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The form of bank loans to buy the home you should know

By
Real Estate Agent with RENTAPARTMENT

Finding a bank loan is a lot of people choose to buy a house. So, how do you buy a home loan? If not, decode the RENTAPARTMENT right away in this article.

Housing is not easy if you choose to settle in the city

Not only Ho Chi Minh City, but in any city, real estate in these locations is quite expensive, if there is no money in hand, it is difficult to reach. Therefore, the dream of buying a city home to settle down is just a dream for low-income families.

How much money in hand can buy Saigon apartment, bank loans are good, procedures are cumbersome and there are strict requirements, forms of bank loans to buy houses, interest rates How to get a home loan, how to pay for a loan, etc. is a problem that many people are interested in.

Currently, in order to bring the key to families who are not eligible to own apartments on hand, the bank has launched two forms of bank loan to buy houses for home buyers to choose from. Specifically, RENTAPARTMENT will take attendance as follows:

Installment loan and interest rate calculation in the form of initial loan balance

The form of bank loan to buy a house under the initial debt means that every month, borrowers are required to pay the bank a fixed principal plus interest based on the fixed interest rate that the borrower has satisfied. Previous agreement with the bank during the loan process.

For the monthly interest, it is always calculated on the total outstanding balance. According to Point2Home, the advantage of calculating the interest rate based on the initial debt balance is the fixed interest rate, the borrowers are not afraid of the phenomenon of being changed by the adjustment of the bank.

Installment loan and interest rate calculation in the form of declining outstanding loans

The form of bank loans to buy houses under reduced debt means that the borrower needs to pay a part of the same principal, while the interest rate on bank loans to buy housing in this form will be calculated on the actual amount owing to the bank.

According to real estate experts, the advantage of this form is in interest calculation. Specifically, the monthly interest payable will decrease gradually when the original capital decreases. But the interest rate applied to this form will be changed (usually in an upward direction) periodically from the 6-12 month frame based on the agreement of the customer and the bank that previously lent.

 

These are the two forms of home bank loan and the way to calculate the interest rate of a bank loan to buy a house have different points. The first form with fixed interest rates has a second form, the interest rate changes according to the market.

So where is the form of borrowing a home bank loan?

As explained above, the interest rate on bank loans to buy houses in each form is different, in order to choose the appropriate form of borrowing and interest payment, borrowers need to determine the family's income before decision.

There are two choices as follows:

If you determine that your monthly income is constant, you should borrow in the form of interest based on your original balance. Because, the principal and interest are fixed during the loan period to help you take the initiative. This case is suitable for those who are working as government officials, who have stable incomes such as teachers, doctors, officers, ...

For those who have unstable income, it is recommended to choose a home loan from a declining loan balance to help reduce the financial pressure for you in the following years.

Borrowers who borrow money to buy houses are not only interested in loan forms and procedures, but also have a lot of concerns about the interest rate of home loans. Therefore, RENTAPARTMENT hope that, with the sharing on the form of buying a home bank loan as well as the interest rate factor will partly provide the necessary information for you to grasp and make the best decision. . Wish you always have a great living space with a dream home.

For more real estate news: https://zillow.com/

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