Can I buy a house in Hanoi with an income of 20 million VND/month?

Answering this question, many experts believe that although it is difficult to buy a house on installments with an income of 20 million VND, it is still possible. However, because of the installment payment method, customers need to consider a number of factors such as bank loan interest rates, job stability, future income growth, etc. to be sure that they will be able to pay off the debt, even pay off the debt ahead of schedule.

In particular, to be able to buy a house, each person should save about 50% of their income every month. For example, with an income of 20 million/month, you can save about 10 million/month. Thus, after 1 year, you will save 120 million VND. After about 5 years, you will have 600 million VND. This amount of money can help you buy a cheap apartment under 2 billion VND with a bank loan rate of 70%.

Thus, with an income of 20 million VND per month, it takes at least 5 years of saving before you can consider buying a house.

With an income of 20 million VND/month, you should only think about buying a house after 5 years of saving. (Illustration: Cong Hieu)

When buying a house on installments, buyers should especially consider and find out accurate information about the annual interest rate. Normally, the interest rate that the bank offers for 6-12 months is very good. But from 1-5 years, the interest rate will increase over time. Therefore, careful calculation is required to avoid being too stressed about debt.

Experts advise that you should only buy a house when you have 50% of your own capital and borrow 50% of the apartment value from the bank. This helps you not to be too pressured and burdened with the amount of debt as well as monthly interest payments.

According to Mr. Vo Hong Thang, Director of Consulting Services and Project Development, DKRA Group, the second 50/50 principle that needs to be followed is that the installment payment amount should not exceed 50% of the monthly income. The remaining 50% is used to spend on the minimum needs of life; to restore labor to continue earning money. With the amount that can be paid of about 10 million VND/month, a loan of about 1 billion VND is reasonable.

In addition, you need to make a detailed spending plan to balance and control spending management. First, list all living expenses, dividing them into essential and non-essential expenses so that you can easily cut them.

Essential expenses include rent, electricity, water, gas, food, etc. Unnecessary expenses such as entertainment, shopping, travel, etc. should be limited to create reasonable spending habits and achieve goals as soon as possible.

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Source: https://vtc.vn/thu-nhap-20-trieu-dong-thang-co-mua-duoc-nha-ha-noi-ar797759.html