Currently, many banks have implemented support packages for young people to borrow to buy houses with preferential interest rates and many attractive policies. This is considered a practical activity of the banking industry to implement the Prime Minister 's direction on preferential credit packages for young people under 35 years old to buy houses.
Many attractive offers
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| Customers transact at a bank. |
Regarding interest rates, most banks offer preferential rates compared to other loans, commonly from 5.2% to 5.6%/year in the first 3 years. In particular, some banks offer interest rates from only 3.6%; loan terms last from 35 to 40 years. Some banks lend up to 70% of the house value or 100% of capital needs if customers meet the conditions. Mr. Cao The Trong - Director of BIDV Khanh Hoa Branch said that BIDV's credit package to support young people to buy or rent houses has unprecedented outstanding policies to help young people own houses and settle down. The maximum outstanding balance applying the preferential interest rate is 5 billion VND per customer. In case customers have higher loan needs, the outstanding balance will be calculated according to BIDV's regular credit package interest rate in each period.
Regarding the principal repayment period, many banks have relaxed regulations compared to regular loan packages, allowing customers to not have to repay the principal for the first 5 years, helping to reduce monthly financial pressure. Some banks also offer additional incentives such as: Free account management for the first year, free card issuance and annual fees for the first year (including debit and credit cards), free or reduced collection fees, etc.
Young people want to access capital soon
To enjoy the preferential credit package, young people need to fully meet the loan conditions according to the regulations of each bank. Some basic conditions include: Age from 20 to 35, have a stable source of income, ensure the ability to repay the debt as committed, have no bad debt history, have no outstanding home loan balance at the time of credit granting and have collateral...
With the above conditions and incentives, the credit package has attracted the attention of many young people. Mr. Than Bao Nam (25 years old, Vinh Ngoc commune, Nha Trang city), an employee of a company with a salary of 13 million VND/month, shared: “I have wanted to buy a house in the city for a long time, but the regular loan packages have interest rates higher than 8%/year and I have to pay the principal monthly. The total principal and interest is almost equal to my income, so I have not dared to borrow. When I learned about the preferential package for young people with low interest rates and a long grace period for principal repayment, I researched the loan conditions of some banks. I really hope to be able to access it soon to own a house in the city.”
In addition to the positive reception, some eligible young people are still hesitant. Many people are concerned about the interest rate after the preferential period ends. According to customer feedback, after the preferential period, the interest rate will be adjusted according to the market (floating), usually equal to the 12-month savings interest rate plus a margin. Depending on the bank, this rate can exceed 8%/year. Meanwhile, the end of the preferential period is also the time to start paying the principal, making it easy for borrowers to face financial pressure. In addition, many opinions also hope that banks will loosen the age limit for beneficiaries (under 40 years old) and simplify loan procedures.
MAI HOANG
Source: https://baokhanhhoa.vn/kinh-te/tai-chinh-ngan-hang/202504/trien-khai-goi-ho-tro-nguoi-tre-vay-mua-nha-afa1782/
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