After overcoming so many obstacles, some young workers succeed in buying a home in Ho Chi Minh City, but there are many others who cannot hold on to their dream for long due to unexpected events.

In order to have a place in the city, many young employees choose to buy houses in installments. Most of them are forced to give up leisure activities to pay off the house.

Some of them even postpone their plans to have a child because they have to focus on paying back housing loans.

Although some are lucky enough to afford the monthly installments, many people have to give up their housing dream after they run out of budget. 

Afraid to have a child

Like other young couples in Ho Chi Minh City, Tran Mai Linh and her husband, who live in Thu Duc City, yearned for a home despite their low income.

In 2015, they found a suitable apartment in Linh Trung Ward, Thu Duc City after a long search. 

They paid VND300 million (US$12,932) in advance for the apartment, which was sold for VND1.6 billion ($68,973).

Linh is an office worker and her husband is a manager in a garment factory.

Their total monthly income is just over VND20 million ($862).

Despite the limited budget and foreseeable risks, the couple were determined to buy the flat.

"We thought that buying an apartment would force us to work two or three times harder than usual," Linh said.

"We downplayed the concerns and said that this decision could affect our health or, in the worst case, we would not be able to pay the debt."

Having already bought the apartment, the couple had to work even harder to pay back the debt each month.

Their financial burden grew over time, when monthly payments accounted for more than half of their total income, not to mention living expenses and unexpected illnesses.

"Most of the time we do not have any money left over, it's just enough, or sometimes we have a shortage," Linh sighed. 

The couple also postponed their plans to have a child following the purchase of the apartment.

"Our life as a couple is already so difficult, if we had a child, the house would become a heavier burden," Linh said sadly. 

When a pregnancy test returned a positive result, the 25-year-old young woman opted for an abortion, even though her parents were looking forward to having a grandchild. 

"Pregnancy needs truly good care, plus money for baby formulas, diapers, and other expenses. We do not dare to have a child at the moment," said the woman from the highland province of Gia Lai. 

Fortunately, the amount they have to pay each month has shrunk over the past eight years.

Now, they only pay under VND4 million ($172) per month, according to Linh's husband. 

Debt obsession

Nguyen Thanh Nam, a resident of Binh Tan District in Ho Chi Minh City, has had many sleepless nights in recent years worrying about buying houses.

In May 2021, Nam divorced his wife and sold the apartment they had lived in for five years.

At the time of the sale, they were still paying off the bank's installment plan. 

In 2016, when Nam and his wife came to Ho Chi Minh City, they decided to buy an apartment.

At that time, they bought a 67-square-meter unit with two bathrooms at VND1.3 billion ($56,040) in Binh Tan.

Although many people warned them of possible risks, the couple took out a loan of 70 percent of the value of the apartment and were obliged to pay nearly VND15 million ($647) monthly, including the principal and interest.

They enjoyed the pleasure of having their own home for only three months, and then felt utterly pressured when the due date came.

"We dreaded the date when we were required to pay the installment," Nam recalled.

"The tenth day of the month was the due date, but it's so stressful as we did not receive our salary on the 5th day that we had to borrow money from all kinds of sources like friends or relatives."

They saved for a while and accumulated VND200 million ($8,621) to pay the loan.

Despite the loan having gradually decreased over the preceding five years, their relationship ended in May last year, one of the reasons being their dispute over the bank loan for the house.

Because of the divorce, they sold the home.

"Right now, I have no intention of buying a house in the city anymore," 34-year-old man Nam said.

"I rent houses wherever I want.

"If I could make that decision again, I would not buy the apartment.

"It put so much pressure on me." 

Nam believes that young people like him should think twice before buying a home.

"They say debt makes us work harder, but in reality we need to know what we are doing," he remarked.

"If you do not have a good-paying job, you are better off giving up!"

Selling the house even though he will not stay a single day

Hoang Huy, a resident of Binh Thanh District, Ho Chi Minh City is another person who faced many obstacles while trying to secure an apartment here.

He signed up to buy a unit that was still being built.

The man was entitled to a lower price with a purchase plan this way, Huy explained. 

The apartment, worth VND1.7 billion ($73,283) at the time of its completion, is located on National Road No. 13 near Thuan An City in Binh Duong Province, just outside Ho Chi Minh City.

The young man from the central province of Quang Nam intended to pay 30 percent of the value gradually over three or four years. 

His plan was to apply for a bank loan until he gets the apartment, and then take out a mortgage of 70 percent of the apartment's value.

He could have realized his dream if the COVID-19 pandemic had not occurred. 

His income was severely affected by the pandemic so Huy had no choice but to sell his dream apartment after he had already paid VND200 million ($8,621).

Huy not only parted with the long-desired house but also suffered a loss of 20 percent.

"I was luckier than others to be able to sell the apartment," said the young salaried worker. 

"Many people cannot and have to live with the debt and stress for a long time."

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