Free to live in a new house, if you are not satisfied after 18 months, you can return it to the investor.

A real estate project in Thanh Tri, Hanoi recently launched a "unique" sales policy by committing to buy back the apartment at full price after 18 months and bear all transfer costs in case the customer cannot afford to pay bank interest or has no need to live there.

Accordingly, customers only need to pay 40% of the apartment value to receive a new house. After 18 months, if the customer is not satisfied and no longer needs to live in this apartment, the house will be returned and the full amount of 40% paid to the investor will be received.

In case after 18 months the customer still wants to buy the apartment, they will pay the remaining 60% or borrow the remaining amount from the bank with the market interest rate at the time of borrowing.

Analyzing this new home sales policy, Mr. Tran Van Hai (Hoang Mai district, Hanoi) shared that as soon as he heard the information, he was very surprised and had many concerns.

A real estate project in Hanoi launched a unique and strange sales trick. (Illustration photo)

The value of the apartments in this project is about 3 - 4 billion VND, paying 40%, equivalent to 1.2 - 1.5 billion VND. With this amount of money, saving will earn interest from 7 - 8.5 million VND/month. Meanwhile, the apartments have an area of 100 - 140 m2, the current monthly rent is also about 10 million VND. Thus, the interest is not enough to rent this apartment. Meanwhile, for 18 months of receiving the house, the customer does not have to pay bank interest, does not have to pay more money. In other words, the investor pays high bank interest on behalf of the customer and lets the customer stay in the house for free.

“ With this policy, customers can stay at home for free and have time to experience and consider whether to buy the apartment or not. I think customers benefit a lot from this policy ,” said Mr. Hai.

Mr. Vu Cuong Quyet - General Director of Dat Xanh Mien Bac - the exclusive distributor of the project said that this project has almost sold out, only large apartments remain, which are very picky customers. This policy is therefore introduced to stimulate demand for customers to buy large-area houses with a deposit of 1.2 - 1.5 billion VND for apartments with an area of 120 - 140m2.

Furthermore, the market is sluggish, and home loan interest rates are quite high, from 11-13%/year. Therefore, to sell products at this time, investors and distributors must offer the most beneficial policies for customers to stimulate demand.

According to him, after just over a month of issuing the policy, 35 apartments have been traded, while before that, the project was almost inactive.

Analyzing further, Mr. Quyet said that currently the problem that makes many customers not dare to put money down to buy a house is because the loan interest rate is quite high, moreover, concerns about the quality of the apartment and the legality of the project make many people hesitate.

By introducing this policy, the distributor has resolved customers' concerns, so although the market is quiet, transactions at the project are quite good.

However, Mr. Quyet admitted that not all projects can apply this policy. Because customers benefit from both free housing and interest-free housing, while investors must bear the risk if after 18 months the customer does not buy and demands to return the house.

" Therefore, only when we are confident that the project is good enough will we advise investors to offer such attractive policies ," said Mr. Quyet.

For example, this is a rare project in Hanoi that is currently priced below VND30 million/m2 (currently priced at VND27-28 million/m2), while other projects in the same location are currently trading at VND40-50 million/m2. In addition, the project is now completed, so customers can move in immediately.

Currently, the lending interest rate is decreasing sharply, so after 18 months, the home loan interest rate will likely also cool down, at that time, customers will no longer have to bear the pressure and worry about the interest rate issue, they will accept to borrow to buy a house.

“ If the customer does not live in it and returns it, we will happily buy it back because at that time, the apartment price will definitely increase and we will not worry about losing money, ” Mr. Quyet analyzed.

Ngoc Vy

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