On the afternoon of April 24, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) announced to spend VND 5,000 billion to implement a loan program to buy and repair houses with competitive interest rates.
Photo: Bao dau tu
Specifically, the lending interest rate that Sacombank applies to customers who buy, build, or repair houses is 10.68 %/year. The maximum loan term is up to 30 years.
In addition, home loan customers will receive other incentives such as: gifting a beautiful digital payment account; free credit card opening; Cashback on payment card transactions.
In parallel with the above program, Sacombank is also implementing a preferential loan package for individual customers wishing to buy cars with interest rates from 8.5 %/year, applied until the end of June 30, 2023. Customers can borrow up to 100% of the car's value and the loan period lasts up to 10 years.
Before that, Orient Commercial Joint Stock Bank (OCB) also announced that it would spend VND 5,000 billion with an interest rate of 10.5% per year to lend to customers who have real housing needs and have real estate as collateral. Transactions through the real estate floor, in order to make the transaction transparent. The program runs from now until December 31, 2023.
OCB also deploys a credit package to buy an apartment with an interest rate of 8.49 %/year, exclusively for young customers, a group of employees, and employees with incomes from salaries and wages. and young couples... have a transfer income from a minimum salary of 10 million VND/month.
In addition to credit packages with preferential interest rates for homebuyers, the interest rate for production and business groups at OCB is currently 8.99 %/year.
Survey of interest rates for home loans in April 2023, most banks apply interest rates above 10%/year; in which, Ho Chi Minh City Development Commercial Joint Stock Bank (HDBank), Vietnam Prosperity Commercial Joint Stock Bank (VPBank), Saigon - Hanoi Commercial Joint Stock Bank (SHB), Public Commercial Joint Stock Bank (PVcomBank)... are lending to buy houses with interest rates from 12-13.5%/year. Even this is only the interest rate applied for a short preferential period, after which it will be floating according to the market.
In addition, there are still some banks that apply home loan interest rates below 10%/year such as Shinhan Bank Vietnam Limited (Shinhan Bank) with 7.99%/year, Tien Phong Commercial Joint Stock Bank (TPBank) ) 8 years...
Currently, the lowest interest rate for home loans at Vietnam Maritime Commercial Joint Stock Bank (MSB) is 4.99 %/year. However, this rate of 4.99 %/year is only fixed in the first 3 months for loans with a term of over 24 months. From the 4th month onwards, MSB will apply a floating interest rate according to the market interest rate, currently around 13.75 %/year.
However, experts recommend that people, when borrowing from a bank to buy a house, need to carefully consider cash flow and repayment ability, to avoid being attracted by the preferential interest rate at first and ignore the floating interest rate. after that. At the same time, balance so that home loan payments only account for about 30-40% of monthly income to avoid financial pressures later.