One of the banks offering the lowest mortgage interest rates on the market today is Woori Bank, at 7.2% per year, with a maximum loan-to-value ratio of 80% and a maximum loan term of 30 years.
Next are the banks:SHB , MBBank, and Hong Leong Bank, all offering interest rates of 7.5% per year with a maximum loan-to-value ratio of 75-80%.
Other banks also offer relatively high preferential interest rates, including: Shinhan Bank (7.6%/year); BIDV (7.8%/year); Agribank and Vietcombank (8%/year); HDBank (8.2%/year)...
Interest rates on home loans at many banks have fallen sharply.
The group of banks currently offering high interest rates for home loans includes Maritime Bank with 10.99%/year; and Techcombank with 10.5%/year.
Next is HSBC with 9.75% per year. This bank also had the largest reduction in lending interest rates, as it applied a rate of 11.5% per year last month.
In October 2023, mortgage interest rates at many banks continued to trend downwards, falling below 10% per year.
Besides HSBC, Hong Leong Bank (down 1.75%) also aggressively reduced interest rates on home loans. Currently, this bank applies a rate of 7.5% per year, a decrease of 1% per year compared to one month ago.
As can be seen, in October, mortgage interest rates decreased quite significantly. However, this reduction only applied to a few individual banks and did not spread across the entire market.
As of September 29, 2023, total credit in the economy reached approximately VND 12,749 trillion, an increase of 6.92%. Regarding the real estate sector, the State Bank of Vietnam has directed and required credit institutions to facilitate access to credit for real estate project developers and homebuyers when they meet all the credit granting conditions as stipulated; and to consider granting credit to developers, construction contractors, homebuyers, and units producing and supplying construction materials to increase capital circulation and liquidity for the real estate market.
At the same time, the State Bank of Vietnam requested relevant units to urgently issue guidelines on key aspects of interest rates and preferential periods to implement the 120,000 billion VND program for the development of social housing, worker housing, and the renovation and reconstruction of old apartment buildings according to Government Resolution 33.
Ngoc Vy
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