Can bad debt get a mortgage? Which bank lends?

You are in urgent need of money and want to get a bank mortgage but have bad debt. Are you worried about not knowing? Can bad debt get a mortgage?? If yes, at which bank?

Your questions will be answered in detail through the following article of Master of Finance. We invite you to follow along!

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Can bad debt mortgage a red book?

Many customers who have bad debt when they need to borrow money often wonder if bad debt can get a mortgage. When borrowing money at banks or credit institutions, customer loan information will be provided to the CIC system.

Can bad debt mortgage a red book?
Can bad debt mortgage a red book?

The CIC system will receive information about loans, borrower's name and borrower's loan history, forming a unified database to store and reflect each individual's credit history.

Depending on the bad debt status of the customer, each bank will make regulations and can support lending. Bad debts are divided into 5 groups from 1 to 5. If you are in the bad debt group from 3 to 5, most banks will not approve loans of any kind.

Some banks refuse loans from customers with bad debt in group 2 for more than 3 consecutive repayment periods. In the case of bad debt group 3 and beyond, bad debt group 4, group 5, up to 90% of banks will refuse loans from customers belonging to these bad debt groups.

However, with many years of experience in the banking and finance sector, with the remaining 10% loan rate, experts in the financial field, Finance Master, can still assist customers with mortgage loans. suffer from bad debt, pay attention to the same interest rate as normal loans.

Which bank gives bad debt mortgage?

Based on the customer's credit history and credit history updated on the CIC system, banks will evaluate and make a decision whether to provide a loan or not.

However, with bad debts, customers need to pay off at least 6 months or more before applying for a loan at the bank to be able to get further support from the bank.

After paying off all outstanding loans, you can Red book mortgage loan in the following top 5 banks:

  • Orient Commercial Joint Stock Bank (OCB)
  • Asia Commercial Joint Stock Bank (ACB) – learn package ACB mortgage loan Latest
  • Thuong Tin Commercial Joint Stock Bank (Sacombank)
  • Kien Long Commercial Joint Stock Bank (Kien Long Bank)
  • Bank for Agriculture and Rural Development of Vietnam (Agribank)

Guide to getting a bank mortgage when you have bad debt

To be supported with a bank mortgage when having bad debt, customers need to meet the following conditions and procedures:

Condition

  • Have ID card/CCCD card.
  • Have a stable job and income.
  • Proving bad debt is objective.
  • High value collateral.
  • The loan is not too high compared to the property value.

Procedure

You need to prepare the following documents when applying for a mortgage loan:

  • ID card/CCCD card/Passport of the borrower.
  • Household number/Temporary residence certificate.
  • Proof of income: Salary statement / Payroll / Labor contract / Bank account statement, ...
  • Mortgage records: Red book / Pink book / Real estate purchase and sale contract, ...

What to pay attention to when taking a mortgage loan from a bank with bad debt?

Understanding bad debt banks can get a mortgage, you also need to note the following issues:

  • When you have a need for a mortgage with bad debt, if you come directly to ask for a loan, banks will refuse because this is a regulation.
  • It is necessary to carefully study the regulations of the bank because not all banks accept to support customers with bad debt mortgages. Therefore, you need to carefully consult the information or contact the consulting team of Financial Owner to get a solution. quick loan the best.
  • Provide complete and truthful information about bad debt status for support for loan approval with the highest rate.

How long does it take for bad debt to be written off?

Group 1 debt
  • Qualified debt group
  • Less than 10 days
  • Loan can be considered immediately
Debt group 2
  • Debt group needs attention
  • From 10 days to less than 30 days
  • After 12 months
Group 3 debt
  • Subprime debt
  • From 30 to less than 90 days
  • 5 years
Group 4 debt
  • Debts suspected of losing capital
  • From 90 days under 180 days
  • 5 years
Debt group 5
  • Group of debt likely to lose capital
  • Debt from 180 days or more
  • 5 years

FAQ

Bad debts are divided into different groups based on the risk level of each group.

Bad debts can still be supported with mortgage loans at some banks
Bad debts can still be supported with mortgage loans at some banks

Besides the question of whether bad debt can get a mortgage, here are some questions that are also asked by many customers when they need a loan but have bad debt:

Can group 1 and group 2 bad debt get a mortgage?

Group 1 bad debt (Qualified debt) is assessed as being able to recover both capital and interest. Group 1 bad debt customers who pay late from 1 to 10 days can still get a bank mortgage easily, just need to apply for a loan and a counselor will guide you specifically.

Group 2 bad debts (Debts to pay attention to) are debts that are closed 10-30 days late. When you are in group 2 bad debt, you can still get a mortgage. However, only a few banks support loans with bad debts of this group depending on the following conditions:

Bad debts due to mortgage loans:

  • Only accept bad debt mortgage within 1 month only, if bad debt is many consecutive months (falling into group 3), customers will not be supported for loan approval.
  • Proof of income is required to ensure the ability to repay the loan.
  • It is necessary to prove that the reason for bad debt is objective and not intentional.
  • The collateral has a good value, the limit is not too high compared to the property.

Bad debts due to unsecured loans:

Bad debt group 1, group 2 due unsecured loan will be more likely to be approved for a loan because the amount of unsecured loans will be many times lower than mortgage loans. Customers only need to pay off all debts and they will be supported to borrow later.

Can bad debt groups 3, 4, 5 get a mortgage loan?

Bad debts of groups 3, 4, 5 are bad debts that are likely to lose capital and are overdue for 30 days or more. At that time, no matter how high your collateral is, no bank can support a loan.

To get a loan again, you need to pay off your bad debt and wait for the CIC system to update your credit history. In addition, many customers have chosen borrow money online although the interest rate may be higher to have a financial solution to the problems you are facing.

Can relatives with bad debt get a mortgage?

To grant credit lines to mortgage customers, most banks are very strict in the credit lending process. This means that if you have a good credit history, it is unlikely that you will be able to get a mortgage.

Some cases to answer for relatives with bad debt can get a mortgage such as:

Can a husband/wife with bad debt get a mortgage?

According to the regulations, if the husband has a good credit history but has bad debt, the collateral is in the couple's name, the wife will not be supported for a mortgage loan. At that time, the husband needs to transfer the name to his wife to stand as the owner of the collateral independently to be able to apply for a mortgage loan.

The opposite is also the case, if the wife has a bad credit history, the wife needs to transfer the collateral to her husband so that the husband can apply for a loan.

Can people in household registration with bad debt get a mortgage?

If in a family, relatives in the same household register have bad debt, banks will consider this as a reference but not as a basis for approval, so you can completely apply for a loan. accept normally

Conclusion

The above article has answered the question Can bad debt get a mortgage? As well as detailed information on how to borrow money when having bad debt, banks that support loans when having bad debt.

Hopefully the information provided has helped you easily make a decision when taking out a mortgage but having bad debt. Good luck!

Information edited by: lamchutaichinh.vn

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