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All kinds of management of home buyers when they are insolvent – VnExpress

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Many homebuyers transfer the loan to another bank when the interest grace period expires to enjoy the principal grace period.

In 2018, Kim Dung and her husband (Thanh Xuan, Hanoi) borrowed more than one billion VND from a bank to buy a house with a price of more than 2.3 billion. She took a preferential loan from a bank that cooperated with the investor and was granted a grace period of 18 months. The applicable interest rate for the first more than one year is 8% per annum. However, when the house is handed over and the grace period expires, Ms. Dung’s loan applies an interest rate of 11.5% a year, and she also has to pay the principal. This is also the time when her family’s business is more difficult due to the effects of the epidemic.

In order to reduce the pressure of debt repayment, she also recently completed the loan at a bank in cooperation with the investor, then transferred to another bank with a new loan interest rate of 7.5% in the first year. When transferring the loan, she also enjoys a grace period of the principal for one year, so the monthly payment is significantly reduced.

“Actually, I had to pay a small fine from my old bank when I did procedures for early repayment. However, in the immediate future, we need to solve difficulties and reduce pressure for at least the next year when the situation becomes worse. The epidemic situation makes business difficult,” Dung said.

Hanoi real estate market. Photo: Giang Huy.

Buying a piece of land for investment in Da Nang, Mr. Van (Nam Tu Liem) also recently managed to pay off the loan at the old bank to transfer the loan to another bank to take advantage of the debt grace policy. base in the first year. Similar to Mr. Van, but Mr. Chinh (Dong Da) chose to contact the bank to request a debt extension after several months of continuously receiving notifications about overdue debts. However, so far he has not received a response from the bank staff.

Some investors consider the plan to cut losses in the context of not being able to balance financial resources to pay the bank. In mid-2018, Mr. Vu Quan (Hoang Mai) bought a 55m2 apartment in Gia Lam, Hanoi, for more than 1.6 billion VND for investment purposes. At that time, Mr. Quan had more than VND 500 million, the remaining amount was borrowed from a bank with a preferential interest rate of 0%, the maximum grace period of the principal was 24 months.

Last year, when the interest rate grace period expired, the bank applied a floating interest rate of more than 11% a year. Meanwhile, the amount of reserve money has been exhausted, but he has not sold the apartment, the rental price is not as expected. In the middle of this year, this investor had to accept to sell at a loss of more than 200 million VND.

According to DKRA’s August market report, the real estate market has seen some investors reduce prices, cut losses or reduce part of profits to create liquidity, due to pressure from loan interest. This unit assessed, if the epidemic situation persists, it is likely that the market will have a sell-off, reducing real estate prices on a large scale.

Insolvency is a common situation among homebuyers as well as real estate investors, especially after the fourth wave of Covid-19 appeared. Talking to Vhome Real Estate Data Channel, economic expert Dr. Can Van Luc admitted that some segments of homebuyers and investors have their incomes affected so they are not enough to cover interest on bank loans. goods, even financial distress. He said that in this difficult period, there are at least three options to help reduce financial pressure for homebuyers.

The first option, according to Mr. Luc, is that homebuyers can take steps to negotiate to extend, postpone, reduce or cancel debt with the bank. In this context, experts say, the most important factor is that credit institutions and borrowers need to discuss in order to restructure their debts accordingly, restructure production and business activities. and develop a plan to reduce interest rates at a feasible level…

However, this expert also acknowledged that a sharp reduction in lending interest rates is not easy, because the bank itself is a business, so reducing interest rates will affect profits, and must have the consensus of shareholders. winter. For the group of home loan customers, it is very difficult to reduce interest rates or postpone debt because these are not priority lenders. In the case of buying houses in projects with a loan cooperation between banks and investors, some banks may consider it, but this should be applied uniformly to all borrowers.

The second option, according to Mr. Luc, if the investor is borrowing too big and has a small amount of capital, he must boldly sell assets to repay the debt.

“Many homebuyers have low capital flows and a high proportion of financial leverage. At the end of the preferential interest rate period, the business is not favorable, investors should not take the risk to continue pursuing their life. play in the long-term. Quick liquidity solution to recover capital is unfortunate, but still you should boldly decide,” Mr. Luc analyzed.

The third option, according to Mr. Luc, in the case of buying an apartment to live in, many residents tend to transfer their loans to other banks to continue enjoying the grace period of the principal or preferential interest rates. However, this is only a temporary option, not long-term, in case of necessity, it should be considered.

Thuy Hang

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