Mon, 04 Dec 2023

HANOI, Sept. 19 (Xinhua) -- Vietnamese banks are cutting down lending interest rates by 1-3 percentage points per year compared to 2022 to stimulate demand for home loans in the wake of the loan decline, the local newspaper Vietnam News reported on Tuesday.

The State Bank of Vietnam reported a decrease of 1.12 percent in public demand for home loans and home repairs in the first half of this year, while the loans increased by up to 31 percent last year.

The Vietnam News cited PVcomBank as an example of offering various different debt repayment options besides allowing a grace period for principal debts to help borrowers reduce the pressure of repaying debt in the early stages of buying a home.

The bank has recently set aside up to 15 trillion Vietnamese dong (nearly 615 million U.S. dollars) for preferential loans with the loan period up to 25 years.

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