Movement of savings
After the Tet holiday, Thien’s whole family went from Nghe An to Hanoi to move into the new house on the 6th. . This apartment was bought by him and his wife from a landlord right before Tet after receiving money sent by both paternal and maternal families.
Mobilization interest rates dropped to a record low, Thien and his wife’s parents decided to withdraw most of their savings to support their children. Another small portion of capital was borrowed by Thien from the bank where he worked.
In early 2023, his parents were still saving money in the bank with an interest rate of over 9%/year. However, after many times the State Bank reduced interest rates, the deposit interest rate at banks is just over 4%/year.
According to Dan Tri reporter’s statistics, the average deposit interest rate of more than 30 commercial banks for a 12-month term as of January 2023 is about 8.47%. However, by last February, this average deposit interest rate was only 4.8%. With a 6-month term, the interest rate also decreased from 7.98% to 4.1%/year.
The trend of savings flow moving to other asset channels has been noticed by many companies securities give comments determined from the end of 2023. This cash flow is forecast to shift to search for profitable investments that could be real estate or stocks.
However, many units cautiously evaluate the situation. The recovery of the real estate sector will be quite slow in the first half of the year and may recover stronger from the end of the year.
In fact, recently stock market has received big cash flow. The market started going up from December 2023 and is one of the best investment channels today. By early March, market liquidity sometimes reached more than 30,000 billion VND/session. Some securities companies also forecast that the VN-Index could reach more than 1,300 points this year.
Borrowers are still cautious about borrowing to buy real estate
Many experts assess that in the context of low interest rates, the stock market will recover first and then new cash flows into real estate. Low deposit interest rates lead to lending interest rates for real estate gradually cooling down.
Survey shows that many banks continue to reduce lending interest rates buy a house right after Tet. The interest rate during the preferential period at banks is 5-8%/year. After the incentive, the interest rate returns to a floating level of about 8-12%/year.
With state-owned banks, home loan interest rates range from 545 to 075%/year depending on the loan term. For example, BIDV has a home loan interest rate package for a minimum period of 60 months with an interest rate of 7455095%/year.
Home loan interest rates at joint stock commercial banks also decreased strong. For example, at ACB bank, the interest rate in the first year is 72%/year. The floating interest rate from the second year is calculated as the base interest rate plus a margin of 38%.
Bank group Foreign countries also adjust home loan interest rates. Specifically, Wooribank allows customers to choose a loan package of 53% fixed for the first 6 months and 83% fixed for the next 54 months or 56% fixed for the first year and 6% fixed for 2 months. first year64% fixed for the first 3 years.
Sharing with reporter Dan Tria credit officer of a state-owned bank said that although interest rates are lower, people still cautious in borrowing to buy real estate. Currently, disbursement of real estate loans at this bank is still small. This person commented that in the context of real estate not increasing rapidly, paying interest rates at floating rates is still a problem Big problem.
A credit officer at a private bank also said that although interest rates have decreased, the demand for loans is still less than in the past much, but now borrowing to invest is much less.
This person said that people currently use their own capital mainly to buy real estate. Many people started withdrawing savings like Thien’s family. However, people are still limited in borrowing to buy real estate.
In addition, it is said that the real estate market is starting to warm up when recently secured transactions have increased sharply, even having to wait in line. .
On the contrary, the leader of a state-owned bank headquartered in Dong Da district (Hanoi) told reporter Dan Tri that recently the disbursement of loans Buying real estate was better. He said the signal is better than before as the number of people asking for home loans and disbursements also tend to increase. Customers mainly borrow to buy on the secondary market, mortgaging the house itself.
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