What is a Bank Mortgage Loan?
A mortgage loan is a type of loan in which a property serves as security for the loan. The collateral must be owned by the borrower or by blood relatives such as parents, siblings.
When taking out a mortgage loan, the proof of ownership of the secured property remains with the bank and the customer’s property continues to be used.
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I have a mortgage and want to borrow more?
Even if customers have a mortgage loan with the bank, they can still borrow more if their current financial situation meets their ability to repay on time. At this point the bank will take into account some of the following conditions:
– There are no overdue debts and the current outstanding debts are Group 1 debts.
– If the current loan is an individual loan, the current outstanding debt is less than VND 5 billion (for loans over 5 billion, the approval of the loan application is often very difficult and the bank easily rejects the loan).
– Proof of sufficient financial capacity, ensuring that the source of income is sufficient to repay existing loans with the bank and the expected additional loan.
Should I borrow more if I have a mortgage with an old or a new bank?
To save time and resources when applying for a loan, customers should continue to borrow money from the old bank if they meet the additional loan conditions. If the collateral value of the previous loan is still sufficient to obtain further loans from this bank, the customer does not need to provide additional collateral, but only needs to contact the bank to proceed with further credit procedures.
On the contrary: If the customer does not meet the requirements for another loan from the bank from which he is borrowing money, he should think about a new, more suitable bank to save time.
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2024-01-20 21:19:18
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