“Hello Lawyer, currently my wife and I plan to borrow from a bank to get business capital. I am away on a business trip, so I can’t go to the bank to borrow money. Can I authorize my husband? Now, my husband has a bank loan, so I borrowed it. Can a wife authorize her husband to get a bank loan in Vietnam? How to authorize a husband to borrow a bank loan? Looking forward to helping my counsel. I sincerely thank Lawyer.”
Clause 2, Article 24 of the Law on Marriage and Family 2014 stipulates: “Husband and wife may authorize each other to establish, perform and terminate transactions as prescribed by this Law, the Civil Code, and other laws. Other related parties must have the consent of both husband and wife…”. Can a wife authorize her husband to borrow from a bank? Today, LSX Lawfirm will give you an article about “Can a wife authorize her husband to get a bank loan in Vietnam?“, as follows:
Legal grounds
Civil Code 2015;
Land Law 2013;
Cases of mortgage of land use rights for bank loans
There are two specific cases as follows:
Mortgage of land use rights without mortgage of land-attached assets
In this case, there are two ways to handle the collateral. If the land user is also the owner of the property on land, the property to be handled includes property on land; unless otherwise agreed. In case the land user is not concurrently the owner of assets attached to the land when handling land use rights; owners of property on land may continue to use the land within the scope of their rights and obligations; of the mortgagor in relation to the owner of the property attached to the land transferred to the transferee of the land use right; unless otherwise agreed.
Mortgage of land use rights and properties attached to land
Unless otherwise agreed by the parties, when mortgaging the land use right, but the property attached to the land belongs to the mortgagor, the property attached to the land shall also belong to the mortgaged property.
Conditions for a mortgage of land use rights for bank loans
Land users may transfer, lease, sublease, donate, mortgage, or contribute capital upon obtaining the Certificate. Thus, a prerequisite for a land user to mortgage is to have a Certificate.
Specifically, in order to be able to mortgage the red book for a loan at a bank, it is necessary to simultaneously ensure the following conditions:
- Firstly, Have a certificate of land use rights.
- Secondly, The land is not disputed.
- Thirdly, During the land use period.
- Finally, Land use rights are not distrained to secure judgment enforcement.
Can a wife authorize her husband to borrow from a bank?
Clause 2, Article 24 of the Law on Marriage and Family 2014 stipulates: “Husband and wife may authorize each other to establish, perform and terminate transactions as prescribed by this Law, the Civil Code, and other laws. Other related parties must have the consent of both husband and wife…” Normally, when signing a mortgage contract where the mortgaged property is the common property of husband and wife, the mortgage contract must have both signatures. couple. However, the law allows husband and wife to authorize each other to perform transactions in accordance with the law. Therefore, you must have written authorization from your wife to agree to let you be the representative to sign the mortgage contract.
The authorization is made in writing and you can notarize the power of attorney according to the procedures and documents specified in Articles 40 and 41 of the Law on Notarization 2014. In case you and your wife cannot go to the same organization. Notarization practice (because your wife is on maternity leave in her hometown), complies with the provisions of Clause 2, Article 55 of the Law on Notary 2014: “The authorizing party requests the notarial practice organization where they reside to notarize the contracting authority; The authorized party requests the notarial practice organization where they reside to notarize the original copy of this authorization contract and complete the procedures for notarizing the authorization contract.
Procedures for mortgaging land use rights for bank loans
The mortgage of land use rights is done as follows:
Step 1: Receive loan request
A customer relations specialist at the Bank will receive loan requests from customers. Check the authenticity of the Land Use Right Certificate; term of land use; financial obligations related to land use rights; check with local authorities to determine that the land is not in dispute; land use rights are not distrained to ensure judgment enforcement. If it is not enough, we will guide the customer to supplement it fully.
Step 2: Appraise the value of the collateral
The collateral (mortgage land plot) will be surveyed to determine the real value of the property. The limit of the loan package will be based on the value of the property. The collateral valuation process can be done by the bank’s appraisal department; or with third-party assistance.
Step 3: Carry out mortgage loan procedures
After having agreed on relevant terms on loan terms, interest rates, and allowable limits; Customers prepare full mortgage loan documents to complete the bank loan procedure. This entire process will witness and verified by authorized individuals.
Step 4: Register for guaranteed transaction
In order to use the land use right as valid collateral, the bank needs to register the mortgage of the property. The mortgage contract will notarize. After that, it will send to the competent agency for mortgage registration. Guaranteed transaction registration usually results in 3-7 working days from the time of application submission.
After obtaining the registration results for the mortgage of the property, the loan will disburse according to the agreement. The certificate to use as collateral will be accompanied by an additional printed page. It shows the certificate of land use right used to borrow money at the bank then.
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Related questions
This is one of the forms of cash loan from the bank of the legal landowner then.
Accordingly to the law, the land in dispute is not eligible to be registered as a mortgage for a bank loan then.
Accordingly to the provisions of the Penal Code, a person who borrows, borrows, or rents property from another person or receives another person’s property by means of a contract and then uses fraudulent tricks to appropriate such property or the time limit for returning the property despite conditions and possibilities but deliberately not paying; or borrow, borrow or rent another person’s property, or receive another’s a property by means of a contract, and have used that property for an illegal purpose, resulting in the inability to return the property, may be considered for the crime of abusing trust to appropriate property under Article 175 of the Penal Code.
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