The bank with the most preferential loan interest rate today is Vietnam Prosperity Joint Stock Commercial Bank ( VPBank ) with 5.9%/year.
Some other units also have relatively low home loan interest rates such as: GPBank (6.25%/year), MBBank (7.5%/year), Hong Leong Bank (7.5%/year), SHB (7.5%/year), OCB (7.5%/year), Sacombank (7.5%/year),...
In early November, home loan interest rates at many banks decreased significantly, the general level has moved away from the 10%/year mark.
Specifically, if last month, the highest rate in the market belonged to Maritime Bank (MSB) with 10.99%/year, now, the home loan interest rate of this bank is only 8.99%/year, corresponding to a decrease of 2%. This is a very large adjustment.
Home loan interest rates fell sharply in November. (Illustration photo).
Home loan interest rates at MSB have dropped sharply, but some other loan conditions remain the same, such as: maximum loan ratio of up to 90% and maximum loan term of 35 years.
Along with MSB, last month, Tien Phong Commercial Joint Stock Bank (TPBank) and Vietnam Technological and Commercial Joint Stock Bank ( Techcombank ) both had home loan interest rates above 10%, at 10.7%/year and 10.5%/year respectively. However, this November, both TPBank and Techcombank applied the rate of 8.5%/year, corresponding to a decrease of 2.2%/year and 2%/year respectively.
For the BIG4 group (Agribank, Vietcombank, Vietinbank and BIDV), the interest rate for home loans in the first year is only 6-7%/year. The floating interest rate is about 9-10%/year for the following years.
Thus, after a long period of time when deposit interest rates were continuously adjusted down to a very low level, below 6%/year, home loan interest rates have decreased sharply following deposit interest rates.
On October 24, Prime Minister Pham Minh Chinh signed Official Dispatch No. 993/CD-TTg on continuing to resolutely implement solutions to develop a safe, healthy, and sustainable real estate market, contributing to promoting socio-economic development.
At the same time, Governor of the State Bank of Vietnam Nguyen Thi Hong directed commercial banks to continue promoting credit lending to the real estate sector; have appropriate solutions to reduce costs to reduce interest rates.
Continue to review and further reduce inappropriate, cumbersome, and costly administrative procedures so that businesses, real estate projects, and home buyers can access credit sources more easily.
There are special credit promotion policies for feasible real estate projects with fast implementation progress, creating momentum for growth and promoting the real estate market.
Direct commercial banks to urgently guide credit loan procedures for projects that have been announced as eligible and in need of loans for both investors and home buyers of the 120,000 billion VND credit program.
Ngoc Vy
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