You want to know Which bank's red book mortgage is the cheapest? to make the most appropriate loan choice and have the most benefits. Below Nganhangmobile.com will help you learn about the red book mortgage lenders with the best interest rates today. From there, you can self-evaluate and make the right choice of a loan bank.
What does red book mortgage mean?
Red book mortgage loan is a form of borrowing that is not too strange nowadays. Accordingly, when applying for a loan at a bank. In order to be considered and approved for loan support, the borrower must have a red book as collateral with a value equal to or greater than the loan amount.
Borrowers will use the property as a red book to mortgage to the bank. Once mortgaged, you will no longer have the right to use the red book for the duration of the loan. But still in your possession, only if you do not pay the full amount by the specified time. The new bank liquidates the mortgage, then the new red book is no longer under your ownership.
Mortgage packages often support customers with loans with a limit of about 80% of the value of the red book. And the relatively low interest rates, plus the long-term loan period, will help borrowers arrange work and finance to repay in full.
Advantages of taking a mortgage loan with a bank red book
Mortgage loans will have a lower loan limit than the value of the collateral. However, any customer chooses the first mortgage product. The main reason is due to the benefits that this form of loan brings.
- First of all, the interest rate of the loan is much lower than other loan packages.
- The long-term loan period lasts up to 25 years depending on the needs of each customer.
- Most mortgages are approved by banks for loans with a high limit.
- No need to prove too many documents and accompanying procedures.
Conditions and procedures for mortgage loan of bank red book
Condition
- Customers can be individuals or families aged from 18 to 75 years old.
- Borrowers must have household registration or register for long-term temporary residence at the place of borrowing.
- The source of income must be stable to ensure the ability to pay.
- Collateral is a red book that must be owned by the borrower or used with the consent of the owner.
Procedure
- Loan application form cum debt repayment plan according to the form of the lending bank.
- Copy of the borrower's identity card or citizen identification card.
- Copy of household registration book or long-term temporary residence book.
- Copy of the red book proving ownership in accordance with regulations.
- Copy of proof of financial capacity such as labor contract, appointment decision, house rental contract, etc.
Which bank's red book mortgage is the cheapest?
To choose out Which bank's red book mortgage is the cheapest? It's not something everyone knows. To make an assessment, the borrower must have experience and understanding when taking out a loan. But that's okay, below is a list of banks that provide mortgage loans with the most "soft" interest rates today.
| Bank | Interest rate |
|---|---|
| BIDV | 11 years |
| Agribank | 7.5%/year |
| Techcombank | 6.7%/year |
| Vietcombank | 7.7%/year |
| VPBank | 9.6%/year |
| HDBank | 10.5%/year |
| Vietinbank | 7.5%/year |
| Policy Bank | 3 years |
| Sacombank | 7.5%/year |
| ACB | 9.8%/year |
Experience choosing the cheapest red book mortgage loan bank
To help you choose Which bank's red book mortgage is the cheapest? then here are some Red book mortgage loan experience that you should know.
- When choosing a mortgage loan package at a bank, compare interest rates between banks. See which bank has the best preferential interest rate.
- Choose a bank that offers preferential interest rates for 12 months and the lower the interest rate, the better.
- The bank that applies the method of calculating the interest rate according to the decreasing principal balance will be better than the bank that calculates the constant principal balance.
- The longer the loan period, the higher the interest rate will be.
- Should have a reasonable loan and repayment plan, avoiding late payment will be subject to high fees.
- The bank that offers free early payment or low penalty fee should choose.
- The low monthly income requirement is also worth noting.
- Choose a reputable bank that has been operating for a long time to ensure the safety and transparency of the loan contract.
Answers to questions when applying for a red book mortgage
Can I borrow a red book mortgage at a bank in another province?
If you are in another province where the bank lends the red book. Normally, banks only accept neighboring provinces with active bank loans. But if the case is in another province, it is still possible to get a loan. But you must fully prepare the procedures and conditions included.
- Proof of living and working locally.
- Red book assets must be in the place where they live and work.
- Proven financial capacity.
- Borrowing for business must have a viable business plan.
Can bad debt mortgage a red book?
Groups of customers who are currently in bad debt cannot get a bank loan of any kind. Even if you have collateral, you can't get a loan.
Can I get a mortgage for a red book without the owner?
Yes, but when taking out a loan, it must be signed by the owner of the mortgage book. The owner of the book can authorize or make a consent for the borrower to use the property as collateral.
How long does it take to disburse a red book mortgage loan?
Normally, it will take about 5-7 days to process the application and appraise the property. Only then can it be disbursed. But in case the application file is wrong, it takes about 10-12 days to be disbursed.
Summary
Here are the experiences Which bank's red book mortgage is the cheapest? Now that you should know. To get a good loan, there are many different factors to consider. But the main problem is still your ability to pay. You should only borrow when you are eligible to repay, otherwise you will face risks when borrowing capital.
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