The Optimal Time to “Close the Deal” on Buying a House
After a lull in the real estate market in 2023, the market is expected to start recovering in 2024. According to experts, the real estate market may not start to reverse until the second half of 2024, ushering in a new cycle. Therefore, for customers who need to buy a house for permanent residence, now is the best time to “buy the bottom” and own real estate at a good price before the real estate market heats up again.
Experts also believe that, after a period of stagnation and harsh screening, the market is returning to real needs. Therefore, the segment that is expected to recover the soonest is individual houses and apartments in major cities such as Hanoi, Ho Chi Minh City, Da Nang… because the housing needs of urban residents are still very high.
Currently, in addition to market factors, those who have a real need for housing can consider making a decision to “put down the money” because banks, especially commercial banks, are building loan packages with the most preferential interest rates along with reasonable financial solutions to create conditions for those with real needs to have more support to make a decision, while also contributing to increasing purchasing power and stimulating the real estate market. Since the beginning of 2024, mortgage interest rates from a number of banks have been reduced to the lowest level in nearly 20 years.
BVBank offers home loans with special preferential interest rates
One of the biggest concerns for homebuyers is financial stress, especially those in their mid-30s to middle-class, who are looking to own their first apartment. The majority of first-time homebuyers, especially younger buyers, will not have enough financial resources to make an immediate decision. The most common solution is to borrow, so the first concern is always about the interest rate and repayment schedule.
Understanding this, since the beginning of 2024, in the “wave” of reducing mortgage interest rates of the commercial bank group, BVBank has launched a loan package with the most competitive interest rates on the market applicable to new loan disbursements for the purpose of borrowing, repairing houses and land for housing at 5%/year. BVBank also adjusts the interest rate spread after the end of the preferential treatment to only 2%/year.
At the same time, BVBank’s loan package also provides mortgages of up to 70% of the value of the real estate product. With this loan amount, buyers find it easier to plan their financial savings. The loan term of up to 25 years also helps customers with a stable income of 12 -20 million/month able to start their dream of home ownership today.
Moreover, BVBank’s loan package also offers a 24-month principal grace period and allows customers to choose flexible repayment terms. This means that customers are exempt from paying principal in the first two years to have more time to accumulate money and prepare better for their financial plan. In addition, customers can flexibly choose to repay in installments when only 30% of the principal is repaid during the loan term, and the remaining 70% of the principal is repaid at the end of the term. This is a highlight of the product package as it helps customers minimize financial pressure throughout the loan term.
To create maximum convenience for borrowers, the loan procedures and documents at BVBank are streamlined and simplified to the maximum extent. Borrowers only need to register online through BVBank’s Digimi digital banking and submit an excel file of income statements to completely eliminate the worry of cumbersome procedures for customers. After registration, the bank will evaluate credit and assets via Zalo or Video call and approve the application on the same day.
