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The conditions for applying for a loan at Cashberry

4 easy steps to register for a loan

1
Filling in the registration form
Provide a phone number and fill in personal information. Register and send request for a loan.
2
Getting approval and Signing an Agreement
The approval results will be anounce via phone call. Only need to log in to Personal account and sign an Agreement.
3
Receive money
After the application is approved, our partner will transfer the money to your account.
4
Repayment
Make repayment to our partner according to the instructions.
Loan
Loan
with flexible terms at CashBerry
  • Term:
    Term: min 92 days, max 183 days
  • Loan limit:
    Loan limit: 100 000 - 5 000 000 VND
  • Interest rate:
    Interest rate: 10,95 - 14,6 %/per annum
Get loan
  • Term:
    Term: min 92 days, max 183 days
  • Loan limit:
    Loan limit: 100 000 - 5 000 000 VND
  • Interest rate:
    Interest rate: 10,95 - 14,6 %/per annum

In terms of careers, today, many young people choose to give up a stable job in the office to pursue the 'digital nomad' way of life (freedom to work online via digital platforms). In terms of private life, young people tend to choose peace and home ownership earlier than previous generations. Are you guys putting yourself in a dead end, when the amount of home loan investment is not a small number at all, compared to the increasingly escalating market?

Before diving into this issue, CashBerry will also introduce to you what types of home loans include, how much is the current mortgage interest rate and how home loans are paid. 20 effective years.

Bank loan to buy a house

Today, many banks and credit institutions have different forms of loan to suit the needs of each customer. Based on the purpose and financial ability of each person, one of the following home loan options can be considered.

Home mortgage loan

The phrase "mortgage loan" is no stranger to everyone. This is a form of collateral of collateral to be financed by the bank with preferential interest rates. With this loan, you can borrow up to 25 years. Collateral can be real estate or real estate of equal value to the house you intend to buy.

If you are in need of a home loan and debt repayment for a certain period of time, a mortgage loan is a quite appropriate option. However, despite the advantages of interest rates, mortgage loans force you to have a large enough asset, corresponding to the amount of money you need to borrow from the bank. And in the event that you are unable to pay both principal and interest to the bank, the property you take out as collateral will be forfeited by the bank.

Home mortgage loan

Unlike mortgage, mortgage loan will not need you to put out collateral. The decisive factor to help your application to be approved for a loan will be based on your own reputation and credibility. However, home mortgage loans will be much more profitable than mortgages, and the loan term is also shorter.

2 billion loan to buy a house on installment payment for 20 years

In recent years, many households often choose to buy a house with 20-year installment loans. So if you borrow 2 billion to buy a house on 20-year installment payment, what is the total monthly payment, both principal and interest, and what are the advantages when choosing this option?

Before you learn about the 20-year mortgage loan model, do a little more research on how to buy a home on installment payments.

Home loan installment

What is an installment loan?

Mortgage installment loan is a form of a bank or finance company to support people who have demand to buy a house, but have not yet had financial conditions.

Characteristics:

● Long term     

● Estimate and determine the monthly installment payment     

● Support limit up to 70% of the house value     

Because of its flexibility, the home loan installment form has received the trust of many people. With the monthly installment payment, the borrower can calculate and balance the appropriate income and expenditure, based on personal and family financial capacity.

Factors affecting the amount of money you borrow from the bank to buy a home

Basically, the bank will calculate and give a specific number of loans you can borrow, based on the key factors as follows:

- Earnings per month

+ Salary + personal bonus of borrowers

Salary + bonus who co-pays debt (wife or husband)

- Loan maturity date

+ Normally, the maximum loan term is: 420 months (equivalent to 35 years)

+ Other factors: preferential loan package to support home buying, personal financial proof, borrower income, collateral valuation or similar papers.

- Spending per month

The total monthly living costs of each family are calculated based on:

+ Amount for life, education, health, ...

+ Payables to bank loans of individuals and spouses (if any)

So, if you borrow 2 billion within 20 years, the details of the loan amount, the monthly payment amount and the total interest payable will be calculated like? Invite readers to continue watching.

