Interest rate for social housing loans to be raised to 5% in 2023
The interest rate for social housing loans will be lifted to 5% per annum from the current 4.8% per annum from the beginning of next year, following a decision by the State Bank of Vietnam.
Hanoi (VNS/VNA) - The interest rate for social housing loans willbe lifted to 5% per annum from the current 4.8% per annum from the beginning ofnext year, following a decision by the State Bank of Vietnam.
The new interest rate will be applied for loans used for purchasing, andleasing social housing projects and commercial ones with an area of under 70square metres and 15 million VND (634 USD) per square metre.
Groups eligible for the loans are civil servants, public employees, militaryofficers and low-income workers who are struggling to buy houses at commericalhousing projects or houses at urban areas approved by the authorities with thetotal value of purchase and sale contracts (including houses and land) notexceeding 1.05 billion VND.
Households and individuals that have plans to renovate or build new socialhouses in accordance with the provisions of law for lease, lease purchase andsale to workers and employees in industrial parks, small and medium industrialclusters, export processing zones, economic zones, high-tech zones, industrialand handicraft production establishments and factories will be able to getaccess to the loans./.
The Vietnam Bank for Social Policies (VBSP) has submitted proposals to the Prime Minister on the interest rates for preferential loans to rent and buy social housing or build, upgrade, and repair houses in 2019, with the suggested annual rate of 4.8 percent.
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Illustrative image (Photo: VNA) 
