Home loans more affordable
11-06-2012
 Customers view a scale model of a real estate project displayed at the Vietnam Architecture 2012 Exhibition (VietArc 2012) opened on Thursday at the Saigon Exhibition and Convention Center - Photo: Dinh Dung |
The interest rates for real estate loans have been reduced since last month. At some banks, the lending rates are now less than 15%.
For example, Vietcombank on Wednesday revised its lending rate down one percentage point to 13%, applicable to the VND2 trillion package for loans taken for house purchase, construction or repair. The lending package is available until September 21.
At a meeting between the central bank’s branch in HCMC and the city’s government on Tuesday, Truong Thi Thuy Nga, director of Vietcombank’s HCMC branch, said her bank is still disbursing this package and wants to offer conditions for enterprises to access bank loans.
Meanwhile, Bank for Investment and Development of Vietnam (BIDV) has launched a lending package worth VND4 trillion for customers of BIDV-funded projects.
A representative of BIDV’s second transaction office in HCMC said the bank has disbursed capital for two projects developed by Hoang Anh Gia Lai Group, namely An Tien and Phu Hoang Anh.
These projects have given homebuyers many discounts, thus the buying demand is picking up. BIDV currently applies a lending rate of 12%, or 13% at most, which started from June 1.
Similarly, Asia Commercial Bank (ACB) is offering a VND7 trillion lending package for consumer loans, including home loans, at an interest rate of around 15.5%. Vietnam International Bank (VIB) has rolled out a property lending program with a lending rate of 14.2% for the first three months.
Le Hoang Chau, chairman of the HCMC Real Estate Association (HoREA), said real estateshould be included in the list of prioritized sectors subject to preferential lending rates, to create favorable conditions for property developers and homebuyers so that the market will regain its liquidity. In addition, realty companies should be allowed to join debt restructuring to settle old debts and take out new loans, said Chau at the meeting on Tuesday.
Tran Minh Tuan, deputy governor of the central bank, said commercial lenders should support customers of property firms with projects near-completion or those currently on sale. Tuan said he would suggest classifying real estate as a prioritized sector to enjoy the preferential lending rate cap of 14%.
Project owners seek ways to woo customers
Huynh Kim Doan, director of Eden Real Co., said many project owners are adjusting their policies to lure customers. Specifically, buyers can make down-payments equivalent to half of the apartment’s value and pay the rest by installment within 1-2 years with lending rate support.
This was given at the second Settlement Week organized by Eden Real and Gia Phuc Media Co., which takes place from June 7 to 10 at the Saigon Exhibition and Convention Center in District 7.
Doan stated people still want to buy properties even in the current tough time. Therefore, enterprises are offering homebuyers flexible payment methods, coupled with competitive prices.
For instance, Tan Binh Construction and Investment JSC is offering the remaining 60apartments of the Tan Mai project in Binh Tan District at VND700-950 million each. Buyers will pay installments over 36 months after a down-payment of 50%.
Similarly, Quang Thai Co., owner of Quang Thai Apartment in Tan Phu District, is offering the remaining flats at VND13.9 million per square meter, applying the same payment method. Many other projects also join the home sale week.