How to calculate interest on home bank loans

The issue of how much a bank loan of VND 2 billion per month (including principal + interest) depends on the method of interest calculation, the payment method you agree with the bank or finance company.

First of all, CashBerry will explain 2 popular interest calculation methods, based on which you can determine the monthly payment amount for the bank.

- How to calculate the interest rate based on the reducing balance

Decreasing interest on balance means that the amount of interest each month will gradually lower. Since the less you owe, the interest is calculated based on the remaining debt, decreasing gradually.

Specific example: Customers borrow 2 billion for 5 years (60 months), with the applicable interest rate of 12% / year.

Formula for calculation: Amount of monthly interest = Loan amount / loan term + interest rate x remaining loan amount.

In January: 2.000.000.000/60 + 12% X 2.000.000.000 = 20 million / month

In month 2, and months after, you will pay less than the first month.

- How to calculate the interest rate based on the outstanding balance of principal reduction

With this method of interest calculation, you are subject to a fixed, constant monthly interest rate because the interest will be calculated based on the original loan amount.

Specific example: Customers borrow 2 billion from the bank within 5 years (60 months), with the applicable interest rate of 12% / year.

Calculation formula: 2,000,000 x 12% / 12 = 20 million / month.

The monthly interest payable is 20 million and lasts for 5 years from bank loans. From there, we can see, the interest payable under this method of borrowing is higher than the interest calculation based on the reducing balance.

Here, CashBerry will record the amount paid each month when you borrow 2 billion VND for a period of 20 years (240 months), the interest rate is 7.9% / year in the first 12 months, then interest is 11.8% / year.

 

The spreadsheet of interest rate of 2 billion for a 20-year term according to the principal reduction balance

Repayment term (Month)

Interest rate (%)

Amount paid monthly (VND)

Interest (VND)

Original (VND)

1

7.9

21,500,000

13,166,667

8,333,333

2

7.9

21,445,139

13,111,806

8,333,333

3

7.9

21,390,277

13,056,944

8,333,333

4

7.9

21,335,416

13,002,083

8,333,333

5

7.9

21,280,555

12,947,222

8,333,333

6

7.9

21,225,694

12,892,361

8,333,333

7

7.9

21,170,833

12,837,500

8,333,333

8

7.9

21,115,972

12,782,639

8,333,333

9

7.9

21,061,111

12,727,778

8,333,333

10

7.9

21,006,250

12,672,917

8,333,333

11

7.9

20,951,389

12,618,056

8,333,333

12

7.9

20,896,527

12,563,194

8,333,333

13

11.8

27,016,666

18,683,333

8,333,333

14

11.8

26,934,722

18.601,389

8,333,333

15

11.8

26,852,777

18,519,444

8,333,333

...

...

...

...

...

239

11.8

8,497,223

163,890

8,333,333

240

11.8

8,415,278

81,945

8,333,333

Interest rates at some banks offer 2 billion VND to buy houses on installment payments for 20 years

Home loan interest will be preferential and unchanged in the first time, about 1-3 years (depending on the policy of each bank). After the period of enjoying preferential interest is over, the interest rate will be floated according to the market and adjusted quarterly, with a difference of 3% - 4% / year from the savings interest rate . Normally, floating interest rates in banks will fluctuate at 10.5-12% / year .

Latest home loan interest rate table in December 2020

No.

Bank

Preferential interest rate (% / year)

Maximum loan ratio (%)

Maximum loan term (year)

