What are the home loan interest rates of banks in early March 2024?

Wooribank offers many loan packages with flexible interest rates. Customers can choose a loan package of 5.3% fixed for the first 6 months and 8.3% fixed for the next 54 months; or 5.6% fixed for the first year or 6% fixed for the first 2 years, 6.4% fixed for the first 3 years.

Floating interest rate is calculated by averaging 12-month term deposit interest rates for individuals of state-owned banks plus a margin of 3.5% or more.

Next, VPBank applies a rate of 5.9%/year for the first 6 months of the year. After the preferential period, the floating interest rate is calculated using the reference interest rate plus a margin of 3% per year.

Vietcombank is currently applying preferential interest rates from 6.0%/year in the first 6 months for short-term loans under 12 months; or 6.3%/year in the first 6 months for medium and long-term loans.

The next preferential rate is MSB bank, when borrowing short term for 5 months, the interest rate is 6.2%, short term for 6 months is 6.8%, medium and long term fixed loan for 12 months is 6.5% and medium and long term fixed loan for 24 months is 8%.

Home loan interest rates continue to fall slightly.

Sacombank applies a fixed interest rate of 6.5%/year for 6 months, 7.5%/year fixed for 12 months, 8.5%/year fixed for 24 months for real estate loans. After the fixed period, the interest rate will float.

Agribank currently applies a fixed interest rate of 7%/year for the first year. In subsequent years, the interest rate is floating.

VietinBank applies a preferential interest rate of 8.2%/year for the first 6 months, after which the preferential interest rate is floating. Maximum loan term is 20 years.

Notably, in March, home loan interest rates of major banks were adjusted with a reduction of 0.5 - 3%/year, however this reduction is only applied for a certain period of time.

Agribank has just introduced a policy to reduce home loan interest rates for a number of subjects. Accordingly, loans for real estate business purposes as of January 31, 2023 that are affected by the COVID-19 pandemic will be considered for a maximum interest rate reduction of 3%/year compared to the old interest rate. The maximum adjustment period is until the end of this year and will be applied from January 31, 2023 to December 31, 2024.

VietinBank announced a VND10,000 billion loan package for small and medium-sized enterprises operating in the first 6 months of 2023, with a loan interest rate from 7%/year, applied for a 6-month loan term.

BIDV has just launched a VND100,000 billion credit package for customers borrowing to serve their living and production and business needs, including home loans, with interest rates from 10.3%/year in the first 12 months from the time of first disbursement; from 10.9%/year in the first 18 months from the time of first disbursement.

In addition, this bank also reduces 0.2-0.4% for customers paying salaries through BIDV or customers in certain localities.

Not only the “big” banks, but the trend of reducing lending interest rates has also spread to some joint stock commercial banks. Typically, MBBank also adjusted lending interest rates from only 8.5%/year.

Techcombank, Sacombank, SeABank, Ban Viet,… also offer credit packages with preferential interest rates reduced by 1-2 percentage points compared to normal interest rates.

ACB has just announced a 20,000 billion VND preferential loan package with a maximum interest rate reduction of 3%, effective from February 23.

In its newly released 2024 strategy report, Nhat Viet Securities Company (VFS) expects that when home loan interest rates decrease to a more attractive level, it will create momentum for home loan demand to return from the second half of 2024.

This unit also commented that it is difficult to record a breakthrough due to supply problems and homebuyers' confidence in investors depends on the effectiveness of legal changes and support from policies, which take a lot of time.

Chau Anh

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