A chance to own your new home with financial support from VIB

Owning a "new home" or a nice house is the dream of everyone, especially newly married couples, corporate workers and business owners. This dream could be within your reach if you know how to plan your finances and look for an appropriate bank with products and services that meets your needs.

Nowadays, as the housing market has begun to recover and a growing number of preferential programs for real estate from banks are available, you are one step closer to achieving your life goal of having your own house and turning it into your home.

Why should you apply for a loan from banks?

The answer to this question is quite straightforward. By a simple calculation we can see that with a small family, after deducting all expenses, if you leave only 6 to 7 million a month to save, you will have to wait from 20 to 25 years to have1 billion to buy a house. However, while waiting to save up to purchase a home, money spent on monthly rent will add up to a huge amount, sometimes being even more than the intended total savings. If you don’t want to pay rent, you will have to live with the extended family, and consequently you will not have your own space as well as freedom. Applying for a home loan from banks  is the optimal method and the most suitable option.

So, how can you buy a house immediately?

It is certain that everyone has their own vision of a dream house, so the first thing to do is to look for a property that you would like to purchase. Depending on your financial affordability, needs and lifestyle or living habits, you can choose an apartment or a townhouse. The selection is not too difficult when the real estate market has increasingly become more dynamic.

Next is to seek for preferential interest loans offered by banks. You will only need to have a down payment of at least 30% of the appraised value while the rest can be financed by banks with up to 70% of the value of your desired property.

Typically, in a mortgage loan, the principal and interest are paid every month/quarter/ 6 months based on the reducing balance of the loan. As such, the principal and interest payable in the first period of the loan are usually quite high due to the large outstanding amount However, financial pressure will be reduced after a few months, with payables being lowered, making it more comfortable for you by having some extra cash every month.  Therefore, you should consider choosing a loan with suitable loan term to avoid stress in every pay period. Generally, banks offers home loans with long terms extending from 10 to 20 years. At VIB, we can offer you home loans with terms of up to 25 years.

Moreover, you can choose to buy land/an old house at first if you don’t yet have enough money for a finished house; after further saving, you can apply for a construction and renovation home loan from banks. Then it will be easier for you to build your fully furnished home.

Some notes to home purchase, construction and renovation loans

Currently, bank interest rates are quite stable, and it is considered a golden time to apply for a home loan. To get a suitable loan, you need to consider factors such as attractive fixed promotional interest rates in the short term then variable rates after the preferential period, or stable and transparent interest rates during the life of the loan. Then you will need to look into fees, the bank's reputation as well as affordability, etc. The bank credit rating depends on many factors, which can be referred to as  BCA ratings of your interested banks provided by international credit rating organizations like Moody's, S&P, etc. In Moody’s evaluation period of September 2015, VIB is one of the 2 banks with the highest baseline-credit assessment (BCA) index, among nine large banks assessed in Vietnam.

At VIB, we often provide preferential loan packages at competitive and stable interest rates during the loan terms. For example, our existing MEGA 2 preferential package at the interest rate of 6.99% / year during the first 6 months has attracted lots of customers to borrow from us.  You can refer to the loan amounts and financial affordability for loans here. For more details on our promotional programs, please contact our toll-free hotline at 18008180.