[Updated November 2024] Loan interest rates for home purchases latest

1. Update the 3 latest interest rate policies when borrowing money to buy a home

Updating information about the 3 latest interest rate policies will help home buyers have an overview and make the most reasonable decisions for their financial plans.

• Interest rates for home loans and social housing rentals increased from 4.8%/year to 6.6%/year: According to Decree 100/2024/ND-CP, the interest rate for social housing loans has been adjusted to increase by about 1.6%/year. However, this is still a stable interest rate compared to the global financial context and the adjustment is aimed at long-term market balance and sustainability. 
• Increase real estate credit: According to data in July 2024, real estate credit has recorded an increase of 4.6% compared to the end of 2023. The real estate sector is currently of interest to many investors, businesses and banks, so real estate credit funds expand to many subjects.
• Potential for house price adjustment: Although home buying and renting prices are still high, this is a good opportunity for the market to adjust and offer more optimal solutions for buyers. At the same time, loan interest rates show signs of decreasing, allowing buyers to own a home at the best price soon. 

2. General loan interest rates at banking groups

According to a survey of about 40 banks in Vietnam, home loan interest rates recorded ranged from 4.8%/year (for social housing) to 12%/year. Preferential loan terms to buy a house range from 3 months to 36 months. Home loan interest rates by each bank group are as follows: 

• State bank group interest rates: Magnetic fluctuations 6.4 - 7%/year with a strict application appraisal process to ensure the buyer can repay the loan. 
• Interest rates for joint stock commercial banks: Magnetic fluctuations 5 - 10.5%/year with a long loan term and a fairly high maximum loan limit. Normally, preferential interest rates will remain for the first 2 years. After the end of the preferential period, the interest rate will float according to market fluctuations. 

Foreign bank group interest rates: Magnetic fluctuations 5,5 - 9%/num with many preferential interest rate options and relatively long loan terms. In addition, these banks also offer flexible financial options so customers can choose the optimal loan package for their personal needs. 

3. Best home loan interest rate at SeABank

Southeast Asia Commercial Joint Stock Bank (SeABank) is a reputable bank providing preferential home buying interest rates, easily accessible to many different audiences, creating the opportunity to buy a house at the best price and reducing financial pressure to repay the loan.

Not only low interest rates, but customers who borrow money from SeABank also receive many other incentives: 

• The maximum loan amount is 100% of real estate purchase value.
• Loan term up to 420 months.
• Loan rate up to 75% of property value.
• Flexible documents proving income.

4. How to calculate interest rate when borrowing to buy a home at SeABank

At Southeast Asia Commercial Joint Stock Bank SeABank, home loan interest rates are usually calculated based on the reducing balance method. Decreasing balance is a form of loan where customers need to pay the debt amount gradually decreasing over months. Payment of these debts must be made regularly every month. 

To calculate the interest rate when borrowing to buy a home at SeABank, you can apply the formula below: 

For example: Mr. B borrowed to buy a house for 200,000,000 VND for 12 months with an interest rate of 6.5%/year at SeABank.

• Monthly principal payment = 200,000,000 /12 = 16,666,667 VND.
• First month's interest = (200,000,,000 x 6.5%)/12 = 1,083,333 VND.
• Total amount payable for the first month: 16,666,667 + 1,083,333 = 17,750,000 VND.
• Second month's interest = (200,000,000 - 16,666,667) x 6.5%/12 = 993,056 VND.
• Total amount payable for the 2nd month: 16,666,667 + 993,056 = 17,659,723 VND.

Calculate similarly for the following months until the end of the loan term.

5. Instructions for getting a home loan with attractive interest rates at SeABank

To borrow money as quickly as possible at SeABank, customers need to prepare all necessary documents, including: 

• Loan application form according to SeABank's form.
• Legal documents such as identification documents, marriage certificates, household registration books, etc.
• Documents proving loan purposes such as construction contracts...
• Documents proving financial capacity and ability to pay debts.
• Collateral records.
• Other documents upon request from SeABank.

For more detailed information about the loan package, interest rate and complete documents to prepare when borrowing money to buy a home, you can contact SeABank directly at the phone number. 1900 555 587. 

6. Notes related to home loan interest rates

To borrow money to buy a home with the most preferential interest rates, you need to note the following important information: 

6.1. Loan conditions apply to each customer 

Banks often offer many loan packages with the best interest rates for customers, so they often have stricter conditions and procedures than other credit institutions. In particular, banks require customers to have a good credit history and stable financial capacity to complete the loan at the end of the term. 

In addition, each bank also has special preferential policies for each target audience, such as: 

• Customers need to buy social housing.
• Soldiers or people working in the military and armed forces environment. 
• Farmer or agricultural worker. 

6.2. Other conditions and services included

In order for customers to get a home loan with better interest rates, some banks will require you to purchase additional related service packages such as a nice digital account, insurance, credit card... 

6.3. Interest rate and term of each loan package

Before deciding to take out a home loan, you need to carefully learn about interest rate changes in the years after the preferential period. You should also determine in advance the method of calculating interest based on principal balance or decreasing balance to plan appropriately. 

6.4. Calculate income to reduce loan repayment pressure

Before borrowing money from a bank, you need to ensure financial ability to balance debt repayment and basic life needs such as consumption, studying, shopping... With an interest-bearing loan, you must pay an amount including principal and interest monthly. Therefore, you should spend about 40% of your income on monthly bank debt repayments. 

Above is detailed information about Bank loan interest rates to buy a home in Southeast Asia Commercial Joint Stock Bank SeABank. If you have any related questions or need a home loan with preferential interest rates, you can contact this phone number. 1900 555 587 or visit the website www.seabank.com.vn for detailed answers.