Loan interest rates have “hit bottom”, buy a house now or wait more?

According to the latest statistics from the State Bank, the average deposit interest rate of banks is currently only 3.9%/year. The average lending interest rate for new transactions is 6.7%/year, down over 2 percentage points compared to the end of 2022.

Decreased deposit interest rates led to lending interest rates also falling sharply to a record low. However, although lending interest rates are quite low, they are still not enough to stimulate demand for real estate loans to return because the market is still depressed.

Implementing the Government’s direction, right after the State Bank assigned credit room, commercial banks proactively promoted credit right from the beginning of the year, through preferential credit packages and reduced interest rates for loan and simplify loan procedures.

Typically, right at the beginning of the new year 2024, BVBank offers a series of preferential low-interest loan packages to share difficulties, support people and businesses to optimize loan costs, and promptly supplement capital to restructure operations. dynamic, especially in priority areas.

Specifically, the preferential loan package has extremely attractive interest rates from only 5%/year for individual customers who borrow capital at BVBank for different purposes. This credit package applies to new disbursed loans for the purpose of buying/renovating real estate for residential purposes, personal consumption or supplementing capital for business production, agricultural production, and equipment investment. mechanically. Application period is from January 8, 2024.

It can be said that the 5% loan interest rate is extremely attractive and competitive in the current market. In particular, the lending interest rate adjustment margin between fixed and floating interest rates is reduced to only 2%/year. Along with preferential interest rates, loan procedures at BVBank are also simple, application review time is quick with the “24-hour flexible loan” program previously deployed by BVBank.

Along with that, the Land Law (amended) has just been officially approved at the 5th extraordinary meeting in January 2024, which will contribute to helping the real estate market show signs of improvement.

Accordingly, experts from VNDriect Securities Company commented that these laws will contribute to resolving outstanding legal bottlenecks, more strictly regulating requirements for investors and protecting the interests of investors. home buyers. The Law on Real Estate Business (amended) has higher requirements for investors, while protecting the rights of home buyers. This makes some investors more optimistic about the real estate market. Accordingly, they expect to be able to catch the wave of the new cycle.

So this is an opportunity for people to consider borrowing to buy a house when lending interest rates are “easier” and many preferential credit packages are deployed by commercial banks.

Talking about lowering home loan interest rates to the most attractive levels in the market right from the beginning of the year, a representative of BVBank said: “Each bank has its own customer file and has preferential credit packages with each group of its priority customers. We understand the needs of the customer base that the bank wants to target at the end of the lunar year, so we offer the most preferential loan rates. The end of the year is often the time when many people tend to look for houses with the mentality “buy land at the beginning of the year, buy a house at the end of the year”. A preferential loan level will make it easier for customers to consider their down payment decisions.”

On this same issue, Dr. Dinh The Hien – Economic expert said that in the period from 2019-2022, despite the real estate market having periods of hot increase, apartment prices in many projects decreased. usage has not increased much. Some apartment projects increased but at a reasonable level compared to income and land and townhouse segments. In the coming time, the prices of apartments in this segment of apartment projects will also be difficult to decrease further and the demand will always be there.

“If there is a real need to live, at this stage the buyer has the “power” of the buyer thanks to low interest rates and the market is not overheating. Even the need to buy to rent is also an investment direction, so Consider when you have a passive income source and apartment prices are difficult to reduce,” Dr. Hien said.

Accordingly, Mr. Vo Hong Thang, Director of Consulting Services and Project Development – DKRA Group also said that the current time until the first half of 2024 can be seen as the beginning of a recovery cycle. and subsequent growth of the real estate market. It is difficult to make predictions during the “land fever” period, but currently the market needs to recover.

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