Buying interest rates are important when customers want to buy a mortgage. So in June, 2018, which bank owns the lowest interest rate mortgage?
Below is a summary of preferential mortgage rates at banks in June 2018:
Preferential interest rates for 12 months at banks in June 2018
The preferential interest rate for the first 12 months is usually the most popular interest rate in the market. All banks offer preferential interest rates in this framework because the 12-month period is relatively long and reasonable. Customers will only be offered a discount when they pay interest at a rate lower than the actual interest rate. The difference between the preferential interest rate and the real interest rate in this time frame is not too big. Therefore, this is also the period with preferential interest rates that customers use the most.
For more information, readers can refer to the summary table of preferential loan period 12 months of banks here:
Currently, Shinhanbank is holding the lowest interest rate of only 7.5% per annum during the first 12 months. After-preferential interest rates are also the lowest in the market at 9%, which is significantly lower than that of all banks. Shinhanbank has a maximum loan rate of 70% and a maximum term of 20 years.
Apart from Shinhanbank, the remaining banks offer interest rates but not too much with each other.
Same level with Shinhanbank preferential interest rate is Lienvietpostbank with a preferential interest rate of 7.5%. This is the only mortgage interest rate the bank offers to its customers in the mortgage market. The preferential interest rate of Lienvietpostbank was 11.1% against 3.6%.
Customers can also choose two familiar names in the top state commercial joint stock banks with brand name and wide coverage of BIDV and Vietcombank. Vietcombank set a preferential interest rate for the first 12 months of only 7.7% and BIDV for 7.8% but the maximum loan term in BIDV is up to 20 years and Techcombank is 15 years. Interest rates in both banks is 10.5% lower than general market.
BIDV is also one of the few mortgage banks with 18 months maturity and owns the lowest interest rate among these banks with only 8.3% at this time.
It is easy to see that banks in the lower end have higher interest rates than SCB, Eximbank, Sacombank, …. are all set at around 9% with interest rates in the first 12 months and 12% with the real interest rate after treat.
Preferential interest rate for the first 24 months at banks in June 2018
The longer the incentive period, the higher the interest rate for the preferential home loan, and the closer to the interest rate after the incentive. The loans offered by the same bank usually differ only in the preferential interest rate for the first time, while the preferential interest rates are the same.
Currently, apart from Shinhanbank, Vietinbank has the lowest preferential interest rate of 8.62% against all other banks. Vietinbank policy for this loan product is the maximum loan rate of 70% and the preferential interest rate is 11% quite low compared to the market. However, Vietinbank only gives customers maximum loan in 10 years, relatively short compared to other banks.
Customers can also choose a 36-month (3-year) home loan at Vietinbank with an interest rate of 9.5% and a maximum loan term of 20 years if they want to borrow in the longer term.
BIDV and Vietcombank continue to hold low-interest loans with 8.8% and 8.7% respectively. The preferential interest rate remained unchanged at 10.5%.
Preferential interest rates in the short term 3-6 months
With short grace period, normally, customers will pay attention to the interest rate after preferential. Therefore, for 3 months only a few banks have introduced preferential policies such as: VIB, ACB, MBbank, ABbank, …
Of these banks, MBBB offered a very low preferential interest rate of just 10.1% per annum, despite a very high 3% interest rate of 9%. VIB is the bank that offers the lowest interest rate for the first three months: 6.09% (which is also the lowest preferential interest rate currently on the market), the preferential interest rate is average Overall: 11.4%.
In the first six months of the year, the preferential interest rate was set at 7.5% (except for Sacombank and ACB). The lowest were TPBank, VPBank and BIDV respectively 7.2%, 7.4% and 7.3% respectively. However, BIDV’s preferential interest rate remained 10.5% lower than that of VP Bank’s 11.8% and 11.5% for TP Bank.
Features to choose a home loan
The following factors will help you choose the best bank to buy a home.
First: Interest rates
Interest rates are always the most attractive condition that banks emphasize to attract borrowers to choose services. However, this is also one of the ways many customers are fooled. Low interest rates do not mean that this is a secure loan package and high interest rates, consider the incentives attached.
Many banks will offer preferential rates only 3-4%, but only applied in the first year and sudden increase in the remaining years. In contrast, many banks, although the initial interest rates are quite high, will gradually decrease based on the outstanding loans.
Features to consider when analyzing mortgage rates:
- Fixed interest rate.
- Interest rate calculation is based on the outstanding debt balance or initial debt balance.
- Preferential interest rate or not, the period of application of preferential interest rates.
Second: Loan term
The bank will provide fixed term loans (5 years, 10 years, 20 years …) for customers to choose. In general, shorter term interest rates will be lower than extended loan terms. The borrower should base his / her current financial balance, the amount of the deposit on the total value of the mortgage and the ability to pay to consider the repayment of the loan as soon as possible.
From the interest rates offered by banks, borrowers can compare borrowing terms and interest rates between banks, if that bank meets low interest rates and long borrowing periods, this would be an option. suitable for your family.
Third: Loan value
Most banks only support 70-85% of the total value of the loan. In addition, there are some banks that can support up to 100% of real estate purchase loans, but factors such as loan term, interest rates are usually higher. The borrower should consider between the characteristics of the loan value, the loan term and the appropriate interest rate to find the best mortgage service.
Conditions for obtaining a home mortgage loan
Besides, we should also consider the bank conditions set for the borrower. Strict requirements, such as high and stable income levels, collateral, and pre-housing deposits, are often a factor in many homebuyers.
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Choosing a bank with reasonable requirements, which can be satisfactory, will help the borrower to make better use of his or her mortgage.
The time the bank reviews the file
To choose the best bank loan service, we should also consider the time of reviewing the records of banks. In general, this issue needs to be consulted by the borrowers beforehand; some banks also make time commitments for quick review of loan applications. The loan application is unsolved and not timely resolved, causing difficulties for the borrower.
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