Banks have continuously launched preferential interest rate packages for home loans since the beginning of the year, but high housing prices are a barrier.
On February 20, speaking with reporters, Ms. Ngoc Diep (living in District 4, Ho Chi Minh City) said that after hearing that Asia Commercial Bank (ACB) launched a "first home" loan package for people under 35 years old, she contacted and was informed that this package only offers a preferential interest rate of 5.5%/year for the first 3 months. She commented: "An interest rate of 5.5% - 8.7%/year fixed from 3 months to 5 years is okay, but I have to find a suitable apartment project before deciding to borrow."
Mainly preferential in the early period
According to the reporter's research, ACB designed this loan package with flexible principal repayment methods for borrowers to choose according to their financial plan, such as: regular monthly installments, step-by-step installments (dividing the first installments into small amounts and gradually increasing them according to the trend of increasing annual income). The bank also has a principal grace period policy of up to 12 months, customers do not need to repay the principal during the grace period.
Many home loan packages only offer preferential interest rates in the beginning, along with procedural conditions. Photo: TAN THANH
Previously, as soon as the Prime Minister directed the State Bank and commercial banks to research and develop loan packages for people under 35 years old to access housing, ACB took the lead in launching the "first home" loan package as above. Mr. Tu Tien Phat, General Director of ACB, said that the bank has designed a program for young people to borrow with preferential interest rates from 5.5%/year, loan terms up to 30 years. ACB also supports free valuation of collateral, preferential early repayment fees and legal procedures, helping young people easily access housing, stabilize their lives and develop their careers.
"The loan target is young customers, aged 18-35, with a stable income to repay the loan (for example, salary) of 15 million VND/month or more. After 3 months of preferential interest rate of 5.5%/year, the following periods will have higher lending interest rates, in line with the bank's input capital costs," Mr. Phat explained.
ACB staff informed that after the first 3 months, the interest rate is calculated by the base interest rate plus a margin of 3.5%. Borrowers can also choose fixed interest rate packages for 12 months to 60 months, equivalent to rates from 6.5%/year to 8.7%/year.
Reporters noted that many other banks have also launched a series of preferential credit packages for real estate loans with extremely low interest rates in the initial period. For example, Agribank is spending about 30,000 billion VND to implement a preferential loan program for individual customers to serve their living needs, including home loans. The minimum fixed interest rate is 6%/year in the first 12 to 24 months for loans with a minimum term of 36 months.
SHB, PvcomBank, ABBANK and LPBank also offer real estate loan packages with preferential interest rates from 3.99%/year, high limits, long loan terms and many support policies.
The key is adequate housing supply.
According to experts, low interest rates are one of the advantages that help customers, especially young people, willingly borrow money to buy a house. However, interest rates are only one of the conditions that determine whether to "put down money" to buy a house.
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.
Many people said they were "interested" when they heard the advertisement for low interest rates, but after carefully reading the regulations and the interest rates after the promotion... they reconsidered. Most banks offer preferential interest rates for the first 3-6 months, then let them float according to the market (calculated by the 12-month savings interest rate plus a margin of about 3%-4.5%/year). The average interest rate for home loans is currently about 7%-9%/year for new loans, while the interest rate for old loans is about 9%-11%/year.
Dr. Nguyen Anh Vu, Ho Chi Minh City Banking University, commented that preferential home loan packages from many banks with preferential conditions on interest rates, terms, loan periods, flexible repayment... will have a positive impact on real estate credit and this market. "However, it is necessary to establish strict lending conditions and control mechanisms so that loans reach the right subjects. It is necessary to limit the risk of "cheap money" that can increase the real estate bubble in the future" - Dr. Vu acknowledged.
From a market perspective, Dr. Can Van Luc, a member of the National Monetary and Financial Policy Advisory Council, said that although housing supply in 2024 increased positively, the number of apartments for sale increased by 53%, the real estate market faced challenges when transactions recovered, with revenue increasing while real estate business profits decreased.
"Real estate prices are still too high and tend to increase in 2025, reducing the majority of people's access to housing. High housing prices also make many people consider borrowing credit to buy a house. The rate of home loans from banks in 2024 will only increase by 6%, while the overall credit growth in the same period will be 15%," Mr. Luc commented.
Increasing the supply of affordable housing
According to experts, along with preferential interest rate policies, management agencies need to continue to remove legal difficulties for real estate projects to increase supply, helping the market recover faster and more sustainably.
"To solve this problem, ACB and other banks can finance projects with reasonable prices to increase the supply of affordable housing; provide dual credit packages to support both investors and homebuyers. Comprehensive cooperation between banks and large real estate corporations can help ensure construction progress, control housing prices, and provide more suitable options for buyers. Through these solutions, banks not only support customers to access housing easily but also contribute to the development of a more sustainable, stable and transparent real estate market," Mr. Tu Tien Phat emphasized.
Source: https://nld.com.vn/uu-dai-lai-suat-vay-mua-nha-chua-du-196250220204950377.htm
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