Interest rate margin after preferential

1

Standard Chartered

6.45

75

25

CPV - 1.5%

2

HSBC

6.49

70

25

LSCS + 0.75%

3

Hong Leong Bank

6.50

80

20

LSCS + 1.5%

4

TPBank

6.90

85

20

12 months of income + 3.5%

5

VPBank

6.90

75

35

LSCS + 4%

6

OCB

6.99

100

20

Total income 13T + 3.9%

7

MSB

6.99

80

20

LSCS + 3.5%

8

Shinhan Bank

7.00

70

20

CPV 6T + 3.9

9

Woori Bank

7.00

70

15

Net income in 6 months + 2.2%

10

PVcomBank

7.49

80

20

LSCS + 4%

11

Techcombank

7.49

70

25

LSCS + 4.39%

12

UOB

7.49

75

15

LSCS + 1.29%

13

Vietcombank

7.5

70

15

Total income 24 months + 3.5%

14

Agribank

7.50

85

15

Total income 13T + 3%

15

Vietinbank

7,70

75

25

Total income 36T + 3.5%

16

BIDV

8

80

20

Total income 24 months + 3.5%

17

VIB

8.30

90

30

12 months of income + 3.9%

18

North Asia Bank

8.99

90

25

Total income 24T + 4%

19

Eximbank

11.00

70

20

Total income 24 months + 3.5%

20

Sacombank

11.50

100

25

Total income 13 years old + 4.7%

Source: synthesis

* * The interest rate table is for reference only. For more details on each specific bank's mortgage loan package, you should go to the bank branch for the answer.

So, from the above information, you have a basic idea of ​​how to install a home loan, right? Now consider whether you are eligible to be supported by a bank loan of 2 billion installments within 20 years.

Basic conditions for a 20-year mortgage loan of 2 billion to buy a house

Today, in order to meet the needs of many people to buy houses, banks and credit institutions support 2 billion loans within 20 years, for example: Techcombank, VIB, BIDV, Standard Chartered, ... To get a bank loan in this form, you need to meet the following basic conditions:

* Minimum available capital: The maximum loan that the bank can support is 70% -80% of the value of the house. That is, to be able to borrow 2 billion, you must also have at least 850 million.

* Collateral: Incentive is that you can use the house you intend to buy as collateral for your loan.

In addition to the two above conditions, you also need to satisfy the following criteria:

- You are living and working at a location with a home loan bank branch.

- Stable monthly income (with proof of identity and income).

Absolutely no bad debt

Capital to buy a house - not a small number, especially for young people who have just graduated, their careers are not stable. So, why, many young people today still yearn and work hard with the aspiration of owning their dream home.

Young people - Should I buy a house or Rent a house: Which is the right way?

To be independent and autonomous in our own decisions, we need to keep a "cold head" and have a "hot heart". "Cold head" means that you need to appreciate the current situation, including future career orientation, affordability, financial division ability, ... And "hot heart" is to advise them. We should not forget our own emotional value because of detailed calculations.

Sure, renting will save you a lot of capital, and getting a home loan will bring you more burden and pressure. But, just think about it, a home that makes you feel happy, complete, and comfortable every day is worth the effort!

To help you get right with the current situation, contribute to making the right choice, CashBerry has created a comparison table between home buying and renting.

What style is for you?

Should buy a house if:

Rent a house if:

Plan to grow in that city over the next 5 years or settle permanently.

Planning to move, work in many different places, not yet stable for long-term residence.

Has a stable income and no bad debt.

Unstable in terms of career and income, individuals are experiencing many fields, taking advantage of opportunities.

Found a satisfactory house or apartment, the price is right.

Rent a house with a reasonable price, suitable with the lifestyle.

Has accumulated 30% - 50% of the value of the house intended to buy (50% incentive).

There is no plan to accumulate and want to use the money for other purposes.

Intend to buy a house for investment, waiting for business opportunities to make a profit.

 

Have access to bank loan packages.

 

There is support from the family.

 

Unlike previous generations, young people, especially in urban areas, often pursue a modern, more open, flexible lifestyle with development plans in parallel with owning their own house. For that reason, the solution of bank loans to buy houses has partly met the aspirations of young people.

Bank loans to buy a house - Is the solution for you?

In recent times, many real estate projects in association with banks, have constantly offered flexible financial methods, support long-term installment loans, make housing more feasible.

On the other hand, real estate prices in cities tend to rise, many young people choose to borrow from the bank to buy a house to invest. For capable, passionate and determined young people, choosing to buy an installment home will be the motivation for them to develop more, both in terms of salary and professional qualifications.

Instead of paying a large sum of money to buy a house, you can flexibly allocate your financial resources for purposes such as marriage, education, investment, ...

When your mind is ready, realize your wish with specific home buying guidelines from CashBerry.

