment. The Bank trusts counterparties who provide complete and reliable information about themselves.

Funds are provided to young mothers who have an impeccable financial reputation. You should check your own credit history before applying. A small loan debt can become an insurmountable obstacle to obtaining a large loan.

You should also go to the FSSP website and open the departmental database, which is publicly available. A citizen may not know that he has become a defendant in enforcement proceedings (we are talking about small fines). In some cases, a person may end up in the FSSP database by mistake. In this case, the bailiff must delete the relevant entry.

Conversation with family

I explained to my husband that benefits and my savings were being put aside to pay off the mortgage, and the rest of the expenses would fall on his shoulders. Before that, I took care of myself and bought clothes only at my own expense - in matters of personal needs, each of us provided for ourselves. The total budget in our family was only for vacations and repairs.

However, when I went on maternity leave, I had to temporarily forget about being “strong and independent” and live on my husband’s money. This turned out to be difficult: I was not used to asking a man for money. But over time it became normal. Once again I am convinced that all restrictions and prohibitions are in our heads.

With the birth of a child, we asked parents to give up thoughtless purchases. Instead of another toy and a nice blouse, it is better to buy a package of diapers and baby food.

By the way, the birth of a baby is exactly the case when money is the best gift. It is difficult to guess what a child and new parents really need.

Apply for a mortgage to your husband and list yourself as a dependent

If a woman is not sure that the bank will approve the application, or has already been refused, she can involve her husband in the process. The husband takes out a mortgage for himself, and the wife on maternity leave becomes a co-borrower. In this case, spouses have equal rights to the acquired property.

When submitting documents, the wife is indicated as a dependent. The man must have a high income (above the average in the region where he plans to take out a loan). The bank needs a guarantee that the borrower is able to make monthly payments.

The maximum monthly payment should not exceed half of the husband's income. For example, a spouse earns 55,000 rubles. This means you can give the bank no more than 27,500 rubles.

If the spouse acts as a co-borrower, her maternity payments are taken into account.

Sometimes banks still refuse to provide loans to families with dependents. But there are financial institutions that do not take dependents into account. These include VTB, Raiffeisen Bank. The conditions may not be the best (high interest rate or start-up fee), but the chance of getting a mortgage increases.

Hobby monetization

From the moment you go on maternity leave until the birth of the child, as a rule, 2-3 months pass. During this time, I took an online knitting course and learned how to create scarves, hats and mittens. Initially, I did this for myself, to acquire a new hobby and to occupy time while waiting for the baby. And when it started to work out, I decided to make money on my skills.

I made several kits and created an Instagram account to sell my products there. I talked about my undertaking on every corner - all my friends knew what I was doing. Word of mouth paid off, and I began to receive my first orders.

But not everything went smoothly. I spent 7,000 rubles on knitting, including the cost of yarn. And I earned the same amount in a couple of months - the winter turned out to be warm, there were few orders. After a while I got burned out and stopped knitting.

Assessing my experience from the outside, I see that I made several major mistakes. My main mistake in the early stages of monetizing a hobby was investing in packaging. I spent money on beautiful boxes, name tags and other fluff. And having walked this path, I understand that a hobby can bring money only if you love your business very much and are ready to invest fully. And I knitted and thought only about money. This was also a mistake from the very beginning.

The love affair with the hats didn’t work out, but it was worth a try. I personally know girls on maternity leave for whom their hobby brings them a stable monthly income. One of them bakes cakes, the other makes hats for girls.

Regional programs

In some regions there are assistance programs from the regional budget for families with children. To find out more details, you should contact your city or regional administration.

The optimal solution to the mortgage issue is to create a certain “safety cushion” in advance. The size of the “cushion” should be such that you have enough to pay the mortgage throughout the year. Such a “cushion” can help you out not only when you go on maternity leave, but also when you quit your job or have large unexpected expenses.

Mortgage holidays

On July 31, 2021, the Mortgage Holiday Law came into force. According to the new rules, the borrower can demand from the bank a reduction in the amount of the monthly payment or suspension of loan payments for up to six months. Loans issued earlier are also subject to the law. I haven’t gone on a loan holiday yet and I don’t plan to yet, but this route is my alternate airfield.

Here are the conditions that must be met so that you can apply for a credit holiday:

• Your average monthly income is down more than 30% compared to the previous 12 months. This can be proven using certificates in Form 2‑NDFL for the current and previous years.
• Mortgage holidays on the current loan should not have been applied previously.
• It is also important that the mortgaged apartment is your only property suitable for permanent residence. This can be proven using an extract from the Unified State Register of Real Estate.

Summing up

In most cases, parents decide to improve their living conditions after the birth of a child. But during maternity leave, the mother’s income level decreases significantly, which becomes a problem when deciding to take out a housing loan.

Many banks do not want to contact mothers on maternity leave, basing their refusal on their insufficient solvency. The way out of the situation may be additional income, attracting several co-borrowers, or providing good collateral for the loan.

Tax deduction

After purchasing real estate in the Russian Federation, you can receive a tax deduction.

For the purchase of real estate

The maximum amount from which the deduction is calculated is 2,000,000 rubles. For example, my apartment costs 3,150,000 rubles. I can only get a 13% deduction on two million. This is 260,000 rubles.

