Social housing: Loan interest rate maintained at 5 percent
The State Bank of Vietnam (SBV) has decided to keep preferential loan interest rate unchanged at 5 percent for purchase, rent or hire of social housing projects in 2018.
The Dong Mo-Dai Kim social housing project in Hoang Mai district, Hanoi (Photo: VNA)
Hanoi (VNA) - TheState Bank of Vietnam (SBV) has decided to keep preferential loan interest rateunchanged at 5 percent for purchase, rent or hire of social housing projects in2018.
The decision took effectfrom the beginning of this year, replacing Decision No 2544/QĐ-NHNN, datedDecember 30, 2016, on interest rate for loans applicable in 2017 forsocial housing projects.
The interest rates willbe applied for house buyers who have already sought loans from the 30trillion VND (1.32 billion USD) housing stimulus package launched in 2013 asthe minimum repayment term is 15 years, and from the Vietnam Bank forSocial Policies (VBSP).
The 30 trillion VND housingstimulus package aimed primarily at social policy beneficiaries and estatedevelopers of such projects. Of which, 21 trillion VND, accounting for 70 percentof the package’s total has been given to home buyers of projects. The remaining30 percent has been provided to social housing projects’ investors.
Following three years ofimplementation, the housing stimulus package ended in 2016.
In the middle of lastyear, the National Assembly Standing Committee submitted a proposal to add 2trillion VND to the Vietnam Bank for Social Policies (VBSP) formiddle-term public investment in the 2016-20 period. A part of the capitalwould be used for social housing projects.
Some 1.2 trillion VND ofthe investment has been disbursed, so far. However, both social housing projectdevelopers and low-income earners have found it hard to access the preferentialcredit.
Deputy Minister ofConstruction Le Quang Hung said the ministry proposed to the VBSP toquickly implement the lending this year.-VNA
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The Dong Mo-Dai Kim social housing project in Hoang Mai district, Hanoi (Photo: VNA) 
