Low interest rates for home loans, loan terms up to 40 years

Vietnam Export Import Commercial Joint Stock Bank (Eximbank) has just sent to customers who need to borrow money to buy a house, mortgage assets with real estate with quite "low" interest rates.

Specifically, this bank lends at a fixed interest rate of 6.5% for 6 months, 7%/year fixed for 12 months, 7.5%/year fixed for 24 months and 8.5% fixed for 60 months. After the preferential period, the lending interest rate is calculated by the base interest rate announced by Eximbank plus 3%.

In particular, Eximbank offers a loan term of up to 40 years, with a 7-year principal grace period (during the first 7 years, the borrower only pays interest every month, not principal).

Bank launches home loan package with term up to 40 years

Ms. Tran Thi Diep (Phu Nhuan District), a customer of Eximbank, said that in February 2024, she borrowed 300 million VND from this bank to buy a house. At that time, Eximbank applied an interest rate of 8%/year fixed for the first 12 months. Thus, with the latest interest rates of Eximbank, the cost of borrowers with fixed interest rates for 12 months has decreased by 1 percentage point, from 8%/year to 7%/year.

Meanwhile, the Joint Stock Commercial Bank for Foreign Trade ( Vietcombank ) offers customers preferential interest rates for home loans from 5.4%/year, loan term not exceeding 12 months; interest rates from 5.5%/year fixed for 1 year or 6% fixed for 2 years, maximum loan term of 30 years.

The difference is that after the preferential interest rate period, Vietcombank calculates the loan interest rate equal to the 12-month savings interest rate plus 3.5% (currently the 12-month deposit interest rate is 4.6%/year).

In particular, the Bank for Investment and Development ( BIDV ) applies a minimum home loan interest rate of 5%/year fixed for the first 6 months (36-month term) or 5.5%/year for the first 12 months (60-month term), applicable to customers in Hanoi and Ho Chi Minh City.

For customers outside these two major cities, the minimum home loan interest rate is 6%/year fixed for 24 months or 7%/year for the first 36 months.

Source: https://nld.com.vn/ngan-hang-tung-goi-cho-vay-mua-nha-gia-beo-196241017100909704.htm