What should people under 35 pay attention to when taking out a home loan?

(NLDO) - Banks are launching credit packages for people under 35 years old to buy houses with interest rates of only 5.5-6%, but affordable apartments are scarce.

A series of banks have just announced interest rates to support customers in accessing preferential loans, especially young customers (under 35 years old) to settle down under the Government 's call program.

Specifically, the Vietnam Bank for Agriculture and Rural Development ( Agribank ) announced that from now until the end of December 2025, it will allocate 10,000 billion VND to young customers with a preferential interest rate and fee policy of only 5.5% in the first 3 years with a loan level of up to 75% of the mortgage loan demand from assets formed from loan capital.

Borrowers can pay the principal flexibly, paying small amounts in the first years, then gradually increasing according to actual income, helping to reduce initial financial pressure. The maximum loan term is 40 years, and customers are exempt from paying the principal for up to the first 60 months.

Similarly, the Bank for Investment and Development of Vietnam ( BIDV ) has announced a fixed interest rate of 5.5%/year for the first three years. In the following years, customers will pay the interest rate of 24-month term capital mobilization plus 3%/year. Borrowers are also not required to pay the principal within 5 years, applied to the maximum loan amount of 5 billion VND...

Some young people who want to buy a house say that the important thing is not the loan and interest, but they need to find an apartment project where the investor provides loans, the selling price is affordable, and the location is convenient for going to work, living, and working.

The average selling price for a 2-bedroom apartment is around 2.5-2.7 billion VND, suitable for young couples with an income of 35-40 million VND/month.

Affordable apartments for people under 35, preferential interest rate loans are very rare

Tran Thu Thuy said that she and her husband had just gotten married and were renting an apartment in District 4 for 15-16 million VND/month. If they borrowed money and used it to pay the bank, it would be very suitable, but newly opened houses for sale for 2-2.5 billion VND within a radius of 7-8km from the city center are very rare.

Mr. Tran Khanh Quang, Director of Viet An Hoa Real Estate Company, said that the policy for young people to borrow money to buy mortgages using purchased assets and proving income with salary is very good because this is a low-risk borrower. However, according to Mr. Quang, first of all, buyers need to find a project that suits their needs and their budget. The important thing is to find a project where the investor cooperates with the bank to have a preferential credit loan package according to the Government's policy.

Mr. Quang recommends: "Young people need to balance their income when buying and borrowing. They should spend 30-35% of their total income on paying the bank. If their total income is 40 million VND, then spending 15 million VND to pay the bank is appropriate. And if it is the first time borrowing, they should borrow 50-60% of the total value of the apartment."

According to Mr. Quang, currently, affordable commercial housing projects, around 40-42 million VND/ ^m2 or less, are relatively rare. Therefore, buyers can wait and choose more suburban projects to be able to settle down soon.

Source: https://nld.com.vn/nguoi-duoi-35-tuoi-vay-mua-nha-can-chu-y-gi-196250430171155145.htm