The bank loan interest rate in May 2023 has been adjusted down at some banks, the rest still apply the home loan interest rate above 10%/year. So, which bank has the lowest home loan interest rate today?
Home Loan Interest Rate May 2023
According to a survey, interest rates on bank loans for home buying purposes in May at banks ranged from 4.99-13.5%/year.
Which bank has the lowest home loan interest rate?
The lowest home loan interest rate currently belongs to Vietnam Maritime Commercial Joint Stock Bank (MSB) at 4.99%/year. However, MSB only fixed this interest rate in the first 3 months for loans with a term of over 24 months, from the 4th month onwards, the bank will apply a floating interest rate according to the market interest rate, falling into about 13.75%/year.
Mid-range bank loan interest rate
Few banks have average home loan interest, below 10%/year:
Shinhan Bank: 7.99%/year
TPBank: 8%/year
OCB Bank: 8.49%/year
…
In which, Shinhan Bank charges a fixed interest of 7.99%/year for the first 6 months and 10.5%/year for the remaining 54 months. With TPBank, the rate of 8% is only applied to home borrowers in the first 6 months, in the next 6 months, the rate will be 12%/year, then also calculate floating interest according to the market.
Banks charge interest on home loans over 10%/year
Some banks still apply home loan interest rates above 10%/year such as: Woori Bank, Vietcombank, Vietinbank, Viet Capital Bank, Techcombank, UOB, Hong Leong Bank, BIDV, HSBC, VIB, PVcomBank, HDBank, etc. …
In which, Vietcombank is applying a loan program with a fixed interest rate of only 10.2%/year, applied to loans from April 1, 2023.
VIB, PVcomBank, VPBank, HDBank are the banks with the highest home loan interest rates, from 12-13.5%/year. For PVcomBank, the interest rate of 12%/year is only applied in the first 6 months, from the following months will be charged 15.5%/year. Or HDBank, the rate of 13.5%/year only applies to the first year, from the next year, the interest rate will add a margin of 4.5%/year.
Bank Loan Interest Rate Table May 2023 Latest
Note: LSTK (Saving interest rate); LSCS (Base Rate); CPV (Cost of Capital).
Banks charge interest on home loans over 10%/year
Some banks still apply home loan interest rates above 10%/year such as: Woori Bank, Vietcombank, Vietinbank, Viet Capital Bank, Techcombank, UOB, Hong Leong Bank, BIDV, HSBC, VIB, PVcomBank, HDBank, etc. …
In which, Vietcombank is applying a loan program with a fixed interest rate of only 10.2%/year, applied to loans from April 1, 2023.
VIB, PVcomBank, VPBank, HDBank are the banks with the highest home loan interest rates, from 12-13.5%/year. For PVcomBank, the interest rate of 12%/year is only applied in the first 6 months, from the following months will be charged 15.5%/year. Or HDBank, the rate of 13.5%/year only applies to the first year, from the next year, the interest rate will add a margin of 4.5%/year.
Bank Loan Interest Rate Table May 2023 Latest
Note: LSTK (Saving interest rate); LSCS (Base Rate); CPV (Cost of Capital).
Note: The above interest rate table is for reference only. Interest rates on home loans may change from time to time depending on the bank’s lending policy. For detailed advice on loan packages, please contact the banks directly.
Besides updating the bank loan interest table for the purpose of borrowing buying real estate. The Real Estate Newsletter will also inform readers of some outstanding news that may affect the increase/decrease of interest rates in the near future as follows.
Besides updating the bank loan interest table for the purpose of borrowing buying real estate. The Real Estate Newsletter will also inform readers of some outstanding news that may affect the increase/decrease of interest rates in the near future as follows.
Expectations to Lower Loan Interest Rates in the Future
At the regular Government press conference on May 5, Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that in the first 4 months of the year, the policy of reducing lending interest rates has been adopted by the Bank. The State actively implements it to contribute to the economic recovery and growth.
In fact, from the beginning of the year until now, the State Bank has reduced the operating interest rate twice. This is the message and also the orientation sent to commercial banks in reducing deposit interest rates and lowering lending rates.
“Over the past time, credit institutions have reduced deposit interest rates by 1-1.2% on average, while general lending rates in the whole banking system have been reduced by 0.5-0.65%. State-owned commercial banks have a more positive reduction, when deposit interest rates decrease by 1-1.5%, lending rates decrease by 1.5-2%, “said the Deputy Governor.
In the coming time, in addition to continuing to control inflation, stabilize the value of money, and ensure the harmony between exchange rates and interest rates, the State Bank will also direct and mobilize credit institutions to save money. reduce costs to aim at lowering lending interest rates, creating the best conditions for businesses and people to borrow capital.
8.2%/Year Is Social Housing Loan Interest Rate From Package 120,000 Billion
The State Bank has issued guidance on implementing a credit package of VND 120,000 billion for loans to social housing projects, worker housing, renovation and reconstruction projects of old apartments. Borrowers are project investors and customers buying houses in those projects.
Note, to qualify for loans, these projects need to be on the list announced by the Ministry of Construction; at the same time, the borrower is entitled to support policies and meets the loan conditions as prescribed by law.
