No collateral, how to borrow money from the bank to buy a house?

Many banks offer home loans with interest rates of 6%-8% per year, applicable during the preferential period.

Mr. Le Van Ly (Binh Tan District, Ho Chi Minh City) - a person with a stable job and a fairly high income - said he could borrow money from the bank to buy a house. However, Mr. Ly's difficulty is that he has no assets to mortgage to the bank.

To solve this problem, according to Mr. Tran Minh Lam, a credit officer of Eximbank, in addition to preferential interest rates, borrowers need to estimate their ability to repay the debt at floating interest rates; at the same time, set aside about 30%-40% of their monthly income to pay installments to the bank. If not carefully calculated, paying interest and principal every month will create a financial burden and great pressure on life.

The borrower needs to convince the seller to trust and agree to let the buyer mortgage the "pink book" to borrow money from the bank.

Regarding this, Mr. Lam Minh Thy (Go Vap District, Ho Chi Minh City), who once borrowed money from the bank by mortgaging the house he was going to buy, said that right from the beginning, the home buyer needs to agree with the seller on the payment steps and the process of carrying out the buying and selling procedures.

Specifically, the buyer deposits 30% of the purchase and sale value, holds the pink book to complete the transfer procedures. At that time, the buyer requests a loan, and the bank will agree to lend.

Next, the buyer pays the seller an additional 40% of the house value before the two parties go to a notary to sign the house purchase and sale contract.

Thus, the buyer has paid 70% of the purchase price. At the same time, the two parties agreed that after signing the purchase and sale contract, the seller will hold this contract but has not yet stamped it.

Next, the lending bank will transfer the remaining 30% of the amount to the seller's account on behalf of the buyer to complete the payment.

Then, the bank and the home buyer will go to the notary office to stamp the sale and purchase contract, carry out the name change procedure, and complete the mortgage of the property to the bank.

Source: https://nld.com.vn/khong-co-tai-san-the-chap-lam-sao-de-vay-tien-ngan-hang-mua-nha-196231219092658833.htm