DO MORTGAGE LOANS NEED FINANCIAL PROOF?

A mortgage loan is a form of a loan with collateral to secure your loan. The mortgaged property must ensure that there are still interests for the borrower. However, many people are still wondering whether mortgage loans need proof of income.

So do mortgage loans need proof of income?

Under Vietnamese law, a mortgage requires borrowers to prove their finances to ensure their ability to repay. Accordingly, if customers need to borrow a mortgage to buy a house or business, they must carry out procedures to prove their income to show their credibility in front of the bank.

Can self-employed prove income to get a bank loan?

Currently, there are many different methods to prove income when applying for a bank loan. In particular, proof of income through salary is preferred by many people because this is a fixed source of finance.

However, salary income is not the only way, as many freelancers will not have a statement of salary account coming from the business. Instead, you can prove your income through high-value assets such as land, house, savings book, etc. Besides, if you are a self-employed person generating income, then The bank will ask for your business license and documentation showing your income coming from your job.

Procedures to prove income when taking out a mortgage

Personal loans

For individual borrowers, customers need to prepare a full proof of income including a labor contract still in effect, a salary certificate from the enterprise, or a salary statement from 3 months or more.

Business owners

For business owners, the set of financial documents includes information showing the companys business activities, including financial statements, quarterly revenue, and source of profits earned by the business. …

In addition, business owners also need to prepare a business registration certificate and a tax identification number certificate for 6 months or more, along with a VAT declaration. The tax declaration should be fully prepared with the seal of the competent authority.

Individual business households

For individual business households, the proof of financial income will be shown through receipts, invoices, business products, and books recording the import and consumption of goods. Besides, it is also necessary to prepare a business registration certificate or tax code certificate for 6 months or more.

Borrowers have other sources of income

If you do not have a fixed source of income, you need to prove your income to the bank through a red book, proof that you are the owner of high-value assets such as a house, car, or land ... Many people mistakenly believe that mortgage loans do not prove income, because all forms of loans from banks require proof of income.

Prestigious financial asset appraisal unit in Vietnam:

Indochina International Appraisal & Investment Joint Stock Company (INA) – SunValue operates with many years of experience in the field of valuation with an abundant data warehouse, and a team of professional and qualified appraisers. high level, fast, and strict appraisal process, minimizing appraisal costs ... provide comprehensive solutions for each appraisal purpose such as banks loan, purchase, and sale, transfer, equitization, contribution venture capital, compensation - clearance, settlement of civil disputes, liquidation, sale of assets, finance proof for study abroad, settled, tourism,...

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INDOCHINA INTERNATIONAL APPRAISAL AND INVESTMENT J.S.C


INDOCHINA INTERNATIONAL APPRAISAL AND INVESTMENT J.S.C

Address: 15 Nguyen Luong Bang, Tan Phu Ward, District 7, Ho Chi Minh City

Email: contact@sunvalue.vn

Phone: 081 519 8877

Business License No.: 0314505121 Cấp ngày: 10/07/2017 - Sở Kế Hoạch & Đầu tư TP. HCM

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