Can I get a mortgage in Germany with an EU Blue Card?

What you need to know

  • Many highly educated non-German residents enter the country with an EU blue card.
  • What should you know about getting a mortgage in Germany with a blue card?
  • If you meet all the requirements, you can get just as good mortgage rates as full-fledged German residents.

Your next steps

  • First, it’s important to understand what the Blue Card is.
  • The Repayment Calculator evaluates your personal and financial set up and scans through the whole market to find you a mortgage that is in your best interest.
  • Our financial advisors are experienced and will guide you through every step. Our goal is to help you find the best loan.

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Understanding the EU blue card

First, it’s important to understand what the Blue Card is. To qualify for an EU Blue Card, you will need to show:

  • A university or college degree
  • A contract for employment with a German company
  • A minimum salary of €50,800 per year (as of 2017), or €39,624 per year for fields with skilled labor shortages.

Once you receive approval, the blue card is valid for up to four years. The validity depends on the length of the work contract. In some cases, the work contract may be shorter than four years.

After three years, blue card holders can apply for an unlimited residence permit ("Aufenthaltstitel"). However, language skills help. The EU blue card holder can apply after only two years if he or she has at least a Level B1 in German.

How to get a mortgage with the EU blue card in Germany

Often an EU Blue Card holder is confused about whether or not they can apply for a mortgage in Germany. The answer is yes, you can get a mortgage in Germany with a blue card. However, you do have to meet certain requirements.

With that said, only a few German banks lend to blue card holders. Those who do lend have clear requirements, such as:

  • Proof of solid income: if you are a blue card holder, by definition, you can already demonstrate this.
  • Equity for closing costs: these fees can amount to up to 15% of the property purchase cost.
  • Equity for a downpayment: some banks will require you to put down around 40%-50% in equity. However, the minimum equity amount is the purchase cost (notary fee, real estate agent tax, real estate tax)
  • A maximum on borrowing: the maximum that you can borrow is 100 x your monthly net income. Any income in currencies other than Euro does not enter into the calculation.

The good news is that if you meet all the requirements above, you can get just as good mortgage rates as full-fledged German residents. For instance, if you’re a Blue Card holder and is looking to buy an apartment in Berlin for 500,000€, you’d need at least 75,700€ as a down payment to cover the closing costs.

If you want to find out how much house you can afford in Germany right away, you can use this mortgage calculator.

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