(NLDO) – According to experts, low interest rates are just one of the factors that determine whether customers take out a home loan to live in or invest in at present.
Immediately after the news that ACB had launched a loan to buy a first home with an interest rate of 5.5%/year, many people said they had contacted to ask for loan information.
Mr. Ngoc Duong (living in District 7, Ho Chi Minh City) said that he is in need of a loan to buy an apartment in Ho Chi Minh City, so he contacted ACB bank to ask about the loan procedures to buy his first house. The credit officer said that the "First Home" loan program supports capital for the needs of buying a house/land or building/repairing a house.
Maximum loan term is 30 years. Preferential interest rate from 5.5%/year, calculated on actual outstanding debt (decreasing outstanding debt). Conditions are Vietnamese citizens from 18 to 35 years old; minimum loan amount from 200 million VND. Have a stable source of income and ensure debt repayment ability (minimum from 15 million VND/month). Have collateral such as the house or land intended to be purchased or other houses or land.
"I met all the above conditions, but the credit officer said he had to review the file to determine the specific interest rate and the grace period for principal repayment," said Mr. Duong.
Up to now, ACB is the first commercial bank to announce a credit package for young customers right after the Prime Minister's request.
According to a reporter from Nguoi Lao Dong Newspaper, not only ACB, many commercial banks are also implementing a series of preferential credit packages for customers borrowing to buy real estate, with low interest rates.
PVcomBank is implementing a real estate loan package with interest rates starting from 3.99%/year (preferential in the first 3 months). The loan term is up to 35 years, with flexible repayment plans, suitable to the ability. This bank also applies a principal repayment grace period of up to 36 months; the maximum loan limit is 50 billion VND and the maximum loan ratio is 85% of the value of the collateral.
If the borrower chooses to fix the interest rate for 12 months, the interest rate is 6.2% and if fixed for 18 months the interest rate will be 6.99%/year.
Some banks offer real estate loans with interest rates from 3.99%/year
Another bank that has just launched a preferential loan program for buying real estate, with interest rates from 3.99%/year is SHB. Accordingly, customers can borrow to buy real estate with interest rates from 3.99%/year; borrow up to 90% of the value of the house to be purchased.
Notably, banks offer loans for up to 35 years, with principal repayment exemption for up to the first 5 years. Borrowers can schedule flexible repayments (equal principal repayment, incremental principal repayment, principal repayment according to cash flow on a monthly/quarterly or 6-monthly basis)...
At ABBANK, this bank offers home loans with terms of up to 35 years. In the latest preferential credit program called "Preferential interest rates - Handing over solutions", customers can borrow to buy a house with interest rates from 7.3%/year.
Long loan terms help customers reduce monthly financial pressure, while creating opportunities for young families with modest savings to easily balance their budget and other financial goals in life.
"Simple loan procedures, super-fast approval in just 5 hours, meeting up to 100% of loan capital needs, customers can complete the purchase of their dream home without worrying about finances" - ABBANK representative said.
According to experts, low interest rates are one of the advantages that help customers, especially young people, to be willing to borrow to buy houses. However, interest rates are only one of the conditions for customers to borrow credit to buy real estate. Economist, Dr. Dinh The Hien analyzed that along with interest rates, the important thing is the supply in the real estate market with apartments and houses in segments suitable for the income of the majority of people.
"If the interest rate is low and the market is mainly high-end apartments, it will be difficult to find borrowers. Therefore, along with preferential interest rate policies, management agencies need to continue to remove legal difficulties for real estate projects, creating trust for the market" - Dr. Dinh The Hien said.
Source: https://nld.com.vn/ngoai-acb-cho-vay-55-nam-nhung-ngan-hang-nao-dang-co-lai-suat-vay-mua-nha-thap-nhat-196250218143240871.htm
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