How to demonstrate financial and income sources to borrow money to buy a home

In order to have a high success rate home loan, a prerequisite is that you must be able to repay the loan. Therefore, proving financial, monthly income is a mandatory requirement for those who want to borrow from the bank.

If your monthly income is fixed, and you receive a regular bank transfer, proving your finances is quite simple and easy. You only need to provide all necessary documents to the bank for approval. However, the level of income must be considered by the bank.

In addition, other sources of monthly, non-fixed income such as tutoring, securities investment, trading, ... will be more difficult in the statement process.

So, how to make the sources of income be accepted and approved by the bank?

To prove income, financial capacity, borrowers need to have papers, specifically as follows:

Income

Proof papers

The sources of income are fixed monthly and paid via bank transfer such as salary, bonus, savings interest, ...

Papers showing the authenticity of transactions such as labor contracts, savings books, property lease contracts, ...

- Bank account statements showing the receipt of income within the last 3 to 6 months.

Fixed monthly income sources are paid in cash.

Papers showing the authenticity of transactions such as labor contracts, property lease contracts, savings books ...

- Papers certifying such as pay stubs with full and complete content and time of receiving money, ...

Sources of income from business activities such as dividends, profits from companies / individual business households ...

- Papers showing the ownership of revenue sources such as Business License, Minutes of Dividend Distribution Meeting of the Shareholders' Council, Board of Members ...

- Purchase / sale invoices, record books and sales statistics, ...

Other irregular sources of income such as teaching, consulting, part-time work, ..

- Books recording the receipt of tuition fees, receipts, confirmation of money, ...

In case, the borrower owns and has name of asset papers such as red book, car registration certificate, bank savings book, ..., it is also recognized by the bank as an income level.

In addition, for borrowers who are government employees such as teachers, soldiers, police, doctors, ... although the certified salary sheet is low, the real income received via bank transfer the high goods, the bank will also consider.

Reviews, in general, documents and procedures for a home loan are quite complicated. Therefore, if you really need a home loan, you should go directly to the branch or bank transaction office that wants to borrow for advice.

?? You may be interested: Quick loan , no need to prove income!

There are many reasons for us to decide to take out a home loan. However, there are also many risks in the home loan process. For example: interest rates are rising, cost of living increases rapidly, accidents happen, ... and work is in crisis. All will make you feel claustrophobic, short of breath, susceptible to extreme stress, and sometimes inability to repay your debt.

So, before deciding to buy a home loan, you should consult with many people, consider the following issues.

Note and considerations when borrowing from the bank to buy a home

In the midst of life cycle, buying a house is one of the goals, a motivation to help young people feel less uncertain, ambiguous, and more confidence to strive for the future.

Currently, you have 500 million in hand, and with that number, it is impossible to buy a 50 square meter apartment. To own a house, the market price must also be a minimum of 2 billion. So, should we borrow 1.5 billion more to buy a house?

Borrowing from the bank to buy a house is also "old" and normal, but, to avoid being "squeezed" by the bank, individual homebuyers need to pay attention and calculate carefully.

1. Buy a house if you have at least 30%, ideally 50% of the value of the house

2. Remember: the lending rate will float according to the market

3. The longer the loan term, the higher interest will be

4. Balance solvency, monthly spending

5. Be careful with the penalty when paying the loan earlier than the term

6. Note if the loan is in the form of mortgage to buy the house

BUY HOUSE! It is difficult and complicated.

But….

Your motivation to buy a home is ...

When the urban life rhythm is constantly moving, young people are always changing, changing to adapt. Appearance, work, financial capacity, residence can change, but there is still the dream of "the first apartment", which has its own values ​​and meanings.

For newlyweds, the shared house is like a home, a milestone for their maturity, opening up new journeys with the participation of the two.

In the young man's mindset, the young girl embraces many aspirations and ambitions, and has the house as an "achievement" to assert herself, as well as reward herself after the days of hard work. Vacation.

If you have the financial capacity, the help of your family, there are no bad debts or other priority plans, why not have the idea of ​​owning your own home. Because that will be a place that gives you the security and autonomy that it will be difficult to rent a home. Backed by modern technology 4.0, do you now feel more determined and confident to step into the journey of creating your own space? 

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