Benefits of Borrowing 150 Million with a Red Book
Taking out loans of 150 million euros with a Red Book brings many advantages to customers, such as: B. a proactive repayment period; The amount of debt repayment was determined by the bank depending on the financial situation; Or you have the option to use the loan for many different purposes, such as: B. for the purchase of a house, a property, a car, a consumer loan, for production or for a company… and benefit from attractive interest rates that are much lower than other types of loans. Mortgage.
Borrow 150 million to take out a red mortgage, how much do you have to pay every month?
Each bank has different interest rates and the interest rates also depend on the purpose of the loan. The monthly payment is calculated using the following formula:
Total Monthly Payment = Monthly Interest Payment + Monthly Total Principal Payment.
Within:
Monthly Principal Amount = Original Loan Amount ÷ Number of Months of Loan
First month interest = initial loan amount x monthly interest rate
Second Month Interest = (Original Loan Amount – Principal Paid) x Monthly Interest Rate
Interest will also be charged on the remaining loan amount from the 3rd month onwards.
(Illustration)
For example, if you take out a mortgage of 150 million with a Red Book for 3 years with an interest rate of 10%/year and monthly installments of principal and interest. The amount customers must pay monthly is as follows:
Monthly capital amount = 150,000,000 ÷ 36 months = 4,166,667 VND
First month interest = 150,000,000 X (10% ÷ 12) = 1,245,000 VND
Total amount to be paid in January = 1 + 4,166,667 = 1,245,000 VND
Interest for the 2nd month = (150,000,000 – 4,166,667) × (10% ÷ 12) = 1,210,416 VND
Total payment for the 2nd month = 4,166,667 + 1,210,416 = 5,377,083 VND
When using this formula, the interest rates gradually decrease over the following months until the end of the loan term.
Conditions for a loan of 150 million to pledge the red book
To obtain a Red Book mortgage loan of 150 million, customers must meet the following requirements:
– Customers are Vietnamese citizens between the ages of 18 and 75.
– Full financial capacity and clear source of repayment to meet obligations to the bank (proof of income: payslip, documents proving source of income).
– Have collateral such as: Red Book, Pink Book… Depending on the asset and the purpose of the loan, the bank imposes certain requirements on the collateral.
– The borrower has a good credit rating and no overdue debts with credit institutions.
– The loan is used for legal purposes
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2024-01-20 18:20:05
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