Supporing for young people to buy house

Currently, many banks have support package for young people to borrow to buy house with preferential interest rates and many attractive policies. This is considered as a practical activity of the banking industry to implement the Prime Minister's direction on preferential credit packages for young people under 35 years old to buy a house.

For young customers, due to unstable financial capacity, the top concern when borrowing to buy a house is the interest rate and principal repayment period. Many banks such as BIDV, Agribank, Vietcombank, VietinBank, MB Bank, ACB ... have launched loan packages with low interest rates, longer principal repayment periods than conventional loan packages, facilitate young people stabilize their personal and family finances in the first years after buying a house.

Customer transacting at a bank.

Regarding interest rates, most banks offer preferential rates compared to other loans, commonly from 5.2% to 5.6%/year in the first 3 years. In particular, some banks offer interest rates from only 3.6%; loan terms last from 35 to 40 years. Some banks lend up to 70% of the house value or 100% of capital needs if customers meet the conditions.

To enjoy preferential credit packages, young people need to fully meet the loan conditions according to the regulations of each bank. In particular, some basic conditions include: Age from 20 to 35, have a stable source of income, ensure the ability to repay debts as committed, have no bad debt history, have no outstanding home loan balance at the time of credit issuance and have collateral...

With the above conditions and incentives, the credit package has attracted the attention of many young people. Than Bao Nam (25 years old, Vinh Ngoc commune, Nha Trang city), an employee of a company with a salary of 13 million VND/month, shared: “When I learn about the preferential package for young people with low interest rates and a long period for principal repayment, I have researched the loan conditions of some banks. I really hope to be able to access it soon to own a house in the city”.

Mai Hoang

Translated by T.T