Home loan interest rate from 5%/year
A series of banks have been competing to reduce interest rates for loans to buy real estate, repair houses... recently when many banks have applied an interest rate of 5%/year. For example, Vietcombank has reserved 50,000 billion VND for individual customers to borrow to buy houses, repair houses, buy cars, take out consumer loans... with preferential interest rates from only 4.9%/year in the first 6 months for loans under 24 months; from 5%/year in the first 12 months for loans over 24 months.
In addition, Vietcombank also reserved VND100,000 billion for individual customers and small and medium enterprises (SMEs) who need medium and long-term loans to buy, repair real estate, borrow for production and business, borrow to buy cars, and borrow for consumption with fixed lending interest rates from only 6%/year for medium and long-term terms. Specifically, the fixed interest rate is 6%/year for 18 months or 24 months; 7.5%/year fixed for 36 months; 9.5%/year for 60 months.
BIDV has launched a housing credit package with the most attractive interest rate on the market, starting from only 5%/year, loan term up to 30 years, maximum limit of 100% of capital demand. Since the beginning of 2024, Agribank has adjusted the lending interest rate floor 3 times, in which short-term lending interest rates have decreased by 0.5 - 1%/year, medium and long-term lending interest rates have decreased by 1 - 1.5%/year compared to the beginning of the year. Accordingly, Agribank 's normal short-term lending interest rate floor is from 5%/year, medium and long-term lending is only from 7.5%/year.
Home loan interest rates hit rock bottom
Not only state-owned banks but also joint-stock and foreign banks offer low interest rates for home loans. For example, BVBank applies interest rates from 4.99%/year for the first 6 months of the loan, 5.99%/year for 9 months, 6.49%/year for 12 months, 7.49%/year for 18 months and 7.9%/year for 24 months. Sacombank offers a preferential loan package of 10,000 billion VND with interest rates from only 6.5% for customers who need to buy, build, or repair real estate; buy cars; as well as purchase necessary items and equipment to serve their lives. In this credit package, customers can choose fixed interest rates for the first 6 months, first 12 months, first 24 months at 6.5%/year, 7.0%/year, 7.5%/year respectively for the need to borrow to buy and mortgage the main assets formed from the loan capital. ShinhanBank fixes the loan interest rate at 6.8%/year for 12 months, 7%/year for 24 months, 7.5%/year for 36 months...
According to the assessment of the State Bank - Ho Chi Minh City branch, the changes in the real estate market in recent months and the growth of real estate credit have partly reflected the factors affecting and the growth trend in the coming time in promoting credit growth in Ho Chi Minh City. In the context of low capital absorption of the economy, the growth of the real estate market will have a positive impact and effect on other sectors, including bank credit activities.
Housing credit increases
Mr. Nguyen Duc Lenh - Deputy Director of the State Bank - Ho Chi Minh City branch informed that real estate credit in Ho Chi Minh City has maintained a positive growth rate in the past 3 months. Real estate credit increased by 0.96% in March; increased by 1.15% in April and continued to grow by 1.15% in May. Outstanding real estate credit reached VND992,800 billion, accounting for 28% of total outstanding credit in the area and increased by 2.78% compared to the end of the year, higher than the general credit growth in the area. Housing credit, loans for the purpose of buying houses for living, for self-use purposes still accounted for the highest proportion, accounting for 67.78% of total outstanding real estate credit in the area. In particular, there was a positive point in this segment, when housing credit grew again, up 1.2% compared to April (the previous months had negative growth).
This is a credit segment with a high proportion. The growth of this segment not only promotes real estate credit growth but also has great social significance, lending to meet people's housing needs, thereby positively affecting the real estate market and economic growth.
In addition, real estate credit for infrastructure development of export processing zones - industrial parks; office for lease continues to maintain the growth trend and has the highest growth compared to other sectors. Of which, credit for export processing zones - industrial parks increased by 9.47% and credit for offices and high-rise buildings increased by 11.2% compared to the end of 2023. Although the proportion of outstanding loans for this sector is low compared to the total outstanding real estate credit, the increase in credit in this sector reflects the development trend of this sector and is a positive factor that directly affects production and business activities and economic growth.
According to Mr. Nguyen Duc Lenh, the reason for the growth of real estate credit comes from low lending interest rates and the ability to meet the capital needs of credit institutions. Banks have launched preferential credit packages for social housing, as well as the Law on Real Estate Business; the Housing Law... taking effect soon, along with specific actions through the activities of working groups to remove difficulties for the market and the above positive changes, will be the basis and driving factors for the real estate market to maintain its positive points, creating conditions for recovery and growth again in the coming time.
Mr. Pham Nhu Anh - General Director of MB agrees that: Recently, the Government as well as ministries, departments and branches are also focusing on solving legal problems for real estate. The solving process depends on new laws such as the Land Law, Housing Law... effective from August 1. "I think after the law takes effect from August 1, a series of problems will be solved, hopefully by the 3rd and 4th quarters, the real estate sector and housing projects will be solved, at that time it will create a general effect for the real estate market. From there, people will start buying houses, changing houses and the purpose of banks will grow better", Mr. Anh expects.
Source: https://thanhnien.vn/lai-vay-mua-nha-dat-xuong-day-chi-tu-5-185240628112713154.htm
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