What’s the Best Home Loan Interest Rate Offered by Banks in August 2024?

Vietnam’s housing loan interest rates are currently fluctuating between 4.99% and 9.5% per annum. After the promotional period, floating rates for existing borrowers from various banks mostly exceed 11% per annum.

MSB Bank offers the most competitive lending rates in the market, with a fixed interest rate of 4.5% per annum for the first six months, 6.2% for the first year, and 7.5% for the first two years. Post-promotion, the interest rate is calculated at the base rate plus a margin of 2.5%.

Following MSB is BVBank, with home loan interest rates set at 4.99% per annum for the first six months, 5.99% for nine months, 6.49% for the first year, and 7.49% for loans over 24 months. For loans with a tenure of 48 months or more, BVBank offers a fixed rate of 7.9% for the first two years. Their floating rates range from 9.5% to 10% per annum, with a post-promotion margin of 2%.

SeABank offers a fixed interest rate of 5.5% per annum for the first year, after which the rate becomes floating, currently at approximately 11%.

Sacombank applies a fixed interest rate of 6.5% per annum for the first six months, 7% for the first year, or 7.5% for the first two years. This promotion is valid until December 31, 2024.

ACB offers fixed-rate packages: 7% for one year, 7.5% for two years, and 9.5% for five years.

Meanwhile, the Big 4 banks (Agribank, Vietcombank, Vietinbank, and BIDV) offer home and land loan interest rates ranging from 5.2% to 9.5% per annum.

Agribank’s fixed-rate for the first six months is 6% per annum. For loans with a minimum tenure of three years, they offer a fixed rate of 6.5% for the first year. For loans with a minimum tenure of five years, the fixed rate is 7% for the first two years.

In Hanoi and Ho Chi Minh City, BIDV offers interest rates starting at 5.2% per annum for the first six months or 5.5% for the first year for loans with a minimum tenure of 36 months. Additionally, borrowers can opt for a 6% interest rate for the first 18 or 24 months for loans with a minimum tenure of 60 months.

In other provinces, BIDV sets interest rates at 6% for the first six months or 12 months for loans with a minimum tenure of 36 months. For loans with a minimum tenure of 60 months, they offer a fixed rate of 6.5% for the first 18 or 24 months. The floating rate after the promotional period is calculated as the base lending rate plus a margin of 3.7%. Early repayment fees are 1% for the first two years and 0.5% for the following three years.

Vietcombank offers promotional home loan interest rates starting at 5.5% per annum for the first six months for short-term loans under 24 months, or 5.7% for the first year for loans over 24 months. They also provide fixed rates of 6.2% for 18 months, 6.5% for two years, 8% for three years, and 9.5% for five years.

VietinBank’s promotional rates for home loans are 5.2% for short-term loans and 5.8% for medium and long-term loans.

Notably, recently, several banks have increased their promotional fixed-rate loans for the first one to three years, with floating rates also rising by 0.5% to 1% per annum.

Techcombank, for example, recently announced an increase in its floating rate for home loans by 0.5% compared to the beginning of the year, resulting in a post-promotion rate of 9.5% per annum.

Woori Bank offers a fixed-rate promotion for the first two to three years, ranging from 5.9% to 6.1% per annum. However, starting in July, they increased this rate to 6.4% – 6.8%.

According to a macro report by SSI Securities Corporation, the 12-month interest rate remains lower than in 2021, at 4.5% for state-owned commercial banks, 5% for large private banks, and 5.8% for other banks.

While promotional home loan packages have seen a slight increase, from 6% – 7% fixed for the first three years to around 7% – 7.5%, the overall average lending rates have not significantly changed.