According to the regulations of the State Bank and the general credit policy in Vietnam, to be able to borrow money from a bank, customers need to have a clear and legal purpose for using the money, have collateral to guarantee the loan and have 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 evaluate customers' ability to repay debts. However, depending on the form of mortgage loan and the regulations of each bank, the requirements for proof of income may vary.
Mortgage loans still require proof of income to ensure timely loan repayment. (Illustration photo)
Normally, the bank will require the borrower to provide documents proving income such as employment contract, salary statement or bank account statement, business registration certificate (if it is a business).
If a customer cannot prove income, the bank may consider lending based on other factors such as collateral, credit history...
However, the ability to get a loan will be lower and the interest rate may also be higher.
Can freelancers prove income to get a bank loan?
Freelancers will not have a labor contract or a payroll. Instead, they need to provide other documents proving income through valuable assets such as land, houses, savings books, stocks, real estate, etc.
In addition, if you are a self-employed person, the bank will require you to present a business license and documents showing your income from work such as receipts from customers, economic contracts, sales invoices, etc.
Depending on the type of loan and the regulations of each bank, the requirements for proof of income for freelancers are different. To know exactly, customers should contact the bank directly.
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