BIDV Bank for Red book mortgage loan with many incentives in May 2022. Follow the article below of lamchutaichinh.vn to update the latest information on interest rates, conditions, procedures and processes. BIDV red book mortgage loan Please!
About BIDV Bank
Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was established in 1957. BIDV is one of the largest state-owned commercial banks today with total assets of more than 1.3 million billion.
BIDV is one of the strong banks, ranked second in total assets after Agribank. BIDV's revenue contributes significantly to the national economy. Each field, product and service at BIDV has always achieved great achievements.
In particular, many customers have chosen BIDV as a reliable destination when they need a loan to solve their needs such as buying a house, buying a car, investing in business, etc.
What is BIDV Mortgage Loan?
BIDV's mortgage loan is a high-limit loan package for customers who have collateral assets under their ownership such as red books, pink books, etc., who want to mortgage to borrow capital for business purposes, buying houses, building , home repair ... The loan limit is approved by BIDV based on the customer's credit score and the value of the collateral.
Types of Mortgage Loan BIDV Bank
Borrow to buy a house
Information about BIDV bank red book mortgage loan package:
- Loan limit up to 100% of the value of the home purchase contract
- Maximum loan period up to 25 years
- Applying competitive interest rates on diminishing balances
- Form of principal payment by month/quarter or year
- Application processing time is from 3 to 5 days depending on the risk assessment process of the collateral
Conditions for applying for a home loan with installment payments:
- Living and working in areas where BIDV bank branches are located
- Having a stable income from salary, space for rent, business...
- Having special assets in accordance with regulations of BIDV
Loan package information:
- Loan level reaches 100% of car value
- Maximum loan term 7 years
- Support to file, appraise and disburse quickly
- Preferential interest rate is only from 7.1%/year, interest calculation method is based on decreasing outstanding balance
Consumer loans with collateral
Loan package information:
- Simple loan procedures, quick application support and disbursement.
- Maximum loan limit is 2 billion VND, especially overdraft loan limit is maximum 1 billion VND.
- The loan period is 96 months for regular products and 12 months for overdraft products.
- Support for application submission, appraisal and disbursement from 3-5 working days.
Loans for production and business
Product features of BIDV's production and business loans:
- The maximum loan period of 5 years
- Loan amount is approved according to each loan plan
- The customer is a Vietnamese individual
- Doing business in the form of: sales agent, trade, focal point for purchasing...
Advantages of BIDV Bank Mortgage Loan
As one of the largest joint stock commercial banks at the moment, BIDV always offers customers many benefits when applying for mortgage loans such as:
- Large loan, maximum up to 20 years.
- Interest rates are always stable and competitive compared to other banks.
- Conditions, simple loan procedures, support super fast loan.
- Get enthusiastic advice from bank staff on loans that are most suitable for customers' financial capabilities.
- BIDV's branches and transaction offices are present in almost all provinces and cities across the country, making it easy for customers to access and loans.
BIDV Bank Mortgage Loan Interest Rate
Interest rates applied to BIDV's accounts are always stable and competitive compared to many other banks. As follows:
|Product||Interest rate (%/year)||Level||Tenor|
|Borrowing for housing needs||7.3%||80% of fixed assets||20 years|
|Car loan||7.3%||80% of car value||7 years|
|Loans for production and business||6%||flexible||5 years|
|Loan to support study expenses||7.3%||100% cost||10 years|
|Mortgage loans with valuable documents||7.5%||20 billion won||one year|
The latest updated BIDV red book mortgage interest rate table
How to Calculate BIDV Mortgage Loan Interest Rate
Besides updating the BIDV red book mortgage interest rate, you can also calculate the specific interest rate yourself using the following formula:
- Interest amount = Loan amount x Monthly interest rate
- Periodic payment amount = Interest amount + Principal payable periodically
For example: Customers take a mortgage at BIDV 1 billion for 10 years with an interest rate of 12%/year (1%/month). Thus, the formula for calculating BIDV's interest rate is as follows:
- Principal amount to be paid monthly = 1,000,000,000 / 120 (month) = 8,334,000 VND
- Interest payable monthly = 1,000,000,000 x 1% = 10,000,000 VND
- Total monthly payment = 18,334,000 VND
Conditions for Mortgage Loans of BIDV Red Book
Before applying for a loan, you need to understand the following conditions for a BIDV red book mortgage loan:
- Customers are Vietnamese citizens of working age, living and working in an area supported by BIDV.
- Having collateral as prescribed by law.
- There is a feasible use of the loan.
- Have a stable income to ensure the ability to repay the loan.
- No bad debt at any credit unit up to the time of borrowing.
BIDV Bank Mortgage Loan Procedure
When applying for a BIDV red book mortgage, you will be advised by BIDV's consultants in detail and on the procedures and documents that need to be prepared such as:
- Valid ID card/CCCD card/Passport.
- Household registration book/Temporary residence book KT3.
- Proof of ownership of collateral.
- Documents proving that the purpose of using the loan is feasible.
- Proof of income: Salary statement, payroll, labor contract, ..
- Marriage certificate or single certificate.
BIDV Bank Mortgage Loan Process
The BIDV red book mortgage loan process includes the following 4 steps:
- Step 1: Register and advise on loan documents: Customers after completing procedures to apply for a loan at BIDV or register borrow money online On the web, the bank staff will advise you on the loan procedures and documents that need to be prepared.
- Step 2: Make a loan application: After meeting the loan conditions of BIDV, the consultant will assist the customer to complete the application.
- Step 3: Appraisal of documents and collateral: The bank will conduct an appraisal of the customer's profile as well as the collateral appraisal to determine the specific limit, term and interest rate.
- Step 4: Loan approval and disbursement: Information about the loan will be notified to customers and the disbursement process will take place immediately after 2-3 days.
Charges incurred when Mortgaging the Red Book of BIDV
Loan prepayment fee:
- Early repayment fee in the first year to the end of the second year = 1% x amount of prepayment.
- Early repayment fee from the third year to the end of the 5th year = 0.5% x amount of prepayment.
- Early repayment fee for the following years: free.
Secured transaction registration fee: according to the invoice of the registration center
Notarization fee of mortgage contract: collected by the Notary Office.
Insurance fee according to the Bank's regulations.
Experience the fastest BIDV Mortgage
To be approved for a loan quickly and easily, you need to note the following:
- Prepare documents and records in accordance with the bank's regulations for loan approval, avoiding time-consuming travel and preparation.
- Note that you should consider choosing a reasonable loan product that is suitable for your financial ability.
- Carefully read the loan contract to update the terms related to the loan such as interest rate, overdue penalty fee, prepayment penalty fee, etc. to avoid risks in the loan process.
FAQ – Some Questions When Borrowing BIDV Mortgage
Can bad debt mortgage BIDV?
You will not be able to get a mortgage at BIDV if you have bad debt at any credit institution.
How much is the interest rate to buy a house at BIDV bank?
Currently, BIDV is applying an interest rate of 7.3% for home loan packages.
Can BIDV mortgage using collateral of relatives?
The answer is YES when your relative agrees and transfers the ownership of the collateral in your name or has a power of attorney of the collateral.
Mortgage loan of BIDV red book is considered as one of the solutions to support many customers to meet their loan needs with a high limit. Hopefully with the information provided, you already know how to get a mortgage at BIDV. Good luck!
Information edited by: lamchutaichinh.vn