Construction ministry urges new credit package for low-income home buyers
The Ministry of Construction has urged the State Bank of Việt Nam to study a new credit package for low-income home buyers with preferential interest rate 3-5% lower than lending rates provided by commercial banks.
A social housing project under construction in Long Khanh city, Dong Nai province. (Photo: VNA)
Hanoi (VNS/VNA) - The Ministry of Construction has urged the State Bank of Vietnam to study a new credit package for low-income home buyers with preferential interest rate 3-5% lower than lending rates provided by commercial banks.
The proposal was noted in the ministry’s report on the on-going drive to develop at least a million social housing apartment units by 2030.
The lower-rate preferential credit would be over terms of 10-15 years.
The Ministry of Construction said that the new credit package will help low-income earners to buy houses, with evidence they are not buying homes. The disbursement of the 120 trillion VND (4.7 billion USD) social housing credit package is stagnant; after a year in operation, less than 1%, or 1.144 trillion VND, has been distributed.
The 120 trillion VND support package provides preferential loans from commercial banks to social housing developers and buyers at rates 1.5-2% lower than the normal lending rates.
In early 2023, the Ministry of Construction had proposed a credit package worth 110 trillion VND to promote social housing development, similar to the 30 trillion VND package introduced in June 2013.
That proposal was rejected and the 120 trillion VND credit package implemented instead.
Statistics from the Ministry of Construction showed that to date, 30 localities have announced 72 projects eligible for the 120 trillion VND package.
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To date, 10 provinces have sent their lists of projects for access to a 120 trillion VND (5.11 billion USD) housing credit package, heard an online conference on reviewing a resolution to remove difficulties for the development of the real estate market chaired by Prime Minister Pham Minh Chinh on August 3.
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