What should you pay attention to when mortgaging a bank loan of 700 million VND?

What is a bank mortgage loan?

Bank mortgage loan is a form of loan in which the borrower uses valuable assets as collateral to the bank to secure the loan. Assets commonly used as collateral include houses, land, savings books, bonds, etc.

In case the borrower fails to repay the debt within the initially agreed period, the bank will assess and extend the term to suit the borrower’s economic conditions. However, if the borrower fails to repay the debt by the due date, the bank has the right to confiscate and liquidate the mortgaged property.

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Conditions for bank mortgage loan 700 million

To get a bank mortgage loan of 700 million, customers must fully satisfy the conditions of the borrower and mortgaged assets for the bank as follows:

- Customers must be Vietnamese citizens, between the ages of 18 - 75

- Have stable income

- No overdue debt at credit institutions

- Collateral must be real estate with value greater than or equal to the loan amount.

- Collateral must be legally owned by the borrower or guarantor.

- Collateral must have full legal documents.

Things to note when taking out a 700 million bank mortgage loan

When taking out a 700 million bank mortgage, customers need to pay attention to the following issues:

- Carefully study the conditions before applying for a bank mortgage loan.

- Avoid bad credit history, banks will give priority to interest rates for good credit history

- Make a solid plan for how to use the loan

- Make a plan to repay debt on time

- Before borrowing, you should prepare at least 30% of the loan value.

- Ensure complete and accurate documentation is prepared for bank review.

- Carefully review the terms, rights and obligations in the credit contract.

- Find out the interest rates of different banks

- Choose a reputable bank with a long history of operation.

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Source: https://vtc.vn/the-chap-ngan-hang-vay-700-trieu-dong-can-luu-y-nhung-gi-ar848700.html