The certificate in Form 2-NDFL, which can be obtained from your employer, will indicate how much tax you paid to the budget. In one year, you can receive a deduction of no more than this amount. If you are not provided with the entire deduction at once, the balance will be carried forward to subsequent years.

If you purchased an apartment in a building under construction, you can submit documents for a tax deduction only the next year after you receive the certificate of acceptance and transfer of housing from the developer. This is what happened to me: I took out a mortgage in 2021, received an apartment in 2019, and I submitted documents for deductions for 2018–2019 only in 2020. Until the housing is rented out, you don’t have to wait for a deduction.

To pay off mortgage interest

Upon your request, the bank will issue a certificate of mortgage interest paid. It will be needed to process the deduction. The maximum amount from which the deduction is calculated is 3,000,000 rubles. That is, from the interest paid you can claim a maximum of 390,000 rubles.

Interest can be deducted every year.

Is it possible to get a mortgage loan while on maternity leave and not being married?

If a woman does not have a husband and is going to raise a child on her own, the bank may consider her an unreliable client. But many banking organizations show loyalty to single mothers and provide them with a mortgage loan on preferential terms.

This may require the involvement of one or more guarantors, such as parents. The chances will also be increased by the presence of other real estate that is proposed to be used as collateral. Some mortgage programs allow the use of maternity capital as a down payment.

If a single woman who has no other income other than maternity payments, does not have guarantors and collateral, she has practically no chance of getting a mortgage loan.

conclusions

• Stability is the key to success. Top up your savings account monthly.
• There are more government benefits than you think. Try to get everything possible.
• Plan your finances for several years ahead.
• Don't be afraid to ask your loved ones for help.
• Making money from a hobby is not at all easy; there is no perfect recipe for making money. Evaluate your investments and risks before starting a new business.
• Take advantage of credit holidays and apply for tax deductions.

My baby is now seven months old. I understand that I will go back to work in at least a year, or even more. I am not afraid of the economic crisis, because I took care of creating a financial cushion in advance. If you approach the matter responsibly, the birth of a child will not prevent you from realizing your dreams and achieving your goals.

Mortgage and maternity capital

Regardless of the region of residence, after the birth of the second and subsequent child, a woman receives a certificate for receiving Maternity Capital. This is federal assistance in the amount of 450,000 rubles.

By law, a woman can use maternity capital to improve her living conditions. There is also no need to wait until the child is 3 years old. Typically, maternity capital is enough for a down payment; in some regions, there is money left over for several monthly payments.

But one certificate is not enough. If a woman is not employed and there are no alternative sources of income, the bank will refuse to lend. The refusal is motivated by the fact that the borrower does not have a regular income and cannot guarantee timely payments.

What won't help

To approve an application for a mortgage, a woman must, as already mentioned, prove to the lender her independence and creditworthiness. Let us further consider factors that will not help in this matter, and in some cases, on the contrary, will harm.

Maternal capital

State assistance in the form of maternity capital for families with two or more children (about 450 thousand rubles) does not in any way affect the positive decision of the bank. If you do not have a job, then provide at least two maternity certificates - you will still receive a refusal according to the bank’s minimum requirements for a mortgage.

Applying for a mortgage using maternity capital in any case assumes that you work and have sufficient income to pay off the mortgage.

Co-borrower is not a spouse

Mortgage lending usually involves the automatic addition of a spouse as a co-borrower. Nowadays, most Russian banks do this.

In the case of women on maternity leave, when the risks are already close to maximum, having a co-borrower who is not a spouse will not play any positive role. There is a high probability that the bank will refuse. Many women try to involve their close relatives as a guarantor for the fulfillment of obligations, but the bank is primarily interested in the independence of the borrower himself.

The bank cannot issue a mortgage to the main borrower who is currently on maternity leave. The second point is that a potential co-borrower cannot include a woman on maternity leave in the deal because she is not a spouse, and the lack of income does not allow this co-borrower to be included without taking into account income.

Pledge of other real estate

A mortgage loan secured by real estate property will also not help a woman on maternity leave. it implies a mandatory requirement for proof of income.

And if the client owns a liquid living space, then it is better to pledge it and take out a non-targeted loan for the purchase of other real estate. However, the rates on such products are slightly higher than on a conventional mortgage.

If a woman is on maternity leave, then you can consider the option of a pawn mortgage from a microfinance organization, but you need to be very careful with them so as not to fall for scammers. . Everything is reliable and relatively inexpensive.

List of banks where maternity leave can be addressed

If you have a solvent spouse, then it is more advisable to contact and submit applications to banks that have a reputation as loyal lenders with no requirement for dependents. These include:

• VTB 24;
• Raiffeisenbank;
• DeltaCredit;
• Transcapital Bank;
• Absalutbank;
• Promsvyazbank;
• Russian Capital Bank.

The second option here is to apply for a loan using two documents. The following banks offer such programs:

You can also try submitting an application to your bank through which the woman received her salary. Some credit institutions are ready to accommodate even such clients and issue a long-term loan.

IMPORTANT! The listed options require a good credit history and maximum compliance with the key requirements of the bank. Only in such a situation can the creditor make a positive decision.