Which bank offers the best home loans in January 2024?

Specifically, the lowest home loan interest rate in the market in January 2024 belongs to Vietnam Prosperity Joint Stock Commercial Bank - VPBank at 5.9%/year.

Next are UOB Bank (6%/year), Global Petroleum Bank - GPBank (6.25%/year), VietinBank (6.4%/year), BIDV (6.5%/year), Saigon Thuong Tin Commercial Joint Stock Bank - Sacombank (6.5%/year), Shinhan Bank (6.6%/year), Vietcombank (6.7%/year), Ho Chi Minh City Development Joint Stock Commercial Bank - HDBank (6.8%/year), Vietnam Maritime Commercial Joint Stock Bank - MSB (6.8%/year), Tien Phong Commercial Joint Stock Bank - TPBank (6.9%/year),...

On the other hand, Vietnam Technological and Commercial Joint Stock Bank – Techcombank has the highest interest rate but is still quite “comfortable”, reaching 10.5%/year. Following are HSB (9.75%/year), Southeast Asia Commercial Joint Stock Bank – SeaBank (9.29%/year), Orient Commercial Joint Stock Bank – OCB (8.49%/year),…

Home loan interest rates continue to fall. (Illustration photo).

From December 2023, home loan interest rates at BIDV will decrease by 1%/year to only 6.5%/year.

Vietcombank also lowered the interest rate to 6.7%/year. The 6.7%/year rate at Vietcombank is fixed for the first 18 months, then increases to 6.8%/year for the next 2 years and 7.5% (for 3 years), 9.5% (for 5 years), 10.5% (for 7 years), after 10 years, the fixed interest rate is 11%/year.

After the preferential period, the loan interest rate is calculated by the 12-month savings interest rate plus a margin of 3.5%.

The highest rate in the Big 4 group belongs to Agribank with 7%/year, the lowest rate belongs to VietinBank with 6.4%/year.

Thus, after 1 year of "plummeting" deposit interest rates, home loan interest rates have also decreased sharply, although the decline has not really been proportional.

However, some units are no longer applying the super preferential rate. Previously, MSB had an interest rate policy of only 4.99%/year, applied a year ago and effective for a very short time only in the first few months. After that, the floating interest rate often fluctuated from 13% to 15%/year. Currently, this policy is no longer applied.

At the press conference to deploy the 2024 tasks of the State Bank of Vietnam (SBV) on January 3, Permanent Deputy Governor Dao Minh Tu said: " Lending interest rates are at their lowest in the past 20 years and many commercial banks said that interest rates cannot be lower. Currently, there are still high interest rates remaining from previous terms when commercial banks mobilized at high interest rates. But it is certain that by 2024, this level will no longer be maintained ."

Ngoc Vy

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