Currently in need of a loan to buy an apartment for rent, Mr. Nhat Thinh (living in Binh Thanh District, Ho Chi Minh City) said he is overwhelmed by the preferential interest rate credit packages of many banks. Because never before has the real estate loan segment, from apartments, townhouses, land plots... been promoted by banks with as many choices as it is now.
"I plan to borrow money to buy an apartment in Ho Chi Minh City for rent, costing around 3-4 billion VND. I have 1 billion VND available, but I'm still worried that the interest rate after the preferential period will increase?
Will interest rates increase at the end of the year? Is the loan procedure easy for apartment projects that do not have certificates?" - Mr. Thinh said.
According to the reporter of Nguoi Lao Dong Newspaper, a series of banks such as Sacombank, BIDV, Agribank, TPBank, HDBank, VIB, SHB , VPBank, ACB... are launching preferential packages for home buyers, especially young people according to the policy of the Government and the State Bank.
Many banks are implementing home loan credit packages with preferential interest rates, long loan terms and principal grace period of 5-10 years.
Sacombank has just launched a "Z Home" credit package that lends for many types of real estate such as apartments, private houses or residential land, suitable for the needs of young customers from 18 to 40 years old who want to own their first home. Customers can use the real estate purchased from the loan as collateral, with a loan limit of up to 85% of the home value.
"Sacombank supports a loan limit of up to VND10 billion (up to 85% of the collateral value) and applies a fixed preferential interest rate of 6.5%, 7% and 7.5%/year, respectively for 12, 24 and 36 months. The loan term is up to 40 years, helping customers reduce monthly debt repayment pressure and easily plan long-term finances. Borrowers also have a grace period of up to 5 years for principal repayment, during which time they only need to pay interest - suitable for young families and new entrepreneurs' - said a representative of this bank.
At TPBank , customers can apply for a loan to buy a project house through the TPBank Partner application, accessing a loan limit of up to 10 billion VND. The maximum loan term is 35 years and the loan ratio is up to 80% of the real estate value. This bank also applies a principal grace period policy of up to 60 months, with competitive interest rates from only 3.6%/year.
Many foreign banks in Vietnam have also joined in, such as Shinhan Bank, which offers home loans with fixed interest rates from 4.5% for the first 6 months to 6.9% fixed for 36 months. For young people who borrow to buy a house, the interest rate will decrease by another 0.3 percentage points.
Not only preferential interest rates, many banks are competing to provide home loans with long loan terms of up to 30-50 years, instead of only about 20-30 years as before. The principal grace period policy of up to 10 years (customers only pay a portion of the principal or interest during this period) is also a competitive factor.
With concerns about floating interest rates after incentives, many experts recommend that borrowers carefully consult with credit officers and banks before signing contracts, about the interest rate calculation margin after incentives, and the interest rate adjustment period (every 3 months, every 6 months, etc.).
However, Mr. Trinh Bang Vu, Head of Retail Business, Shinhan Bank Vietnam, noted that when taking out a home loan at this time, borrowers need to pay attention to a number of influencing factors.
With interest rates, the seasonal capital demand is usually very high at the end of the year and usually the fourth quarter will be higher when customers need to complete orders, complete financial plans...
As capital demand increases, banks will have to mobilize more. To do so, banks will increase deposit interest rates and may adjust lending interest rates accordingly. This year may be different, as many banks are currently trying to maintain low lending interest rates, but how long this will last depends on the financial capacity of each unit.
"It is forecasted that by the end of the third quarter and the beginning of the fourth quarter, lending interest rates will likely increase slightly. Therefore, borrowers need to take advantage of low capital costs if they plan to borrow," said Mr. Bang Vu.
Source: https://nld.com.vn/du-kieu-uu-dai-lai-suat-co-nen-vay-ngan-hang-mua-nha-luc-nay-196250626113046628.htm
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