According to Batdongsan.com.vn's 2024 Real Estate Consumer Sentiment Report, 65% of surveyed individuals plan to buy a house within the next 12 months, with 64% of them being under 40 years old. This demonstrates the significant demand for housing among young people, but the journey to realizing this dream isn't easy.
The biggest obstacle lies in the widening gap between income and house prices. Data from Global Property Guide reveals that Vietnam's real estate prices increased by 59% between 2019 and 2024, surpassing both the US (54%) and Singapore (37%). Meanwhile, average incomes have only risen by about 6-7% annually. A millennial currently needs 26 years of savings to afford a 3 billion VND apartment without financial assistance from family or institutions.
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Luxury apartments in western Hanoi, 11/2024. Photo: Giang Huy |
Luxury apartments in western Hanoi, 11/2024. Photo: Giang Huy
Quoc Hung (35, Hanoi) said his monthly salary ranges from 20 to 25 million VND, but for years he hasn't dared to think about buying a house. "I worry about the long-term pressure of loan repayments, especially if my income fluctuates. It would be difficult to manage. So, I choose to continue renting even though I've saved up some money," he shared.
The pressure of loan repayments with unstable income remains a major barrier for young people, even with many banks now offering loans of up to 70-80% of the property value.
To help young people achieve their homeownership goals, Orient Commercial Joint Stock Bank (OCB) has launched the "Flexible - Privileged Creation" loan package, targeting young customers with income growth potential but facing initial financial difficulties.
The loan package has three key features: flexible cash flow, large limits and long terms, and personalized financial strategies. Customers can defer principal payments for up to 60 months, reducing their repayment obligations by 50% in the initial phase, or choose to pause principal payments until the end of the term after paying off half of the outstanding balance.
In addition, the loan package supports limits of up to 100 billion VND with a maximum term of 40 years, allowing borrowers to actively spread out the repayment pressure over time. OCB also offers various preferential interest rate options starting at 5.5% per year, combined with long-term financial strategy consulting.
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The "Flexible - Privileged Creation" loan package is designed for dynamic young customers. Photo: OCB |
The "Flexible - Privileged Creation" loan package is designed for dynamic young customers. Photo: OCB
Anh Minh (office worker, Hanoi) said that after years of renting and saving, he was still hesitant, fearing he couldn't handle the monthly repayment burden. "But when we learned about OCB's loan package with a grace period and a 50% reduction in monthly payments, my wife and I decided to proceed immediately. The feeling of owning our first home, within our financial means, is truly special," he shared.
According to a bank representative, the loan package is designed around the actual needs and financial capabilities of young people, aiming to support sustainable and flexible homeownership in the context of continuously rising house prices. With grace periods, suitable payment schedules, and long loan terms, this solution is expected to help young people gradually own homes without facing significant financial pressure in the initial years.
Minh Ngoc
