How to borrow responsibly? | Luminor
How to borrow responsibly?
First of all, it’s a good idea to make some simple calculations:
- Carefully estimate your (your family’s) monthly income
- Subtract your monthly financial obligations (loans, lease, etc.)
- Subtract your living costs (food, utilities, education of children, etc.)
The leftover balance will represent the amount that you can allocate every month to repaying your loan. The total amount of the payments under all of your financial obligations should not exceed 40 % of your (your family’s) monthly income.
Make your calculations easier with a mortgage loan or a consumer loan calculator
Carefully consider your future and plan for unexpected situations: would your income be sufficient if your family became larger? Do you have savings set aside for a ‘rainy day’ (we recommend that you set aside an amount equal to half your annual wages)?
You can save small amounts on a daily basis
- Visit us for a consultation. Listen carefully to the suggestions of our family bankers – if they still advise against borrowing, it means they have objectively assessed your financial situation and are trying to ensure your financial security.
Ensure your and your family’s financial security
- Insure yourself against critical diseases and loss of working capacity – so that you can retain your home even in the event of an emergency.