Low interest rates promote real estate liquidity
Interest rates are one of the important factors affecting home buyers' decisions. Low loan interest rates will help reduce monthly financial burdens and save costs in the long term.
Up to now, lending interest rates have dropped deeply and are at a fairly low level. This is an opportunity for people who want to buy real houses and investors to access cheap capital.
According to a survey by a reporter from Lao Dong Newspaper, the state-owned banking group (Agribank, Vietcombank, Vietinbank and BIDV) applies lending interest rates for production and business, consumer loans, and housing loans ranging from 5- 7%/year, applicable from 12 to 36 months. Preferential interest rates of 5 - 8%/year for home loans are also applied at many other banks such as Sacombank, ABBank, MSB, BVBank...
In addition, with people's increasing need to buy a house, it has also led to the birth of many preferential loan packages. Large domestic and international banks continuously compete with home loan packages, accompanied by many promotions and special offers. Many people have taken advantage of this time to take out home loans at preferential interest rates.
Mr. Duc Tung (Nam Tu Liem district, Hanoi) said that his family has just decided to borrow 1.5 billion VND from the bank to buy an apartment after consulting the apartment's selling price, receiving advice and consultation. some loan packages and financial balance.
"If I keep waiting to have enough money to buy, I don't know when I will be able to buy a house, so I decided to borrow nearly half of the apartment's value and close the purchase when lending interest rates drop low. Some of my friends are paying interest on home loans at an interest rate of up to 12% per year on the old loan, which is quite high. This is also the reason why I did not dare to buy a house before. Compared to the preferential interest rate of just over 6%/year I just borrowed, it is not too burdensome for my family" - Mr. Tung shared.
Similarly, Ms. Mai Anh (Dong Da district, Hanoi) also said: "Low interest rates and many incentives are the main supporting factors that made me decide to buy a house. In addition to the available money, I borrowed an additional 1 billion VND and plan to repay it in 3 years with an interest rate of 7%/year."
What should you keep in mind when borrowing money to buy a home?
It can be seen that low interest rates for home loans in recent times have contributed to promoting real estate market liquidity when credit flows are loosened. The current interest rate level is one of the important factors that help stimulate market demand, creating motivation for the real estate market to improve.
However, according to experts, home buyers also need to pay attention to the loan period and preferential interest rate period because when the preferential period expires, the floating interest rate will still be high. Borrowers need to calculate a suitable financial plan.
Regarding this issue, Dr. Nguyen Tri Hieu - economic expert - advised home buyers to carefully consider their financial capacity before deciding to borrow capital. Because low interest rates usually only apply for a short time, usually the first 1-2 years, then they can increase.
"Therefore, borrowers need to look carefully at how the interest rate after the preferential period is calculated and what the amplitude is. To avoid being pressured by bank repayments, they should calculate the amount of bank debt repayments. , including principal and interest, no more than 50% of monthly income" - Mr. Hieu recommended.
