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The loan and credit note

Updated on March 14, 2016

Q: In the loan and credit application, I see requirements for current loans, even loans granted by other banks. Whether banks can check that information? What I should note that in order to get good loans?

Answer: Currently, banks are aware of the credit history, current debt balance of customers with other banks through the Credit Information Center (CIC) of the State Bank of Vietnam. However, banks still require you to declare the details of assets and current loans to credit as basis and consider whether you declare accurate, honest will help the bank to make a decision more favorable to themselves.

1. Financial loan and credit and determine the amount you want to borrow

Existing balance amount and sources of "assistance", you should determine the need to borrow no more than 60-70% of the apartments purchased. Banks usually provide a maximum borrowing limit of 70% if you use the apartments bought as collateral or mortgaged by 90% if other real estate.

If you have a steady monthly income (from wages, rental property and / or business) loans make confident decisions, and soon owned the house.

2. Select bank and incentive programs suitable home loan and credit

The program of mortgage deals currently mostly focused on interest rates, combined with gifts, discounts project through cooperation programs between the bank and the investor. With such a long-term loan to buy the house, when selected, do not look at the numbers, no bank interest-free loan you should determine the actual interest rate for the duration of loans (including preferential interest rates and after preferences).You can refer to the information from the banks, over the Internet, employees of real estate trading floor, investors or friends, relatives. Also, find out the conditions and incentives accompanying other parameters make it easy to balance the needs and master plans such as borrowing limits (mentioned above) and the duration of the loan besides interest rates Bank.

3. The balance of income and monthly repayment amount

You already know the source of their income. Need to determine the amount of monthly repayment (principal + interest) should not exceed the threshold of 60-70% income. Remember, your income must also cover the cost of other daily activities. Fast spreadsheet monthly repayment amount after determining the interest rate, loan amount and loan term here

4. Actively preparing the necessary dossier

You may not have said, full profile and quality will determine 90% of the time and process loans.

5. Not surprised by the charges and binding commitments of banks

The incentive program is often associated with certain binding conditions. No one wants to owe forever, while loans often determine the long term to split the amount to be paid monthly; so, should consider the possibility that you will repay before maturity, break the contract. With such a long-term loan to buy the house, when selected, do not look at the numbers, no bank interest-free loan you should determine the actual interest rate for the duration of loans (including preferential interest rates and after preferences).You can refer to the information from the banks, over the Internet, employees of real estate trading floor, investors or friends, relatives. Also, find out the conditions and incentives accompanying other parameters make it easy to balance the needs and master plans such as borrowing limits (mentioned above) and the duration of the loan besides interest rates BankTherefore, need to learn about early repayment charges and the ability to repay preferential.

6. Keep in touch with the bank

Do not passively wait for loan and credit approval and disbursement, keep in touch with the bank. Avoid the risk of violating the payment schedule or damage deposit amount mortgage contract.

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