DNVN - Sharing with Vietnam Business Magazine, Mr. Le Hong Khang - Director of Analysis, member of the Credit Rating Council, FiinRatings Joint Stock Company, said that to support young people to buy houses, in addition to supporting credit interest rates, there should be a plan to reduce the cost of the first payment.
At a recent conference with commercial banks, Prime Minister Pham Minh Chinh requested the State Bank and commercial banks to study and continue to have preferential credit packages for both supply and demand to develop social housing and housing for young people under 35 years old.
Immediately after the Prime Minister's request, many banks such as ACB, SHB, PvcomBank, and BIDV launched preferential credit packages for these home buyers.
Accordingly, ACB launched the "First Home" loan package for people under 35 years old, with an interest rate of 5.5% fixed for 5 years. SHB announced a VND16,000 billion loan package to serve the need to buy a house with a preferential interest rate of 3.99%/year in the first 3 months. PVcomBank launched a real estate loan credit package with an interest rate of 3.99%/year (preferential in the first 3 months), loan term up to 35 years and BIDV offered a preferential interest rate of 5 - 5.5%/year fixed for the first 6 - 12 months for home buyers.
Sharing with Vietnam Business Magazine about this preferential policy, Mr. Le Hong Khang - Director of Analysis, Member of the Credit Rating Council, FiinRatings Joint Stock Company said that the credit package for young people to borrow to buy houses from banks is having a positive approach. Because in the past 2 years, credit growth for home buyers has been very low.
Previously, credit growth for home buyers was often in double digits, but in the past two years, growth has only been around 7% - 9%. The policy of lowering lending interest rates, especially for young people under 35 years old to buy houses, is completely appropriate because this is a very dynamic group.
Young people under 35 years old are the group with the highest income growth, especially in the context of economic integration and the age of taking on management positions is getting younger in Vietnam. Choosing young people under 35 years old to have preferential credit for home loans is very suitable for the current golden population growth in Vietnam.
“This is also one of the policies that we use to stimulate consumer spending through loans to buy the first home. This incentive policy will help increase credit growth, increasing the actual efficiency of the supply of the housing market in the coming time,” said Mr. Khang.
Mr. Le Hong Khang - FiinRatings Joint Stock Company believes that the most difficult part for young people buying a house is the first payment.
According to FiinRatings representative, over the past 2 years, the State Bank has encouraged credit growth for real estate investors and businesses. Up to now, the preferential credit policy for young people to buy houses will stimulate home loan activities; indirectly stimulating spending in the economy.
With interest rates lowered to 5% or 5.5% as banks have implemented now, young people can completely access preferential loan packages. Preferential credit packages and lower interest rates for young people to buy houses will help increase real estate demand.
“The cost of home ownership is very high, partly due to limited supply. We expect that in the future, when satellite cities or new urban areas are a little further from the city center, not too far from the working space, this will be a direction to both stimulate spending and be an opportunity for real estate investors to effectively implement their projects,” Mr. Khang expects.
However, Mr. Khang said that the most difficult part for young people buying a house is the initial payment. Apart from the initial payment, most loan packages are usually for 20-30 years, so the cost that home buyers have to pay later is not really large, only about 30-35% of total income.
Therefore, in addition to interest rate support, there should be a plan to reduce the initial payment cost for home buyers. At the same time, there should be a roadmap to help young people have better access to loans.
For example, normally banks lend to home buyers at a ratio of 3/7 (home buyers pay the initial cost of 30% of the property value, the bank lends 70% of the property value), but in the near future, banks may increase the lending ratio to 2/8 (home buyers only have to pay the initial cost of 20% of the property value, and the bank lends 80% of the property value).
“The value of real estate assets has increased dramatically in recent times. If we support young people to buy houses by reducing the initial payment, it will be a way to further enhance their access to housing, especially the house they initially own,” Mr. Khang analyzed.
Ha Anh
Source: https://doanhnghiepvn.vn/kinh-te/bat-dong-san/ho-tro-nguoi-tre-mua-nha-giam-lai-suat-nen-di-kem-giam-chi-phi-tra-lan-dau/20250317085305112
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