Income verification Belgium
Testing on income
Belgian banks also test whether your income is sufficient to get a mortgage. Banks generally allow up to 45% of net income to be spent on all loan charges, rent and alimony if buying as a couple.
Belgian banks require that income from salary derives from permanent employment. The Dutch phenomenon of the declaration of intent is not known in Belgium.
It is possible to get a mortgage if the income comes from your own business. See further explanation on this under UNDERTAKERS
Belgian banks look at net retirement income from a certain age. Exactly what age varies from bank to bank. Sometimes they then use a certain weighting percentage (“pondering”) of current income as future net retirement income, sometimes they look at the actual net pension to be received.
If the pension income has already started, Belgian banks will check with that net pension income provided it is a pension guaranteed for the duration of the mortgage requested.
Belgian banks include existing rental income as income a number of Belgian banks also include future rental income as income.
Belgian banks do not include income from assets as income to be included in the assessment. It can only serve to provide additional support for the soundness of the mortgage application.
For households with gross annual incomes higher than €150,000, there are more mortgage options. See more on this at BIG LOANS
There is no review by Belgian banks of their prospective customers’ existing spending patterns. However, people like to see that there is a certain “savings capacity”; or in other words, that there is money left over to save each month.
Belgian banks do not include income from WAO or WIA as income. Income from private disability insurance is generally included as income.
