A professional soldier working on a contract or permanently is entitled to a dwelling where he is on duty. However, there are situations when an employee does not get an assignment and then he receives compensation, i.e. a housing allowance. This is a fixed amount paid monthly into the account, which should be intended to be rented.
Housing supplement as an income?
Banks have different approaches to additions and if it is a permanent one in the contract, there is a chance that it will be accepted in the calculations. This is the case with regular statutory bonuses or 13 in budgets.
The situation is different when these additions depend on other factors and can be taken over time. These include a housing allowance because he is entitled to the time of service in a given place and then can be taken or renewed.
That is why there is a problem that banks willingly accept it, but there are banks where it is worth going because of experience in accordance with the policy, you can recognize this income.
Which banks accept housing benefits?
The list of banks is current for November 2019 and may change over time, so if you have questions, please let me know and we’ll check if anything has changed.
- Good Finance Bank – as one of the smallest currently with a small number of outlets, is able to accept this supplement as income. Loan amounts are maxed USD 200,000, however, the simplified process applies to amounts from USD 100,000 gross. Income verification is based on the account receipts from the employment contract/contract and transfers from the Military Property Agency as a benefit.
- Good Credit Bank – as above, there is no problem with military lending because it is the target group for this bank. The loan amount is even USD 200,000, but it is usually reduced to USD 100,000 gross. Income documentation is based on providing receipts for the last 3 months, except for amounts up to USD 45 thousand. Above this amount, you must also provide a statement of earnings on the bank’s print and complete the application with full statements for 3 months.
- E-Money Bank – also accepts housing benefits and is based on the same proceeds, although if it is more convenient for us, we can provide a statement of earnings. The loan period is up to 144 months and USD 200,000.
The housing benefit is worth taking into account when calculating because it will always improve our ability unless we manage without this supplement. Here, if we are not sure whether it will help or not, please contact me. A lot of such topics are processed and my services are free.