What is a bank mortgage loan?
A mortgage loan is a form of loan that uses collateral to secure the loan. The collateral must be owned by the borrower or a blood relative such as a parent or sibling.
When making a mortgage loan, the certificate of ownership of the collateral will be retained by the bank and the customer's assets will continue to be used.
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I have a mortgage and want to borrow more?
When having a mortgage loan at the bank, customers can still borrow more if their current financial situation meets their ability to repay the loan on time. At that time, the bank will consider some of the following conditions:
- No overdue debt and current outstanding debt is group 1 debt.
- If the current loan is a personal loan, the current outstanding balance is less than 5 billion VND (loans over 5 billion are often very difficult to approve and are easily rejected by the bank).
- Demonstrate sufficient financial capacity, must ensure that income is sufficient to repay current bank loans and expected additional loans.
Should I borrow more when I have a mortgage at the old bank or the new bank?
To save time and resources when applying for a loan, customers should continue to borrow from the old bank if they meet the conditions for additional loans. If the value of the collateral of the previous loan is still sufficient to borrow more from that bank, customers will not need to provide additional collateral, just contact the bank to apply for additional loans.
On the contrary, if the customer does not meet the conditions for additional loans at the current bank, they should consider a new, more suitable bank to save time.
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