Instructions for mortgage loan of 200 million Agribank red book with low interest rate

Agribank is a credit institution with a long history of operation in Vietnam. This unit has coverage to each locality, which is a good choice for those who need loans for living and business. One of the services that this unit provides is 200 million Agribank red book mortgage loan.

However, not all customers are eligible to borrow money at this bank. Any! Find out about loans at Agribank and their terms and conditions here.

Advantages of mortgage loan of 200 million Agribank red book

Agribank is known as a bank with many preferential loans for customers. Difficult production households can mortgage their red books to borrow money. In general, when borrowing a mortgage of 200 million Agribank red book, there will be some outstanding advantages such as:

Low interest rate, because Agribank is a state-owned bank, the interest rate will be much lower than other places to borrow money.

High loan limit up to 80% of the customer's assets, you can negotiate a larger loan amount if the collateral is valuable

The loan period can be from 15 to 25 years

Free loan application support

Records are confidential and the documents of the property are guaranteed safe.

Conditions for Agribank Red Book Mortgage Loan

Because Agribank 200 million red book mortgage has many advantages, customers choose Borrowing monthly installments just need ID card here. However, not all subjects are approved for loan applications at Agribank. In order to apply for a loan, you must meet the following conditions:

Borrowers age from 18 to 75 years old and must be Vietnamese citizens, living and working in the country

No bad credit history recorded in CIC as well as no loans at banks, other financial companies

Having identification papers, certificates of land use rights, property rights in accordance with the provisions of law

Proof of a stable monthly income

Red book, also known as a certificate of land use rights, ownership of houses or properties attached to the land, intact, not torn or erased.

Interest rate when mortgage red book 200 million Agribank

In addition to the conditions, the customer chooses online money loan transfer Also very interested in interest rates when borrowing 200 million Agribank red book mortgages. However, the interest rate often has many different calculation methods, the two simplest methods are calculated on the original principal balance and the second is calculated on the reducing balance.

Calculate the amount to be paid when taking out a mortgage of 200 million VND on the original loan

The bank can apply the interest calculation method based on the original principal of Agribank. Then, the monthly interest payable will be calculated as follows:

Total monthly payment = Monthly interest + Monthly principal

Among them:

1 month interest = initial amount x Interest

1 month principal = Initial amount / number of months borrowed

Calculating the amount to be paid when taking out a mortgage of 200 million Agribank red book on the reducing balance

If Agribank calculates interest on a decreasing balance, the loan amount payable will be deducted from time to time. For example, if you borrow VND 200 million, the loan period is 5 years and the interest rate is 1.1%, the amount calculated on the decreasing balance is calculated as follows:

Amount of the first month to pay: 1.1 x 200 000 000 = 2 200 000 VND

The principal amount to be paid per month is: 200 000 000 /(12×5) = 3 333 333

Then, the monthly loan payable is 2 200 000 + 3 333 333 = 5 533 333

When entering the second month, the payable amount will be equal to 200 000 000 minus 3 333 333 VND. The same for the following months, you apply the same amount to be paid.

Loan process and procedures at Agribank

If you want to get a mortgage of 200 million Agribank red book, you need to have a complete dossier including:

ID card, CCCD or passport copy, household registration book copy

Documents proving the borrower's income, labor contract

Certificate of ownership and use of land

Application for loan application in accordance with the bank's standards

If you are an enterprise, you need to have additional certificates of business establishment, investment certificates, etc.

After preparing all documents, you bring the documents to Agribank branches for support. Staff will receive your application and then evaluate it according to regulations. If the application is approved, the staff will notify the borrower of the result. After that, the loan funds will be disbursed to customers.

Conclusion

Agribank offers a variety of loans with very favorable interest rates to borrowers. One of the popular loan packages is a 200 million Agribank red book mortgage with many incentives. Customers who meet the conditions set forth by the bank can borrow money here according to the loan documents and procedures.