Mortgage while unemployed

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nimap
Posts: 40
Joined: Fri Nov 01, 2019 10:07 pm

Mortgage while unemployed

Post by nimap » Sun Nov 08, 2020 5:15 pm

Some people receive housing allowances as rent if they have low income. In case of unemployment after buying the house in mortgage and paying EMI, does the person qualifies for housing allowances? will it be something equivalent to monthly instalments if the unemployment allowances are not enough to cover the cost?



Mortgage while unemployed

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FinlandGirl
Posts: 524
Joined: Sat Nov 09, 2019 10:43 am

Re: Mortgage while unemployed

Post by FinlandGirl » Sun Nov 08, 2020 5:42 pm

nimap wrote:
Sun Nov 08, 2020 5:15 pm
Some people receive housing allowances as rent if they have low income. In case of unemployment after buying the house in mortgage and paying EMI, does the person qualifies for housing allowances? will it be something equivalent to monthly instalments if the unemployment allowances are not enough to cover the cost?
Maintenance costs and part of the interest are housing costs that might be eligible for housing allowance if unemployment allowance is low enough.

The taxpayer does not pay back your loans, but your bank might offer a non-payment or interest-only period for the mortgage.

nimap
Posts: 40
Joined: Fri Nov 01, 2019 10:07 pm

Re: Mortgage while unemployed

Post by nimap » Sun Nov 08, 2020 10:48 pm

FinlandGirl wrote:
Sun Nov 08, 2020 5:42 pm
Maintenance costs
in case of omakotitalo?
FinlandGirl wrote:
Sun Nov 08, 2020 5:42 pm
part of the interest
who'd determine that is interest and what is capital payment in case of lumpsum EMI which also includes bank service fees?
FinlandGirl wrote:
Sun Nov 08, 2020 5:42 pm
The taxpayer does not pay back your loans
no need to be snarky really, its a forum and we are here for discussions and learn. Having a positive mindset would help you stay away from depression during coming winter lockdown. stay safe girl.

betelgeuse
Posts: 3661
Joined: Thu Aug 29, 2013 1:24 am

Re: Mortgage while unemployed

Post by betelgeuse » Mon Nov 09, 2020 10:45 am

nimap wrote:
Sun Nov 08, 2020 10:48 pm
FinlandGirl wrote:
Sun Nov 08, 2020 5:42 pm
Maintenance costs
in case of omakotitalo?
https://www.kela.fi/web/en/single-family-homes

FinlandGirl
Posts: 524
Joined: Sat Nov 09, 2019 10:43 am

Re: Mortgage while unemployed

Post by FinlandGirl » Mon Nov 09, 2020 11:09 am

nimap wrote:
Sun Nov 08, 2020 10:48 pm
FinlandGirl wrote:
Sun Nov 08, 2020 5:42 pm
part of the interest
who'd determine that is interest and what is capital payment in case of lumpsum EMI which also includes bank service fees?
Based on the remaining debt and the interest rate it is easy to determine how much interest you are paying right now, your bank can give you a statement on that.
nimap wrote:
Sun Nov 08, 2020 10:48 pm
FinlandGirl wrote:
Sun Nov 08, 2020 5:42 pm
The taxpayer does not pay back your loans
no need to be snarky really, its a forum and we are here for discussions and learn.
You were asking if the taxpayer would pay "something equivalent to monthly instalments" of your mortgage, and this is the non-snarky answer to that.

Supporting you on maintenance costs and interest payments up to the amount you would be eligible for if you were renting is fair, getting a free house paid from tax money would not be fair.

tavastia
Posts: 495
Joined: Tue Mar 08, 2016 1:54 pm

Re: Mortgage while unemployed

Post by tavastia » Mon Nov 09, 2020 11:34 am

When you take the loan you can make an insurance for this situation. This normally, pays back the loan or part of it for a period of time. .e.g. one year.

betelgeuse
Posts: 3661
Joined: Thu Aug 29, 2013 1:24 am

Re: Mortgage while unemployed

Post by betelgeuse » Mon Nov 09, 2020 12:23 pm

tavastia wrote:
Mon Nov 09, 2020 11:34 am
When you take the loan you can make an insurance for this situation. This normally, pays back the loan or part of it for a period of time. .e.g. one year.
These are usually quite expensive. One should compare the price to getting by with earnings related unemployment benefit (from an unemployment fund) and paying only interest.

nimap
Posts: 40
Joined: Fri Nov 01, 2019 10:07 pm

Re: Mortgage while unemployed

Post by nimap » Mon Nov 09, 2020 9:13 pm

betelgeuse wrote:
Mon Nov 09, 2020 12:23 pm
These are usually quite expensive. One should compare the price to getting by with earnings related unemployment benefit (from an unemployment fund) and paying only interest.
It is indeed very expensive and bank nowadays force suggests to take one even if you say no. I had to ask 5 times for different calculations and they always had insurance included in EMI as default and have to specifically ask to not include insurance in calculations.
FinlandGirl wrote:
Mon Nov 09, 2020 11:09 am
Supporting you on maintenance costs and interest payments up to the amount you would be eligible for if you were renting is fair, getting a free house paid from tax money would not be fair.
jep, fair point
FinlandGirl wrote:
Mon Nov 09, 2020 11:09 am
You were asking if the taxpayer would pay "something equivalent to monthly instalments" of your mortgage, and this is the non-snarky answer to that.
I apologize


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