Which bank lends a mortgage of a savings book with a limit of 100%? Is the interest rate on a loan with a savings book high, how to borrow it? Find out now!
Currently, many banks are supporting mortgage loans with attractive interest rates. But, is it easy to borrow with a savings book, how to get a limit of up to 100% of the savings? All will be answered in today's article.
A passbook is a book of money that you keep at the bank - where you choose to open a savings account. It is a cumulative source of wealth and it is permanent in nature.
So can the savings book get a loan ? Opening a savings book is a safe and effective form of investment today, not only benefiting from the bank's interest rate, but the savings book holder can also use it as collateral when taking out a mortgage .
Currently, most banks have online savings book loans or mortgage loans. So what is a passbook mortgage ? Where can I borrow to have a limit of 100% of the book value?
What is a mortgage with a passbook or a mortgage loan ?
Passbook loan is a credit product for individual customers who need to borrow money to make up for a temporary shortfall in family living expenses or supplement capital for production and business activities .
Product features and benefits:
● Loan currency: VND
● Loan amount: Up to the value of savings book (STK)
● Loan method: Each time and according to the limit
● Loan maturity date:
+ Passbook does not automatically renew: Up to 12 months and does not exceed the remaining term of the passbook.
+ Savings book automatically renews: Maximum is 12 months.
● Payment method:
+ Pay principal and interest at the end of the period.
+ Pay monthly interest, principal paid monthly/quarterly/6 months/end of period.
● Interest rates on loans by savings books: Depending on the regulations of each bank that you choose to borrow money from.
● The procedure is simple, convenient and fast.
● Customers can use other banks' savings books to borrow.
Currently, there are many banks that support mortgage loans for savings books . However, each lending bank will have different interest rates and limits, and not all banks will lend with a 100% limit. Below are a few banks that offer loans with savings books with a maximum limit of 100% of the book value.
Vietinbank meets the borrowing needs of customers with a mortgage loan of a savings book with a maximum limit of up to 100% of the book value, as well as outstanding advantages such as:
● Simple conditions: You only need to have a special asset which is the balance of the deposit, savings book/card or valuable papers approved for issuance by a credit institution or Vietnam's industrial and commercial banks.
● Flexible loan method according to each time and limit.
● The maximum loan period is equal to the remaining payment term of the account book/card.
● Attractive, competitive interest rates and fees fluctuate around 7%, and will be subject to floating market adjustments.
● Dossier and procedures are easy, you just need to prepare: ID card/passport, savings book, other documents as prescribed by the Industrial and Commercial Bank.
SCB is also one of the banks that support customers to borrow from banks with savings books with a maximum limit of 100% of the pledged deposit value.
SCB's loan period is flexible, the interest rate fluctuates around 6.5% and will be changed according to the market.
You only need to be 18 years of age or older to be eligible for a loan. Moreover, the procedure is simple, you can go directly to the nearest SCB bank branch, or contact hotline 1900 6538 to update more details.
Sacombank is not only a bank with quick disbursement within 30 minutes, but also a bank with a loan limit of up to 100% for loans of the same currency as collateral. For loans other than the pledged currency, Sacombank lends a loan with a limit of 95%.
Along with flexible loan terms and adjustable interest rates around 8.5%
Conditions and procedures include:
● Original loan application form according to Sacombank's form.
● Copy of ID card/passport/citizen identification, household registration/paper, temporary residence book of the borrower, guarantor (if any).
● Original documents with mortgage price.
● Original confirmation of temporary account lockout (in case of pledge of valuable documents not issued by Sacombank).
Here are the mortgage loan regulations that you should know:
- Savings book mortgage needs to provide proof
According to the provisions of the Civil Code 2015, the pledge of savings books to borrow capital is a measure of loan security.
Therefore, all borrowers must meet all loan conditions and must provide credit institutions with documents proving their eligibility for loans, including mortgage loans with savings books.
- Borrow according to the overdraft limit in the form of withdrawal via debit card
According to the provisions of Clause 2, Article 15 of Circular No. 19/2016/TT-NHNN dated June 30, 2016, the overdraft loan for debit cards must comply with current regulations of law and regulations. of the State Bank on lending.
Accordingly, the overdraft limit lending for debit cards must comply with Circular 39. Therefore, customers are not allowed to use overdraft limit in the form of cash withdrawal via debit card. .
- The loan is rescheduled for repayment
According to the provisions of Point b, Clause 4, Article 13 of Circular 39, if the customer fails to pay the agreed interest on time when it is due, the customer must pay late payment interest at the installment loan interest rate set by the payment group. agreed upon by the credit institution and the customer, but not exceeding 10%/year on the balance of late payment interest corresponding to the late payment period.
● Savings deposit of this person but in the name of another person (children pledge their parents' passbook to send for their children).
● Savings deposits of legal entities or organizations assigned to individuals in their names (for example, individuals holding savings books are money from the company's trade union funds).
● Savings deposits are jointly owned by many people (for example, a person who pledges a passbook is the money of a group of friends pooled together).
● Savings deposits jointly owned by two spouses (for example, only one spouse pledges the same passbook).
● Deposits from savings due to crimes (eg money for corruption, bribery,...).
● Savings deposit is withdrawn while being pledged (the pledge is not completed).
Mortgage of a savings book when needing money urgently is the option chosen by many people. However, you need to carefully study the regulations of the bank to get a safe and effective loan. Need financial advice online, contact CashBerry immediately via Fanpage CashBerry - Everyone's financial friend!