Do I need to prove my income for a mortgage loan?

According to the regulations of the State Bank of Vietnam and the general credit policy in Vietnam, to be eligible for bank loans, customers must have a legitimate and clear purpose for using the funds. They must also have collateral to guarantee the loan and a stable income to ensure timely repayment of the loan.

Therefore, mortgage loans also require proof of income. This is one of the important conditions for banks to assess a customer's ability to repay the loan. However, depending on the type of mortgage loan and the regulations of each bank, the income verification requirements may vary.

Even with a mortgage, proof of income is still required to ensure timely repayment. (Illustrative image)

Typically, banks will require borrowers to provide documents proving income such as employment contracts, payslips or bank statements, and business registration certificates (if applicable).

If a customer cannot prove their income, the bank may consider lending based on other factors such as collateral, credit history, etc.

However, the chances of getting a loan will be lower, and the interest rates may also be higher.

Can freelancers prove their income to get a bank loan?

Freelancers do not have employment contracts or payslips. Instead, they need to provide other proof of income through valuable assets such as land, houses, savings accounts, stocks, real estate, etc.

Additionally, if you are a self-employed individual, the bank will require you to present your business license and documents proving your income, such as receipts from customers, business contracts, sales invoices, etc.

Depending on the type of loan and the regulations of each bank, the income verification requirements for self-employed individuals vary. For accurate information, customers should contact the bank directly.

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Source: https://vtc.vn/vay-the-chap-co-can-chung-minh-thu-nhap-ar847109.html