However, consumers can buy old apartments or mini apartments, social housing with suitable areas. Along with that, with the loan policy from the bank, with 800 million VND in hand, customers can completely own apartments in many different projects with installment payments.
Loan term up to 35 years, maximum loan limit 100% of Sales Contract (Loan ratio on capital demand) maximum 75% for assets formed from loan capital; 70% for other real estate (Loan ratio on collateral value).
Ms. Tran Thi Thu Ha (32 years old) is an administrative and human resources officer for a private company operating in the pharmaceutical sector, while her husband, 36 years old, is an employee of an interior design company (Hoang Mai district, Hanoi ). Both of them are from the Central region, met in Hanoi and built a family together. After 5 years of marriage, Ms. Ha and her husband have a 6-year-old son and a 1-year-old daughter. The monthly income of the couple is only about 40 million VND.
800 million VND is suitable for buying mini apartments or social housing. (Illustration: Internet).
After getting married, the couple settled in a boarding house in Tu Hiep commune (Thanh Tri district). Recently, the owner of the boarding house demolished it to build a mini apartment for rent, so Ha and her husband were forced to move to another place. For more than a year, since the COVID-19 pandemic was brought under control, Ha and her husband have had to change their boarding house three times, all for very strange reasons from the landlord. Too tired of renting, Ha and her husband discussed buying land and buying a house for long-term living.
Currently, Ha and her husband have saved up about 800 million VND and are planning to borrow money from the bank to buy an apartment worth about 2 billion VND. However, due to the high price of apartments, the scarcity of supply, and the constant fluctuation of bank interest rates, Ha and her husband have not been able to realize their dream of owning a house.
Ms. Ha said that she had consulted many relatives and they advised her to use this money to save for the next 2 years before considering buying a house.
“At this time, apartment prices are still increasing over time, so it is very difficult to choose a place that suits your financial resources. The current supply of apartments is too scarce, and home loans are also very difficult,” said Ms. Ha.
Meanwhile, Mr. Tran The Hoa, currently the Sales Manager of an industrial catering company in Hanoi, said that he also has about 800 million VND to buy an apartment in Hanoi. However, the current selling price of apartments in Hanoi is too high, with this amount of money, he has to borrow about 2 billion VND more to be able to buy an apartment in an area far from the city center.
As for Mr. Pham Duc Ngoc (from Nam Dinh ), thinking that 800 million VND would definitely not be enough to buy a new apartment or an inner-city apartment, Mr. Ngoc decided to look for an old mini apartment in Cau Giay district.
“After more than 3 months of searching and consulting, at the end of April 2023, my wife and I bought an old 50m2 apartment in Cau Giay, which we call a place to settle down. Although it did not meet our wishes, we currently only have 1 small child, so we feel very good and happy to have our own home. Later, when we save more, we will look for a more suitable apartment to buy,” said Mr. Ngoc.
Although the real estate market is currently illiquid, the prices of houses, land and apartments are still very high and scarce due to limited supply.
For example, townhouses in the districts on the outskirts of the city center are not priced below 150 million VND/m2, used apartments have also increased by 15-20%, and real estate in suburban districts has increased from 40-50 million VND/m2 to 90-120 million VND/m2. Although the advertised selling price has been cut by 20-30% by brokers, it has remained the same, even much higher than before the COVID-19 pandemic.
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