The home loan interest rate for a credit package of 120,000 billion applied from April 1 to the end of June 30 is as follows:
8.7%/year for investors, lasting for 3 years from the date of disbursement
8.2%/year for home buyers, lasting for 5 years from the date of disbursement.
The above bank loan interest rate will not be fixed, every 6 months, the State Bank will have an adjustment notice to banks participating in this program. The interest rate is also based on the previous regulation of the Government, which is 1.5-2% lower than the average medium and long-term lending rate of state-owned commercial banks. In fact, according to a survey by Batdongsan.com.vn, the interest rate on loans to buy social housing in a package of 120,000 billion VND is lower than the actual interest rate at commercial banks by 3.5-6%/year.
Pay Attention To The Conditions That Come With Low Home Loan Interest Rate
It can be seen that some banks offer particularly attractive home loan interest rates, such as MSB from only 4.99%/year. However, customers should note, this preferential interest rate is only applicable for a short time, specifically, MSB is fixed for the first 3 months, from the 4th month onwards, it will be floating according to the market interest rate. .
Or at some banks, customers who want to enjoy better interest rates must buy more combos including savings accounts, beautiful digital accounts, credit cards, etc. For example, ACB is applying loan interest rates. is 11%/year, but can further reduce from 1-2.4%/year if customers buy together with combos.
Therefore, besides comparing home loan interest rates of banks to choose the right loan package, buyers should carefully consider cash flow and repayment ability. Instead of being attracted to favorable interest rates, calculate based on the floating rate according to the market.
Regarding home loan conditions, although banks all offer conditions such as: customers who are 18 years or older, have a good credit score, a stable income and guaranteed repayment ability, etc. However, Customers should still call or visit the bank’s branches/transaction offices directly for more specific advice on bank loan interest rates.
Experts also recommend that buyers only spend up to 30-40% of their total monthly income for housing needs to be able to cover expenses for other basic needs. The monthly principal payment without careful and reasonable planning can create a financial burden and great pressure on life.
Experts also recommend that buyers only spend up to 30-40% of their total monthly income for housing needs to be able to cover expenses for other basic needs. The monthly principal payment without careful and reasonable planning can create a financial burden and great pressure on life.
The Most Accurate Way to Calculate Bank Loan Interest By Month, By Year
The calculation of the cash flow table based on the monthly and annual bank loan interest rates will usually be sent to borrowers by bank staff. However, borrowers also need to know how to calculate bank loan interest to get accurate information about the principal amount, interest payable, time, etc.
Here are 3 ways to calculate the bank loan interest rate that you can refer to:
1. Based on the Bank Loan Interest Rate Calculation Formula
The formula is based on factors such as loan amount, loan term, bank loan interest rate and type of loan. Specifically:
The formula for calculating loan interest on a decreasing balance:
First month = Initial loan amount x bank loan interest rate/12
2nd month = (Total initial loan – principal to be paid each month) x bank loan interest/12
3rd month = (Remaining loan amount – principal to be paid each month) x bank loan interest/12
Calculate the same for the following months.
For example:
The bank loan amount is 100 million, the interest rate is 12% within 12 months. The calculation of interest is as follows:
First month = 100 million x 12%/12 = 1 million dong.
February = (100 million – 10 million) x 12%/12 = 900,000 VND.
3rd month = (90 million – 10 million) x 12%/12 = 800,000 VND.
The formula for calculating loan interest on a decreasing balance:
First month = Initial loan amount x bank loan interest rate/12
2nd month = (Total initial loan – principal to be paid each month) x bank loan interest/12
3rd month = (Remaining loan amount – principal to be paid each month) x bank loan interest/12
Calculate the same for the following months.
For example:
The bank loan amount is 100 million, the interest rate is 12% within 12 months. The calculation of interest is as follows:
First month = 100 million x 12%/12 = 1 million dong.
February = (100 million – 10 million) x 12%/12 = 900,000 VND.
3rd month = (90 million – 10 million) x 12%/12 = 800,000 VND.
…
Calculating interest on the original balance:
The formula for calculating bank loan interest rate is based on the initial outstanding balance = Total initial loan amount x loan interest rate/12 months.
Example: Borrowing 100 million for 12 months. In all 12 months, interest is always calculated on the total principal amount of 100 million.
Interest = Total initial loan x bank loan interest/12 months = 100 million x 12%/12 = 1 million dong.
The formula for calculating bank loan interest rate is based on the initial outstanding balance = Total initial loan amount x loan interest rate/12 months.
Example: Borrowing 100 million for 12 months. In all 12 months, interest is always calculated on the total principal amount of 100 million.
Interest = Total initial loan x bank loan interest/12 months = 100 million x 12%/12 = 1 million dong.
2. Consult the Bank’s Interest Calculator
Currently, banks have integrated the feature to calculate the interest payable on their websites. You need to enter all information about the total loan amount, loan term, loan interest rate and type of loan, from which the system automatically calculates the amount of interest. The results are for reference only for borrowers to plan appropriate repayment.
3. Use the Interest Calculating App on the Phone
Borrowers can go to the application store of Android or Ios to download a number of applications that support the calculation of interest rates on bank loans.
The information on how to calculate interest rates is for reference only, so borrowers need to talk to the bank to get the most accurate and up-to-date data.
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