Home loan interest rates in December: What is the lowest rate?

Specifically, Shinhan Bank is implementing the most preferential loan interest rate of 6.6%/year, applied for the first 6 months. The loan term is up to 30 years with a loan limit of 70%.

This is also the bank with the largest reduction in home loan interest rates this month. Specifically, compared to last month, the bank has drastically reduced it by 1%.

Thus, after exactly 1 year, home loan interest rates at Shinhan Bank have decreased sharply, down 4.3% from 10.9% in December 2022.

Next is the loan package at WooriBank with a loan limit of up to 80% of the mortgaged property. The applied interest rate is 7.2%/year with a loan term of 30 years.

Home loan interest rates continued to be adjusted downward by many banks in December. (Illustration photo).

Hong Leong Bank also has a loan package with a very attractive interest rate of 7.3%/year. Customers can borrow up to 80% of the value of the mortgaged property and the loan term is 25 years.

HSBC also maintains home loan interest rates at 7.2%/year and 9.75%/year.

Some other banks have interest rates below 10%/year such as: Vietnam Public Joint Stock Commercial Bank - PVcomBank (9%/year); Orient Commercial Joint Stock Bank - OCB (8.49%/year); Saigon Commercial Joint Stock Bank - SCB (7.9%/year). In particular, SCB attracts attention with a maximum lending rate of up to 100%.

Meanwhile, some banks still have home loan interest rates above 10%/year such as: Vietnam Maritime Commercial Joint Stock Bank - MaritimeBank - MSB with 10.99%/year; Tien Phong Commercial Joint Stock Bank - TPBank with 10.7%/year and Vietnam Technological and Commercial Joint Stock Bank - Techcombank with 10.5%/year, unchanged from the previous month.

One of the notable points is that some banks have started to offer preferential loans when customers buy their first home.

Specifically, VietinBank has a policy of partial interest rate support for people buying their first home to live in (the support level can be 2% by supporting production and business according to Decree 31) and/or has a specific loan interest rate support mechanism for customers buying real estate to stabilize the market and support credit institutions to finance customers.

Although lending rates have decreased, according to experts, they are still high.

According to Dr. Nguyen Tri Hieu, a finance and banking expert, the economy is still facing difficulties, so the economy's ability to absorb capital is weak. Therefore, in addition to banks reducing lending rates, there needs to be solutions to stimulate purchasing power.

Chau Anh

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