Borrow 150 million red book mortgage how much to pay each month?

Benefits of borrowing 150 million with red book

Borrowing 150 million with a red book brings many benefits to customers such as being proactive about repayment time; the repayment amount has been scheduled by the bank to suit the financial situation; or having the option to use the loan for many different purposes such as buying a house, real estate, buying a car, consumer loans, production and business... and enjoying attractive interest rates, much lower than unsecured loans.

Borrow 150 million red book mortgage how much to pay each month?

Each bank has different interest rates and the interest rate depends on the purpose of the loan. The monthly payment is calculated according to the following formula:

Total monthly payment = Monthly interest payment + Total monthly principal payment.

In there:

Monthly Principal = Initial Loan Amount ÷ Number of Loan Months

First month's interest = Initial loan amount x Monthly interest rate

2nd month interest = (Initial loan amount - Principal paid) x Monthly interest rate

Similarly, from the 3rd month onwards, interest will be calculated on the remaining balance.

For example, when taking out a mortgage loan of 150 million with a red book for 3 years with an interest rate of 10%/year, with the method of paying principal and interest monthly. The amount the customer must pay monthly is as follows:

Monthly principal = 150,000,000 ÷ 36 months = 4,166,667 VND

First month's interest = 150,000,000 X (10% ÷ 12) = 1,245,000 VND

Total payment for January = 4,166,667 + 1,245,000 = 5,411,667 VND

2nd month interest = (150,000,000 – 4,166,667) × (10% ÷ 12) = 1,210,416 VND

Total payment for the second month = 4,166,667 + 1,210,416 = 5,377,083 VND

Apply this formula to the following months and the interest will gradually decrease until the end of the loan.

Conditions to borrow 150 million red book mortgage

To get a red book mortgage loan of 150 million, customers need to meet the following requirements:

- Customers are Vietnamese citizens, between the ages of 18 - 75.

- Have full financial capacity and clear source of repayment to fulfill obligations to the bank (proof of income: Salary statement, documents proving source of income).

- Secured assets include: Red book, pink book... Depending on the asset and loan purpose, the bank will have specific requirements for secured assets.

- Borrowers have good credit history, no overdue debt at credit institutions.

- The loan is used for legitimate purposes

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