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loan interest rate

Báo Tài nguyên Môi trườngBáo Tài nguyên Môi trường31/03/2023


Recently, many commercial banks have continuously reduced lending interest rates, according to experts this is a positive signal for the real estate market.

Interest rates are starting to show signs of cooling down. At some commercial banks, deposit interest rates have been adjusted down slightly by 0.1 - 0.5%/year. In particular, the interest rates of state-owned commercial banks are lower, kept stable since before Tet, fluctuating from 6 - 7.5%/year. In particular, some banks have high interest rates above 9.5%, usually for long terms of 24 - 36 months, or for depositors with tens of billions or more.

According to statistics from SSI Securities Company, the current mobilization interest rate has decreased by about 0.5 percentage points compared to the end of last year. The reduction in mobilization interest rates is also the basis for adjusting the lending interest rate. Currently, some banks have also announced preferential programs to reduce lending interest rates, with a reduction of 0.5 - 2%/year, to stimulate the borrowing demand of people and businesses at the beginning of the year.

In the field of home loans, some banks have announced interest rate reductions. Specifically, at Agribank , loans for real estate business purposes as of January 31, 2023 that are affected by the COVID-19 epidemic will be considered for a maximum interest rate reduction of 3%/year compared to the old interest rate.

BIDV Bank has launched a VND100,000 billion credit package for customers borrowing to serve their living and production and business needs, including home loans, with interest rates from 10.3%/year in the first 12 months from the time of first disbursement; or from 10.9%/year in the first 18 months from the time of first disbursement.

Not only the “big guys” in the industry, the trend of reducing lending interest rates has also spread to some joint stock commercial banks. For example, MBBank adjusted its lending interest rate from only 8.5%/year. Banks such as Techcombank, Sacombank, SeABank, Ban Viet… also launched credit packages with preferential interest rates reduced by 1-2 percentage points compared to the normal interest rate.

The information that banks have simultaneously reduced their savings and lending interest rates is considered by experts to be a positive signal for the real estate market, as the average deposit interest rate falling to below 7%/year may pull lending interest rates down to around 10%/year. This will greatly support businesses, investors, and individuals borrowing to buy real estate.

Mr. Nguyen The Diep, Vice President of Hanoi Real Estate Club, also said that recently, the issue of high interest rates has affected the liquidity of the real estate market. "Buyers will consider the issue of income and expenditure and not spend money to buy, causing low liquidity. Real estate businesses are strongly affected by difficulties in the bond channel and high interest rates," said Mr. Diep.

According to Mr. Diep, most home buyers have a certain amount of money, the rest will use financial leverage. However, high interest rates make them not dare to borrow to buy. Therefore, purchasing power has seriously decreased, causing businesses to be affected in terms of cash flow.

According to this person, if interest rates are lowered, the real estate market will develop strongly. Because, currently, demand in the market is still very good, especially in the segment serving real needs.

“The fact that banks are talking about lowering interest rates is good news for the market. However, the implementation depends on the stability of the economic situation and macroeconomic factors,” Mr. Diep added.

Real estate still attracts

According to experts, although the current real estate market is gloomy, there are still bright spots. That is, product segments that meet real housing needs such as residential land, townhouses or apartments are still of interest and will have good liquidity, because people's needs always exist.

If in the previous stage, customers lost confidence in the handover of products, now customers are more optimistic when many projects are still being constructed and handed over on schedule, with committed quality. When the selling price is reasonable and the product is from a reputable investor, combined with full utilities, people with real needs still decide to buy for use.

Mr. Director of Savills Vietnam Co., Ltd., real estate investment is first and foremost about capital safety, then about profitability. Investors today are very cautious, so products must have good legality. Investors today have more experience, and they are also the ones who screen investment products themselves. Because these are investment decisions with not small amounts of capital, any investment decision will be carefully considered.

In the Hanoi market, in fact, the number of apartment transactions is still taking place, although it has decreased compared to previous years. However, it does not mean that the market is "frozen". Explaining the current decline in apartment transactions, Mr. Vu Cuong Quyet, General Director of Dat Xanh Mien Bac analyzed that the reason comes from the difficulty of accessing bank loans in the second half of 2022. Because there is no support money from the bank, buyers have the need to own a house but do not have enough finance to make the decision to pay. This is also the reason why home buyers at this time are mainly in the group with cash available.

Mr. Quyet predicts that types of real estate such as apartments will still record liquidity in the coming time. Especially with the signal of loosening the credit room from the State Bank of Vietnam when adjusting the credit target by about 1.5 - 2% recently for the entire system of credit institutions, home buyers will have the opportunity to access loans, which will increase project liquidity. Mr. Quyet added that in 2023, disbursement of home loans from banks will be "easier" because the new credit room is "wide". As at the beginning of 2022, home buyers can easily access loans. It will not be until mid-2022 that the credit room is exhausted, making it difficult for home buyers to borrow. In addition to the apartment segment, the housing segment in Hanoi alleys, or townhouses that meet business needs and generate cash flow will still record buying and selling transactions.



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