Affordable home buyers to get loans with lower rates
Affordable home buyers can access preferential loans at rates 1.5-2 percentage points lower than the market average as part of a credit package worth around 120 trillion VND (5.02 billion USD).
The Ministry of Construction will cooperate with the State Bank of Vietnam to implement the VND120 trillion credit package to promote social housing development. (Photo: VNA)
Hanoi (VNS/VNA) - Affordable home buyers can accesspreferential loans at rates 1.5-2 percentage points lower than the marketaverage as part of a credit package worth around 120 trillion VND (5.02billion USD).
The State Bank of Vietnam (SBV) raised the fund to promote social housingdevelopment through lending to buyers and developers.
At a national online conference held in February aiming to promote thedevelopment of the real estate market, the SBV Governor said that the centralbank discussed with four State-owned commercial banks, namelyVietcombank, Vietinbank, BIDV and Agribank, ways to implement the package.
The Ministry of Construction (MoC) said affordable home buyers and developerswould be provided with preferential loans disbursed from the package.Priority would be given to homes for low-income earners and workers.
Senior expert of BIDV Can Van Luc said that the credit package would boost thereal estate market. The value of the package would be higher if othercommercial banks joined in, he said.
Ngo Tri Long, former director of the Ministry of Finance's Market PriceResearch Institute, said that this was a good idea as the market was in asupply crunch of homes for low-income earners and workers.
The Ministry of Construction has proposed the Government arrange a creditpackage worth around 110 trillion VND (4.6 billion USD) in the form offinancing for commercial banks to refinance social housing projects and housingprojects for workers. The 110 million VND package was similar to the 30trillion VND package implemented in the 2013-16 period.
Regarding the ministry’s proposal, the central bank said it was necessaryto have a package to boost social housing development to tackle the supply anddemand imbalance. However, more consideration must be given to the capitalsource.
The MoC later retracted the 110 trillion VND package proposal, opting forthe implementation of the 120 trillion VND package by the State Bank of Vietnam.
According to Luc, the 120 trillion VND package is a programme with banks'commitments to provide loans with interest rates 1.5-2 percentage points lowerthan the market rate. Accordingly, the lending rate of this package will bearound 10 per cent./.
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The Ministry of Construction will cooperate with the State Bank of Vietnam to implement the VND120 trillion credit package to promote social housing development. (Photo: VNA) 
