The truth about preferential home loan packages for young people from banks

(NLDO) – Some banks have stopped offering preferential loans to young people to buy houses, while many other banks are still offering loans with slightly increased interest rates.

Agribank has just announced that it will stop implementing a number of preferential loan programs and policies for individual customers, including the preferential home loan program for young customers. This bank also stopped the preferential loan program to serve the needs of buying houses, receiving land use rights transfer, building, repairing, renovating, and completing houses.

As for the preferential loan program for buying social housing for young people under 35 years old, Agribank is still implementing, with the loan interest rate 2% lower than the average medium and long-term VND loan interest rate of 4 State-owned commercial banks Agribank, BIDV , Vietcombank and Vietinbank in the first 5 years of borrowing (from the first disbursement date). The current loan interest rate is about 6.1%/year.

A credit officer of BIDV also informed that the preferential loan program for young people to buy commercial housing of this bank is temporarily suspended. Previously, individual customers up to 35 years old who want to buy/rent-purchase houses nationwide were supported by BIDV with an interest rate of 5.5%/year fixed within 3 years, loan term up to 40 years and especially no principal payment within 5 years applied on a maximum amount of 5 billion VND per customer.

According to the reporter of Nguoi Lao Dong Newspaper, some other commercial banks said they are still implementing preferential home loan programs for customers, but loan interest rates have increased.

Specifically, a credit officer at Vietcombank in Ho Chi Minh City informed that the preferential package for young people to borrow to buy houses at this bank is still being implemented, but the interest rate has increased to 6.3%/year in the beginning, instead of the previous interest rate of less than 6%.

A representative of a state-owned commercial bank informed that preferential credit packages for young people to borrow to buy houses at this bank are still being implemented, only the interest rates are no longer as preferential as before.

Some banks have announced that they will stop offering low-cost loan packages to young people who want to buy houses early, in the context of recently rising deposit interest rates.

At many other commercial banks such as BVBank, SHB, HDBank, credit officers informed that they are still implementing preferential credit packages for home loans. However, the interest rate will be applied to each type of real estate, and will change over time.

Low-interest loan packages for young people have been suspended ahead of schedule amid rapidly increasing bank credit and upward pressure on input interest rates. Some people who are taking out home loans have also reported receiving notices from banks about interest rate increases.

Source: https://nld.com.vn/mot-loat-ngan-hang-bat-ngo-dung-goi-uu-dai-cho-vay-mua-nha-voi-nguoi-tre-19625120509345059.htm