Agribank applies a policy of lending 100% of capital needs to buy real estate, land, and project houses with preferential interest rates. |
Lower interest rates to stimulate the market
From February 2025, many banks have decided to lower home loan interest rates and slightly increase deposit interest rates. Accordingly, Agribank applies a policy of lending 100% of capital needs to buy real estate, land, and project houses with preferential interest rates of only 5% to 5.5%/year in the first 2 years, then applying floating interest rates according to the market.
BIDV also lends customers up to 100% of the value of the real estate purchase contract with preferential interest rates from 5% to 7% per year in the first 12 - 36 months. Specifically, for customers in Hanoi and Ho Chi Minh City, the minimum home loan interest rate is 5% per year fixed for the first 6 months (36-month term) or 5.5% per year in the first 12 months (60-month term). For customers outside Hanoi and Ho Chi Minh City, the minimum home loan interest rate is 6% per year for 24 months or 7% per year in the first 36 months.
Vietcombank is applying a policy of lending 100% of the house value with preferential interest rates from 5.5% to 5.7%/year in the first 6 - 12 months, with a maximum loan term of up to 30 years. VietinBank applies a preferential loan interest rate from 5.6%/year for 70 - 100% of the house purchase contract value.
Commercial banks are actively implementing preferential credit packages specifically for real home buyers with low interest rates and long loan terms, helping real home buyers gradually approach and own their first home.
For the group of joint stock commercial banks, the loan policy for buying houses and real estate is quite diverse, the loan period is long and the maximum loan limit is relatively high. Some banks apply preferential interest rates from the first 3 months to 2 years, then apply floating interest rates according to the market.
For example, HDBank attracted attention when it launched a credit package of VND30,000 billion with a loan term of up to 50 years. The starting interest rate offered by the Bank is 4.5%/year for the first 3 months, with a maximum loan of up to VND50 billion, disbursing 90% of the value of the collateral. Customers are granted a principal grace period of up to 5 years, helping to reduce financial pressure in the early stages of home ownership.
LPBank has recently introduced a loan package of VND5,000 billion, with a starting interest rate of only 3.88%/year in the first 3 months. Customers can borrow 100% of their capital needs, with a maximum loan term of 35 years and a principal grace period of 24 months.
Previously, SHB announced a preferential interest rate of 3.99%/year for the first 3 months. Customers can borrow up to 90% of the value of the property they intend to buy and are exempt from paying the principal for up to the first 60 months (equivalent to 5 years), with a loan term of up to 35 years.
Policy towards real home buyers
Mr. Pham Linh, Deputy General Director of Vietbank, said that currently, the group of real home buyers are young people aged 22 to 35. This group of customers has the limitation of having weak accumulated assets, but the opportunity to develop and establish a future asset base is high. Meanwhile, the group of customers aged 40 and over has accumulated assets and belongs to the group that buys houses mainly for investment.
“I have met many young people and found that they now calculate very carefully when choosing to buy a house. Most of them buy to live in, so the risk when lending is very low. Buying for speculation is more risky. The proportion of middle-class people in Vietnam is about 23% of the population and increases by 11% each year,” said Mr. Linh.
According to Mr. Linh, 25-35 is the golden age to buy a house. People at this age have resilience, their income increases regularly by an average of about 15% and they have the ability to guarantee debt repayment.
Banks have a common policy when lending to buy houses: principal grace period within 5 years, only maintaining interest payments in the first 5 years. In the context of high GDP growth, increasing foreign investment, the demand for houses is getting stronger, house prices are also stable...
“Vietbank applies flexible payment terms, with principal repayments in stages, suitable for everyone’s needs. The total payment amount will be favorable in the following years. Therefore, the Bank can confidently finance young people to buy houses. Interest rates for home loans also have many incentives,” Mr. Linh added.
Mr. Nguyen Duc Lenh, Deputy Director of the State Bank of Vietnam, Region II, said that the housing policy is a humane policy, maintained over many years to support the poor and low-income people to have the opportunity to own a place to live, while contributing to promoting sustainable economic growth.
Along with that, commercial banks are actively implementing preferential credit packages specifically for real home buyers with low interest rates and long loan terms, helping real home buyers gradually approach and own their first home.
“If we can strongly develop the affordable commercial housing segment, from a credit perspective, it will contribute to expanding credit balance effectively and sustainably. At the same time, young people will have the opportunity to stabilize their lives and contribute positively to the socio-economic development process,” said Mr. Lenh.
ACB Bank also launched a home purchase interest rate policy for real residents. Ms. Dinh Thi Thanh Thao, Deputy Director of the bank's Personal Customer Division, said that ACB is offering a "First Home" loan package for people under 35 years old, with preferential interest rates from 5.5%/year, and loan terms can last up to 30 years.
Customers can flexibly repay the loan with a small amount in the first years, then gradually increase it according to their income - an approach that is very suitable for the personal financial development roadmap of young people. "We are continuing to upgrade the product, expanding the beneficiaries from the age of 35 to 40, to support more people in accessing housing," said Ms. Thao.
According to Ms. Thao, in the early stages of starting a business, young people often have unstable income. Therefore, ACB has designed extremely preferential policies, such as in the first 5 years, customers only pay 1% of the principal; in the next 5 years, the principal must be paid only 2%. This is a very practical level of support and has a big impact on the home buying decisions of many young people.
Another special feature is that customers can pay off the loan up to 100 million VND in advance when they have unexpected income, without any penalty. This creates more flexibility for borrowers in managing their personal finances.
Avoid too much debt pressure
According to Mr. Le Thanh Tung, Lecturer at Ho Chi Minh City Banking University, customers buying real houses should note that the preferential loan packages announced by banks at low interest rates are all short-term interest rates, which will then be released according to the market.
Accordingly, borrowers can choose a preferential interest rate of 3.99%/year fixed for 3 months; or an interest rate of 5.39%/year fixed for 6 months. For a preferential period of one year, the applicable interest rate is 8.39%/year. The minimum loan term for the above loan packages is 4 years or more.
In addition, borrowers can choose a preferential interest rate of 8.79%/year fixed for 18 months, or an interest rate of 8.99%/year fixed for 24 months. The interest rate of 9.99%/year will be fixed for 60 months. The loan term is from 60 months, 72 months and 84 months or more.
After the above preferential periods, the floating interest rate fluctuates around 9-11%/year applied to all loan packages. Normally, customers will have to pay a penalty fee for early repayment depending on the loan package. The penalty fee applied in the first years of borrowing ranges from 1-3%/year.
“The preferential interest rate policy for home loans for people under 35 years old is a good solution, helping to encourage young people to own their first home. However, not everyone can access this policy, because current housing prices are still high compared to the income of most young people. Only people with high incomes can easily borrow money,” said Mr. Tung.
According to Mr. Tung, some banks offer loan limits of up to 80-100%, but customers should not borrow up to this limit because it will cause quite high debt repayment pressure. For example, a customer who borrows 2 billion VND will have to pay over 10 million VND in principal and interest per month. With an income of 30 million VND but paying the bank 15-20 million VND/month, it will lead to great debt pressure. It is advisable to calculate to spend 30-40% of the income to pay off debt.
Source: https://baodautu.vn/lai-vay-mua-nha-co-xu-huong-giam-d268135.html
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