Do you have an online savings account or a savings book at the bank, but the due date has not yet been reached? You don't want to lose the interest of this savings but you need money urgently to spend?
● Do you have an online savings account or a savings book at the bank, but the due date has not yet been reached?
● You don't want to lose the interest of this savings but you need money urgently to spend?
-> Immediately use the savings book mortgage loan product to have the necessary money while still preserving the savings interest.
However, how much is the mortgage loan interest rate, is it high? What are the regulations on mortgage loans of savings books? Which banks have the most preferential mortgage lending policy with 100% limit? Let's find out with CashBerry in this article!
Savings book mortgage loan is an accompanying product and service that banks deploy for customers to save money when there is an urgent need to borrow money.
The benefit of the borrower is that the preferential interest rate of the savings book is preserved, and the disbursement is quick and flexible in the form of withdrawal.
In terms of interest rates, borrowers who have a savings account that are not due for payment but want to have money to serve their immediate needs, if they withdraw their savings early, they will only enjoy a very low demand interest rate. Instead, they can borrow by pledging the savings book while waiting for payment, the loan interest rate may be higher than the savings interest rate, but it is still more profitable to offset with the interest rate of the savings book at the end of the period.
On the bank's side, a savings book is a highly effective form of collateral if the lending process is done closely, especially if the borrower's identity is properly verified.
* * Features of the form of loan according to the savings book
● Loan currency: VND
● Loan amount: Up to the value of the savings book (STK)
● Loan method: Each time and according to the limit
● Loan term:
○ 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.
● Savings mortgage loan interest rate: Depends on the regulations of each bank that you choose to borrow money from.
Normally, the mortgage interest rate on a savings book will be slightly higher than the deposit rate (i.e. savings interest rate).
The average mortgage loan interest rate will range from 6.5% - 8% .
* * In addition to the interest rate, you also need to be aware of the late payment fee: In case the customer does not pay the due date as agreed, the customer must pay the penalty fee.
Here are the loan regulations that you should know before taking out a loan with a passbook.
● Savings book mortgage needs to provide proofs
According to the provisions of the Civil Code 2015, the pledge of a savings book to borrow capital is a measure of loan security.
Therefore, borrowers must meet all loan conditions and provide credit institutions with documents proving their eligibility for loans, including mortgage loans.
● Borrow up to overdraft limit in the form of debit card withdrawal thẻ
According to the provisions of Clause 2, Article 15 of Circular No. 19/2016/TT-NHNN dated June 30, 2016, the lending under the overdraft limit for debit cards shall comply with current regulations of law and State Bank on lending.
Accordingly, the lending according to the overdraft limit for debit cards shall comply with the provisions of Circular 39. Therefore, customers are not allowed to use the 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 organization. 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.
Currently, there are many banks that support mortgage loans of savings books, mortgage loans with savings books. However, each lending bank will have different interest rates and limits. And not all banks lend with a 100% limit. Here are some banks that lend by savings books with a maximum limit of 100% of the book value, you can refer to and learn.
Customers with savings books are entitled to get a mortgage at Agribank with a loan limit of up to 100% of the value and disbursed on the same day.
Interest rates on loans with Agribank savings books are only from 7%/year . However, the above interest rate will be adjusted according to the policy of Agribank from time to time.
To pledge a savings book for a loan at Agribank, customers need to meet the following conditions:
● Having a deposit balance in a savings account card, denominated in VND, USD or EURO. In which, deposit accounts or savings card numbers are opened at banks that operate legally and are issued with clear business licenses.
● Customers are Vietnamese citizens or foreigners residing in Vietnam who fully meet the conditions specified by the bank's lending regulations and the regulations on mortgage lending with savings books.
● Deposit account, savings card number will be verified and blocked during the loan term in accordance with regulations on mortgage lending of savings books. Therefore, the owner of the passbook must authorize Agribank to fully handle the above valuable assets, ensuring debt recovery.
To make the process of mortgaging a passbook go smoothly and quickly, customers need to carefully prepare the following documents:
● Application letter for mortgage loan of savings book
● ID card or household registration (original and notarized copy)
● Clearly state the purpose of using the loan along with the plan to repay the bank's debt
● Documents and certificates of savings books owned by customers
● Guest related documents when required
As one of the most prestigious banks in Vietnam, Agribank is always a priority for customers to choose a mortgage loan for a savings book. Therefore, the bank constantly improves service quality and creates favorable conditions for customers to borrow installment loans with many attractive incentives in each period.
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, with outstanding advantages such as:
● Simple conditions: You only need to have collateral, which is a deposit balance, 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 savings book/card.
● Interest rates fluctuate around 7%, and there will be floating market adjustments.
● Documents and procedures are easy, you just need to prepare: ID card/passport, passbook, other documents according to Vietinbank's regulations.
SCB is also one of the banks that supports customers to borrow from banks with savings books with a maximum limit of 100% of the pledged deposit value.
SCB's loan term is flexible. Interest rates fluctuate around 6.5% and will be subject to change according to the market.
Mortgage of a passbook is considered a form of lending "both ways" when the borrower is easily disbursed because the collateral is the passbook, while the bank "holds the handle" and earns interest. High yield, but not without risk.
Firstly, if the savings deposit is of illegal origin, it will be risky for the bank. Because if the law agency confiscates, the bank will not be able to settle the payment. Secondly, many banks are now taking advantage of the product to promote credit growth, especially when preparing to close the data, to serve as the basis for next year's targets.
For that reason, the State Bank of Vietnam has issued an official dispatch to credit institutions, warning that the mortgage lending of savings books does not have a plan to use capital, and at the same time, it is required to control the use purpose of customers. and disbursement process.
* * Customers must prove their eligibility for loans, even when pledging a passbook
Circular 39/2016 has changed regulations on mortgage lending of savings books in a stricter direction. Specifically, the Circular requires borrowers to fully meet loan conditions and provide credit institutions with documents proving their eligibility for loans, even when pledging savings books.
Having to provide documents proving the purpose of capital use helps to limit the increase in outstanding loans at some banks, minimizes the risks of forging savings books to pledge loans, and detects other purposes. using illegal capital, as well as ensuring compatibility with the requirement that credit institutions must check and supervise the purpose of using the loan after disbursement according to the lending regulations.
Just now is the information about the form of mortgage loan savings book, hope to help you in the loan process. At the same time, if you have any questions or concerns, please contact CashBerry for advice!
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