Mortgage while unemployed
Mortgage while unemployed
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?
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Re: Mortgage while unemployed
Maintenance costs and part of the interest are housing costs that might be eligible for housing allowance if unemployment allowance is low enough.nimap wrote: ↑Sun Nov 08, 2020 5:15 pmSome 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?
The taxpayer does not pay back your loans, but your bank might offer a non-payment or interest-only period for the mortgage.
Re: Mortgage while unemployed
in case of omakotitalo?
who'd determine that is interest and what is capital payment in case of lumpsum EMI which also includes bank service fees?
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.
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Re: Mortgage while unemployed
https://www.kela.fi/web/en/single-family-homes
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Re: Mortgage while unemployed
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.
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.
Re: Mortgage while unemployed
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.
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Re: Mortgage while unemployed
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.
Re: Mortgage while unemployed
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.betelgeuse wrote: ↑Mon Nov 09, 2020 12:23 pmThese 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.
jep, fair pointFinlandGirl wrote: ↑Mon Nov 09, 2020 11:09 amSupporting 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.
I apologizeFinlandGirl wrote: ↑Mon Nov 09, 2020 11:09 amYou were asking if the taxpayer would pay "something equivalent to monthly instalments" of your mortgage, and this is the non-snarky answer to that.
Re: Mortgage while unemployed
1. If I get both, would both pay during unemployment? It's not mentioned in the terms of loan insurances whether I'm part of an unemployment fund or not.betelgeuse wrote: ↑Mon Nov 09, 2020 12:23 pmThese 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.
2. How can I pay only mortgage interest in times of financial troubles? Only Nordea seems to offer it as FlexiPayment, up to 2 years
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Re: Mortgage while unemployed
In practice in all situations where a loan insurance would pay you would get both, check the fine print regarding the amount of the insurance payment.agroot wrote: ↑Mon Sep 05, 2022 8:47 pm1. If I get both, would both pay during unemployment? It's not mentioned in the terms of loan insurances whether I'm part of an unemployment fund or not.betelgeuse wrote: ↑Mon Nov 09, 2020 12:23 pmThese 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.
All mortgage providers offer something.
OP calls it "loan repayment holiday" and "changes to loan repayment".