Mortgage of Agribank savings book As a form of loan with low interest rate, simple procedure and many other advantages, it is attracting special attention of many customers.

If you are looking for a mortgage loan of Agribank savings book but do not know what procedures to prepare, how much interest rate or other information about this form of mortgage loan, do not ignore the article below. here you go.

Find out if agricultural land can be mortgaged?

What is Agribank Savings Book Mortgage?

Passbook is a document issued by a bank to certify the deposit of money from organizations or individual customers. Customers deposit money at the bank and then receive interest monthly or periodically as specified in the contract. The amount of savings deposited in the bank is guaranteed to be safe and at the same time generates profits.

Mortgage of savings book at Agribank
Mortgage of savings book at Agribank

The form of mortgage loan of Agribank passbook means that when you own an Agribank passbook, you can use this passbook to make mortgage documents and secure a loan. by Agribank passbook is currently supporting the savings books of Agribank or other banks.

See also: instructions on the fastest Agribank savings deposit procedure

Advantages When Borrowing Agribank Savings Book

The form of borrowing money with a savings book of Agribank has more and more advantages compared to other forms of loans that many customers trust and choose, specifically as follows:

  • Customers can apply for a loan with a limit of up to 100% of savings. For example, if you have a savings book of 100 million, you can borrow up to a maximum limit of 100 million.
  • The loan term is very flexible, customers can choose loan terms according to their needs as well as their financial capacity to pay their loans.
  • Interest rates on loans with savings books at Agribank are relatively low compared to many other banks.
  • A passbook is a person’s spare money, so if you can’t afford it, that savings is the solution. So borrowing money will not affect your life too much.
  • Procedures for loans with savings books at Agribank are faster than Red book mortgage loancompany property, car mortgage…and can be disbursed within 24 hours.
  • Interest payment and principal repayment methods are very flexible, borrowers can repay the bank in one go and get the passbook back. Or the borrower pays the principal installments and bears a flexible monthly interest rate.
  • Monthly savings interest can also be taken to compensate for the interest rate of the loan that the borrower has to pay to the bank.

See more: Latest updated Agribank savings interest rates

Agribank Savings Book Mortgage Interest Rate

Agribank is currently offering an attractive mortgage loan interest rate, from only 7%/year. However, this interest rate will be adjusted from time to time when applying preferential interest rate policy of Agribank.

The adjustment level will also be adjusted according to the agreement between the bank and the customer before signing the official contract.

Interest rate when borrowing money with Agribank's savings book
Interest rate when borrowing money with Agribank’s savings book

Conditions for Borrowing Agribank By Holding Savings Book

To pledge a savings book for a loan at Agribank, customers need to meet the following conditions:

  • There is a deposit balance in the passbook, which can be denominated in VND, USD or EURO. In particular, a deposit account or a savings card number must be opened at banks that are operating legally and have a clear business license.
  • Customers are Vietnamese citizens aged 18 years or older or foreigners residing in Vietnam who meet the specific conditions of the bank’s lending regulations and all mortgage lending regulations. with Agribank’s savings book.
  • Passbook owned by the account holder or by a third party has been paid according to regulations and has not yet been due for payment. Passbooks are allowed to have legal transactions such as: Buying, converting, transferring, pledging, selling, giving, giving and other legal transactions.
  • Deposit accounts, savings card numbers will have to be authenticated and blocked during the loan term in accordance with regulations on mortgage lending of savings books. Therefore, passbook holders must authorize Agribank to have full rights to handle the above valuable assets to ensure debt recovery.

Mortgage Loan Application with Agribank Savings Book

In order for the process of pledging a savings account at Agribank to go smoothly and quickly, customers need to carefully prepare the following documents:

  • Request letter for mortgage loan with savings book.
  • ID card/CCCD or household registration (original and notarized photocopy).
  • Papers clearly stating the purpose of using the loan, together with the repayment plan and interest rate for the bank.
  • Records and certificates of savings book are owned by the customer himself.
  • Other relevant documents when required by the bank.

Is Agribank Savings Book Mortgage Risky?

Any loan from a bank has certain risks. Although the loan solution using a savings book is considered the safest, there are still some risky situations as follows:

  • Savings deposits are jointly owned by both husband and wife.
  • This person’s savings deposit is given to another person in the household’s name, possibly a child pledging a parent’s passbook to send money to them.
  • Savings deposits are obtained by illegal acts such as corruption, robbery, etc.
  • Savings deposits of units or organizations are assigned to individuals in their names, such as individuals pledging books of the company’s trade union fund.
  • Savings deposits belong to the common ownership of many people, one person pledges the passbook of a group of friends to pool their money together.
  • The savings account deposit was withdrawn during the mortgage period, the reason may be because the blockade procedure has not been completed by the bank.

Although these situations are not uncommon in the type of mortgage loan, if you know how to settle them, it will be easy for both parties to agree to a good settlement.

Conclusion

Above are the sharing about Agribank savings book mortgage loan, we hope to have brought you useful information to successfully implement the loan. Agribank mortgage loan mine. If you still have questions that need further assistance, advice on credit loans, mortgage loans, please contact us for the fastest support.

Information edited by: banktop.vn

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