First bank to launch loan package for young people

(NLDO) – Home loan package has preferential interest rate from 5%/year for the first period and fixed up to 60 months (5 years).

Specifically, Asia Commercial Joint Stock Bank (ACB) has just announced the "First Home" loan package for young people under 35 years old, with simple and flexible procedures and preferential interest rates. In particular, borrowers are flexible in repaying the debt with a small amount in the first years and gradually increasing according to the future income of young customers.

Specifically, the loan package has a preferential interest rate of 5%/year for the first fixed period up to 60 months (5 years). This interest rate is up to 3% lower than announced.

In addition, customers can borrow for a long period of up to 30 years, with a flexible principal repayment method, only needing to pay from 2% of the principal/year. In addition, customers also have a grace period for principal repayment for up to 12 months from the date the loan is disbursed, free valuation of collateral and preferential early repayment fees when making monthly payments.

Rising housing prices make it increasingly difficult for people to access

According to ACB leaders, young customers aged 18-35 with stable jobs and regular monthly income can absolutely think about buying a house. With stable jobs and a long working time, the risk of the loan is quite low. On the other hand, the "first home" can also be considered a financial solution to meet the needs of young people to settle down, stabilize their lives and focus on developing their careers. Therefore, this is a good opportunity for young people to access home loan packages from banks.

Previously, at the Government Standing Committee meeting working with commercial banks, the Prime Minister requested the State Bank and commercial banks to research and continue to have preferential credit packages for both supply and demand to develop housing for young people aged 35 and under.

At the same time, the Ho Chi Minh City Real Estate Association (HoREA) also proposed that the State Bank consider building a mechanism for young people (18-45 years old) buying their first home to borrow credit at reasonable commercial interest rates (about 6-7%/year, secured by the house itself) for a period of 10-15 years.

"Most young people are ambitious, have a long life to develop their careers, and usually after about 10-15 years their income will double or more than double, so there is almost no risk for commercial banks to lend" - a representative of HoREA explained.

Source: https://nld.com.vn/ngan-hang-dau-tien-trien-khai-goi-vay-mua-nha-danh-cho-nguoi-tre-tuoi-19625021411060446.htm