Owning your home at the age of 30 is the proof that you have truly become independent, able to take responsibility for your life. Of course, not everyone is lucky and has plenty to be able to pay the whole at once, but you can register for a mortgage to own your own place. For example, with a house worth of VND 1 billion, you can borrow 70%, or 700 million, so every month you only have to pay the bank about 8 million and within 15 years the house will be yours.  

The mortgage won’t give you much financial pressure when you say "yes" to the following 5 points: 

1- YOU SHOULD HAVE ENOUGH DEPOSIT BEFORE YOU CONSIDER A MORTGAGE 

Before you consider buying a home, you should have at least 30% of the value of the house you want to buy, and you can register for a mortgage for the rest. However, 30% is just the minimum number. If the lending rate is 50% of the value of the house, it will reduce your financial pressure. It’s very easy and convenient to check your financial ability with our Affordability Calculator <link> before you consider a mortgage.

2- MAKE SURE YOU CAN PAY 

Before you sign a mortgage agreement, you need to evaluate your personal financial stability. You have to make sure that you will receive a regular income in the long run, and it’s enough to pay off your debt. 

3. MAINTAIN STABLE INCOME 

When you borrow from a bank to buy your home, you need to maintain a stable source of income to pay off your principal and interest monthly. This is both a stress and a motivation for you to work smarter and harder, and to seize the opportunities to increase your income so that even if the interest rate rises, you still do not feel financially "burdened".  

4- DO YOUR RESEARCH BEFORE YOU BUY 

The house is a big and important asset. Therefore you should do your research carefully about the house or apartment you are about to buy. In addition to the house’s details, location and facilities, you also need to know such information as: payment conditions, legality, reputation and capacity of the developer, additional fees. Moreover, there are promotions from the developers that you need to consider, such as: the discount percentage, supporting loan procedures, furniture packages, or reducing the payment schedule to stimulate demand for the project.  

5- TRULY UNDERSTAND THE MORTGAGE CONTRACT 

Loan tenor: UOB Vietnam has a long loan tenor of up to 25 years. Your mortgage will be broken down to annual payment, relieving your financial pressure. The interest rate will usually be fixed in the first year, then become floating. However the interest rate will be increased by 3-5% depending on the bank. Early repayment penalty: When having a mortgage from a bank, we often try to pay off the debt ahead of the loan term in the contract, so the penalty is often upfront. This amount usually ranges from 1-3% on the amount you pay before maturity