The loan package caters to individual customers looking to purchase, build, or renovate housing; buy automobiles; finance business operations; access overdraft facilities; or refinance existing loans from other credit institutions. For short-term loans, the bank applies an interest rate of just 5% per annum. Medium and long-term loans have a fixed interest rate of 5% for the first year. From the second year onwards, the interest rate is adjusted according to the following formula: Lending Interest Rate = Base Interest Rate + Margin. The specific margin will be clearly explained and transparently stipulated in the credit contract with each customer, ensuring borrowers are fully informed before signing.

Calculations show that for a 2 billion VND loan with a 20-year term, borrowers would only need to pay approximately 16.7 million VND monthly during the first 12 months when the preferential interest rate applies.

VRB's credit package offers a fixed 5% interest rate for the first year. Photo: VRB

VRB's credit package offers a fixed 5% interest rate for the first year. Photo: VRB

A VRB representative explained that this policy has been developed in the context of high housing prices in major urban areas, especially for apartments, relative to average incomes. This extends the time required for savings accumulation and reduces homeownership opportunities, particularly for young people who have a strong need for stable housing. Given this situation, regulatory authorities have requested research into credit policies to support homebuyers, encouraging banks to implement more flexible loan packages.

"With a clear interest rate policy, VRB's credit package will help individuals and young families shorten their savings accumulation period, enabling them to acquire high-value assets sooner," the VRB representative stated.

Minh Ngoc