The latest mortgage installment procedure you should know

How to apply for a mortgage? Check out the article by Realestatevietnam.

First: Prepare legal documents for mortgage loan

The first installment loan can include legal papers and legal documents for home loans, including basic and essential paperwork in all civil transactions, including:

• Your identity card or passport, your current citizenship card, your spouse (photocopy).
• Household registration book or KT3 (temporary residence book) – photocopy; With a home loan at a different place of origin, you need to have KT3 at the place of your loan.
• Marriage registration (if you are married) or marriage certificate (if you are not married).

Note, you should prepare these simple documents to shorten your loan period.

Legal documents include identity card, household registration book, marriage certificate (if married)

Second: Prepare documents to prove the purpose of capital use

• Application for a loan (in the form provided by the Bank);
• Sale contract;
• Vouchers on payment of own paid amounts;
• Certificate of land ownership (red book / pink book) or purchase / sale contract (if apartment, project formed in the future) of the property intended to buy.

Third: Prepare the source file of debt repayment

With regard to your income source, you will need to prepare different documents for the repayment of your mortgage loan. Here are some basic facts:

– For income derived from salary: You need to prepare the documents are labor contract or the decision to receive (for employees without labor contract); Statement of salary account if you receive salary by bank account (you can go to the nearest bank branch to open an account to request statements stamped confirm the amount you receive monthly). In case you receive a salary in cash, the bank will provide you with an income confirmation form, you will need to prepare your paycheck or monthly payroll (signed by the head of the unit)

If your income is not enough to pay off your debt, you need to prepare a co-payer’s income

– For rental income: When you have income from renting a property such as renting a car, renting a car, etc., you need to have a rental contract (photocopy), proof of your receive your monthly rent (for example, a rent monitor, money receipt or bank statement – if you receive a bank payment) and proof of your ownership with rental property (vehicle registration, red book …).

– For income from business / household business: You have prepared a lease / rental agreement (if the place of business is not yours) or a proof of ownership of the business location. (red book bearing your name or family member); business registration, excise tax payment receipts, import / sale invoices (if any); Daily import and export entry book.

– For income from capital contribution to businesses: You need to have a copy of the business registration of your capital contribution, the minutes of the meeting of the board (with the joint stock company) or the board member (with limited liability company) on dividends / income from contributed capital; Financial statements of the company (if any).

If you have a lot of revenue sources, you can combine them and prepare them in the same way.

Note: If your income is not enough to pay off your debt, you need to prepare additional co-payments with you (spouse) as described above.

Fourth: Prepare Asset Documentation

In case you mortgage the apartment / land, you do not need to add any other documents

If you use other assets to secure your loan, you need to prepare the legal documents related to the mortgage asset such as the certificate of ownership and use of the property (red book / pink book) and legal documents of the owner (if the property is a third party).

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