Is it permissible for 15-year-old persons to get a bank loan in Vietnam?
Is it permissible for 15-year-old persons to get a bank loan in Vietnam? When getting a bank loan to buy an apartment in Vietnam, is it necessary to pay a notarization fee? If yes, how much is it?
I am very passionate about business, so I learn about it on websites and come up with the idea that I will go into business on my own. As I do not have enough capital, I want to get a bank loan for my start-up. Can I get a loan when I'm 15 years old? When getting a bank loan to buy an apartment in Vietnam, is it necessary to pay a notarization fee? If yes, how much is it? Thank you.
Is it permissible for 15-year-old persons to get a bank loan in Vietnam?
Pursuant to Article 7 of the Circular 36/2016/TT-NHNN stipulating eligibility requirements for a loan in Vietnam as follows:
A credit institution shall consider granting a decision to offer a loan to a customer who meets the following requirements:
1. If that customer is a legal person, it must have civil capacity in accordance with the civil law jurisdictions. If that customer is a natural person, (s)he must be aged exactly 18 years or older and have full capacity for civil conduct in accordance with the civil law jurisdictions, or must be aged between exactly 15 and nearly 18 years old and must not have his/her incapacity or restricted capacity for civil conduct as provided by laws.
2. Demonstrate that customer’s demands for a loan to be used for legally accepted purposes.
3. Establish that customer’s plan for effective use of borrowed fund.
4. Prove the customer’s sound financial capability to repay debt owed.
5. Where that customer obtains a loan from a credit institution on which the interest rate is prescribed by Clause 2 Article 13 hereof, it shall be rated transparent and healthy in its financial status by a credit institution.
As regulations above, you meet the requirement of 15 years old, but you shall also have to meet other requirements to get a bank loan such as demands for a loan to be used for legally accepted purposes, plan for effective use of borrowed fund and sound financial capability to repay debt owed.
When getting a bank loan to buy an apartment in Vietnam, is it necessary to pay a notarization fee? If yes, how much is it?
Pursuant to Clause 1, Article 122 of the Law on Housing in 2014 stipulating notarization and authentication of agreements and effective date of housing agreements in Vietnam as follows:
1. Regarding agreements on housing sale, giving, exchange, capital contribution, mortgage, or transfer of agreement on commercial housing sale, it is required to notarize or authenticate the agreement, except for cases prescribed in Clause 2 of this Article.
Regarding any agreement prescribed in this Clause, the effective date of the agreement shall be the date on which the agreement is notarized or authenticated.
Pursuant to Article 54 of the Law on Notarization in 2014 stipulating notarization of real estate mortgage contracts in Vietnam as follows:
1. Real estate mortgage contracts shall be notarized at a notarial practice organization located in the province or centrally run city where the real estate is located.
2. In case a real estate has been mortgaged to secure the performance of one obligation and the mortgage contract has been notarized but such real estate is then further mortgaged to secure the performance of another obligation as permitted by law, a subsequent mortgage contract shall be notarized at the notarial practice organization that has notarized the first mortgage contract. In case the notarial practice organization that conducted the notarization has terminated operation or been transformed, transferred or dissolved, a notary of the notarial practice organization that is keeping the notarial records shall notarize the subsequent mortgage contract.
In addition, pursuant to Point a.7, Clause 1, Article 4 of the Circular 257/2016/TT-BTC stipulating fee and charge in Vietnam as follows:
|
No. |
Value of property or the value of contract/transaction |
Fee (VND/ case) |
|
1 |
Less than VND 50 million |
VND 50 thousand |
|
2 |
From VND 50 million to VND 100 million |
VND 100 thousand |
|
3 |
From more than VND 100 million to VND 01 billion |
0.1% of the value of property or the value of contract/transaction |
|
4 |
From more than VND 01 billion to VND 03 billion |
VND 01 million + 0.06% of the portion of the value of property or the value of contract/transaction in excess of VND 01 billion |
|
5 |
From more than VND 03 billion to VND 05 billion |
VND 2.2 million + 0.05% of the portion of the value of property or the value of contract/transaction in excess of VND 03 billion |
|
6 |
From more than VND 05 billion to VND 10 billion |
VND 3.2 million + 0.04% of the portion of the value of property or the value of contract/transaction in excess of VND 05 billion |
|
7 |
From more than VND 10 billion to VND 100 billion |
VND 5.2 million + 0.03% of the portion of the value of property or the value of contract/transaction in excess of VND 10 billion. |
|
8 |
More than VND 100 billion |
VND 32.2 million + 0.02% of the portion of the value of property or the value of contract/transaction in excess of VND 100 billion (the maximum fee shall be VND 70 million/ case). |
As regulations above, getting a bank loan to buy an apartment is required notarization. The fee depends on value of property or the value of contract as prescribe above.
Best regards!
