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CashBerry is a financial company, providing an online loan consultation service that is fully automated, disbursed within the day.

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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

When you need money to build, repair or decorate your home, you can choose a home loan product from banks. Loans with flexible limits and repayment periods, competitive interest rates will bring you closer to the house of your dreams, and enjoy the life you want with your loved ones.

When you need money to build, repair or decorate your home, you can choose a home loan product from banks. Loans with flexible limits and repayment periods, competitive interest rates will bring you closer to the house of your dreams, and enjoy the life you want with your loved ones. 

However, before deciding to take out a home loan, you should assess and evaluate your own conditions, consider issues related to interest rates, procedures, collateral,... The article below will help you answer the question “Should I borrow money for home repair?” and give experience to help you borrow money from a bank to repair your house effectively.

Should you get a home loan?

Over time, housing will experience wear and tear and damage, but not everyone has a large enough amount of money available to repair their home immediately.

The cost of raw materials, labor, decorative items, etc. also tend to increase and although you have saved some money, sometimes it is not enough to fulfill all your wishes.

On special occasions such as before Tet, weddings, etc., it is very difficult to manage a large amount of money to repair the house in a short time.

Therefore, a bank loan for home repair is the solution that many people choose when they cannot afford it. However, if not calculated, this can cause many risks and long-term consequences. Whether to borrow money for home repair or not will depend on the financial situation of each individual and family.

So, should you borrow money to repair your home and how to make sure it's safe and effective?

Things to know about home improvement and construction loan packages

Currently, the form of borrowing money to build and repair houses is quite popular and is interested by many people. You can choose to borrow money from a bank or at other credit institutions such as a financial company.

For financial companies, usually they will have less requirements on conditions, simple loan procedures but high interest rates and more potential risks than banks.

As for banks, they will offer many loan packages to build and repair houses with low interest rates, but the loan conditions and procedures are quite strict. Therefore, you need to have an understanding of the form of a bank loan to make sure you do not face problems later.

Here are some information you need to know when you want to get a home loan from a bank.

1. Conditions to get a home improvement loan sửa

Banks make clear regulations on conditions for getting loans to build or repair houses. As follows:

● Be a Vietnamese citizen or Vietnamese with a foreign spouse, between the ages of 18 and 70 years old.     

● Ensure the total income to pay off debt is at least 10 million VND per month.     

● Having at least 4 months working at the nearest agency, having an official labor contract of 12 months or more, and ensuring a stable income for 18 months or more.     

● No bad debt history at banks within the last 2 years.     

In addition, you can also borrow money to build a house using the property as security. Collateral can be a house you need to build or other types of assets (movable or real estate).

2. Limits and interest rates of home construction and repair loan packages

Loan limit for home repair

Normally, the limit of a home loan package will be at 70-100% of the value of the collateral. According to regulations, this loan amount is only allowed to be used for repair, renovation and construction of houses.

Home repair loan interest rate

Borrowers often hear about commitment packages of low interest rates, even 0%. However, in fact, this preferential interest rate only lasts for the first 6-12 months, then returns to the floating interest rate. In which, the floating interest rate is the interest rate that fluctuates according to the market and is not fixed.

You can refer to the current average interest rate for home loan products on the market as follows:

● Preferential interest rate from 7-7.5% within the first 6 months. After that, the floating interest rate will be applied according to the regulations of each bank.     

● Preferential interest rates from 7.7 to 8.5% within the first 12 months. After that, the floating interest rate will be applied according to the regulations of each bank.     

● Preferential interest rate from 8.5-9.5% within the first 24 months. After that, the floating interest rate will be applied according to the regulations of each bank.     

● Interest rates are from 7 to 7.5% depending on the floating interest rate in the market.     

Benefits and risks of a home loan

In fact, this form of borrowing has both benefits and risks at the same time. To determine whether to borrow money to build a house, you need to consider the following factors.

* Benefit

● Have the opportunity to build and repair a house even when you can't afford it.     

● Save the costs incurred when you have to stay at the rental house.     

● There are many loan packages with suitable interest rates and payment terms.     

* Risk

When raising finance with bank loans, you may encounter related risks such as:

● You do not anticipate your financial ability and do not have a payment plan, thus leading to late payment, causing interest to increase rapidly.     

● Attracted by the initial interest rate introduced by the bank. However, because bank interest rates are always floating, that interest rate only lasts for the first 6-12 months. After that, the bank will raise the interest rate according to the market.     

● The process of applying for a home loan is complicated and requires many authentication conditions.     

In order to avoid the above risks, before deciding to take out a home loan at any bank, you should note the following issues.

The secret to borrowing money to build a safe and effective house

- Choose the appropriate loan limit

Banks have loan packages to support up to 100% of the capital to build a house. However, borrowing a large amount of capital and not being able to pay is a common risk. Therefore, to choose the appropriate loan limit, you need to pay attention to:

● You should only borrow from a bank when you have at least 30% of the required capital.     

● Do not borrow more than 50% of the required house construction amount.     

● Consider your ability to repay debt based on your monthly income.     

● Always have a plan to maintain and increase income sources to ensure debt repayment.     

- Have a reasonable debt payment plan

Monthly income often has to be divided into many items such as: living expenses, investment money, incurred expenses, etc. You need to have a clear estimate of the amount of money used to pay off your monthly debt.

Short loan terms mean large monthly payments but relatively low interest payments. On the contrary, the long term allows you to split the payment amount each period, but the accrued interest is quite large.

Please rely on your financial ability to calculate the monthly bank payment schedule. Usually you should spend up to 40% of your income on this payment.

- Carefully consider the interest rate

To avoid risks related to interest rates, it is important to note:

● Notice how interest rates will change over the long term. Ask your professional to carefully advise the interest rate situation over the years in the loan cycle.     

● Always have a plan for the floating rate. Always have a reserve to be able to pay for market and interest rate fluctuations.     

Here are some important notes around the issue of whether to borrow money for home repair. Hopefully, through the article, you have gained more experience to conduct a loan more effectively and safely. Besides, if you need an online unsecured consumer loan, don't forget to download the CashBerry app to receive money within the same day! 

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