Red eyes waiting for a bank loan to buy a house

After many years of saving, Kim and her husband (32 years old, from Nghe An) decided to buy a house in Ho Chi Minh City. It is an alley house in Nha Be district, the owner is an acquaintance and also needs money urgently, so the price is less than 4 billion VND.

Subtracting the savings and the money given to her by both parents, she needs to borrow another 2 billion from the bank. This is when the couple begins to “get tired”.

Lose the deposit or find another loan source

“I thought it would be easy to have a stable and high income, and it would be easy to get a loan to buy a home for the first time, no one had to run around for the past few weeks. Some banks just said that the room was out, but most My appointment number will be disbursed in July, unfortunately, the landlord needs money urgently, so I can’t wait,” Kim confided.

Currently, she has borrowed from friends and relatives, each one a little to pay the landlord. In the meantime, she kept in touch with the bank staff waiting for the announcement of the room opening.

Many homebuyers said they were having difficulty getting a bank loan. Photo: Quynh Trang.

Falling into a more awkward situation than Ms. Kim, Mr. T. (HCMC) even made a deposit 1 billion to the owner of the land in Bao Loc (Lam Dong) after the bank “promised” to lend it. However, on the appointment date, the bank staff informed that the real estate credit had been tightened so it could not be disbursed.

At this time, he was forced to negotiate with the landowner to extend the payment term and borrow another source. Otherwise, the deposit amount is considered lost.

And Mr. Le Anh, a long-time investor, makes a loan application 5 billion dong from April but not until May to be disbursed.

“The bank side never took any action, until I asked, they said the procedure was completed, but only disbursed. 3 billion dong, 2 billion dong the rest when a customer pays, there will be room to ‘discharge’ for me. Paperwork is also required more rigorously than before. Although I knew about the policy in advance, I was still surprised because I am a VIP customer of the bank for many years, have a good debt repayment history, but still have difficulties”, Mr. Le Anh shared.

A leader of a real estate business also pointed out that there was a case where a project was in progress of payment when the bank stopped disbursing, causing both investors and buyers to struggle.

Sharing with Zing, an employee of a joint-stock commercial bank said that they had stopped approving real estate loan applications at least until the end of June. Before that, some housing projects had been guaranteed at least by the bank. affected, while most loan transactions to buy land or buy houses will be more tightly controlled, and the approval and disbursement time will be longer.

“The difficulty does not lie in the need to borrow to buy a house or invest, buy a house or buy land, but the fact that the credit room of many banks has been exhausted, waiting for the next room to be loosened. As far as I know, most of the people. Foreign banks still lend normally, but domestic banks are more difficult, some parties have room to only prioritize long-term customers, but the interest rate is 1-2% different from before,” this person added.

“House prices have not decreased, liquidity has fallen”

The policy of tightening real estate credit is considered as a solution to cool down the market, and at the same time protect the banking and financial system. However, in reality, real estate prices have continued to escalate in many segments over the past time.

The Vietnam Association of Realtors (VARS) said that the housing market in Ho Chi Minh City in April witnessed a sharp increase in prices from 5-10% within just one month.

Batdongsan’s data also shows that the selling price of apartments in Hanoi in the first 4 months of the year increased by 9%, 1.5 times the average increase of the whole year of 2021. Before the time when banks tightened real estate loans. production, the increase is usually stable at 5%.

Even in the first quarter of 2022, the primary price of villas in Hanoi increased by 30%, townhouses by 73% and townhouses by 79% over the same period last year, according to Savills.

After a period of real estate credit tightening, house and land prices continued to increase, while liquidity went down. Photo: Nam Khanh.

This situation is explained because the supply is decreasing while the demand is constantly increasing. Besides the reasons from the lengthy licensing procedure or land use fees, the high construction costs, the supply was also strongly affected by the credit squeeze.

“The tighter the squeeze, the more shock decreases in supply, the stronger the price increases, the more people like me find ways to raise capital for investment. Real home buyers don’t have much money to swing like that, in when they are the main driving force for the market’s liquidity. That is to say, house prices have not decreased, liquidity has fallen”, Mr. T. stated.

In fact, the liquidity of houses and land is increasingly difficult when market research data of real estate consulting companies all show a decrease in product absorption by tens of percent in many segments. segment.

That’s why Assoc. Prof., Dr. Dinh Trong Thinh, an economic expert, believes that it is necessary to consider real estate credit flexibly and appropriately, thereby selectively tightening instead of raking all subjects.

He suggested that instead of tightening, the Government should promote lending to homebuyers with real housing needs, especially in product transactions of affordable and mid-range apartment projects, with incentives for social housing. , worker housing.

According to zingnews.vn