Eating potatoes all month to pay bank interest on apartment purchase

Having a place to live is always a dream for many young people in urban areas - Illustration photo

Having a proper home to settle down in has always been the dream of Mr. Trong Nghia and Ms. Thu Huong (residents of Binh Chanh district, Ho Chi Minh City). After more than 12 years of " living in rented accommodation" around the city, they have experienced the hardship and cramped conditions firsthand.

Afraid to have children, they only hope to have enough to eat each day.

Twelve years of renting, just closing your eyes and thinking about it brings back all the hardships. Nghia and his wife's determination to end their life of renting grew stronger and stronger.

The income from the refrigeration technician profession that Mr. Nghia is pursuing is very unstable. Meanwhile, the salary of a skilled hairdresser or nail technician like Ms. Huong is at most only 9 million VND per month.

After years of frugality, even going hungry, the couple's total assets amounted to over 350 million VND. Indeed, they were able to buy a house – a modest, affordable ^49m² apartment in Binh Chanh district. "We took out a bank loan and are paying it off comfortably," Mr. Hoang laughed.

Back in February, on the day they moved into their new home, the couple hugged each other and cried profusely. Tears of happiness, as their dream of owning a home had come true.

But then, the harsh realities and pressures of life brought them back to reality. Having to pay over 14 million VND per month in both principal and interest to the bank almost completely consumed their income. That's not even considering the fixed interest rate of only 6% for the first three years. In the fourth year, with a variable interest rate, the pressure only increased!

Having just turned 34, the pressure to have children weighs heavily on Huong's heart, growing heavier each day. But what can she do when her first dream—buying a house—is already within reach, yet so fragile? If she has another child, she fears she won't have the strength to fulfill that lifelong dream!

For weeks, Mr. Nghia and his wife had to share every single potato to pursue their dream of owning a home of their own - Photo: TRIEU VAN

To earn extra income, Mr. Nghia took advantage of the opportunity to work as a ride-hailing motorbike driver, working day and night without rest. Outside of work hours, his wife took on extra sewing and cutting work for shoes and sandals.

He confided that only now did he truly understand the saying, "You eat a lot, but you sleep just as little." Sometimes, after paying the bank loan at the end of the month, the couple didn't even have 100,000 dong left for food. For weeks on end, they encouraged each other, sharing every single potato to get through the meal. "By working hard driving, we earn a little extra, just enough to make ends meet. However, to prepare for illness, my wife and I usually eat potatoes and noodles, just enough to fill our stomachs for the meal," Nghia shared.

Since buying the house, Hai hasn't thought about shopping at all - Illustration photo: TRIEU VAN

To settle down, one has to work 19 hours a day.

More than five months after moving into his own house, Van Hai (29 years old, residing in Hoc Mon district) says he still feels a sense of elation when he thinks about it. However, the pressure to repay the debt is also tremendous.

Hai's salary as an assistant to the foreign director was around 22 million VND per month. It was a decent income, but it was too much to cover mortgage payments, living expenses, and other costs.

Having frequently eaten out, Hai now cooks at home to save money. He also cuts down on expenses for coffee, meals out, movies, and social gatherings as much as possible.

But with monthly bank payments totaling 19 million VND, that still wasn't enough. Hai started taking on extra work. After finishing his 8-hour shift at the company, Hai went to a language center in District 6 to tutor Chinese.

Hai didn't get home until after 9 PM, quickly ate a bowl of noodles, and then immersed himself in translation work, preparing documents for several partners. Hai also often took on extra work outside of his main job, such as interpreting, graphic design, and video editing. "Working 19-20 hours a day is normal for me," Hai said.

Source: https://tuoitre.vn/an-khoai-ca-thang-vi-tra-lai-ngan-hang-mua-chung-cu-20240509003852515.htm