Today: 07/12/2023 13:15:52 (GMT+7)

Central bank starts huge credit package for social housing projects

Developers of social housing projects buyers of this kind of houses are entitled to benefit from a credit package worth 120 trillion VND (5.1 billion USD) which was started by the State Bank of Vietnam (SBV) earlier this month.

Under the package, the loan interest rates for them will be 1.5-2% lower than those of commercial banks.

In line with a resolution dated March 11, 2023, the government has assigned the SBV to implement the credit package which aims to promote the development of the country's real estate market.

Central bank,  huge credit package, social housing projects, loan interest rates, commercial banks, real estate market

Illustrative image.

Borrowers must meet certain conditions prescribed by law and loan conditions of commercial banks. Each borrower will be allowed to borrow once from the package which will end when all the fund is disbursed, but no later than December 31, 2030.

The grace period is 3 years for project developers and 5 years for home buyers. The loan interest rate is 8.7% and 8.2% a year for developers and buyers, respectively, from April 1 until the end of June this year.

From July 1, the SBV will announce the loan interest rates for commercial banks participating in the programme every six months during the period.

Vietnam has set a target of constructing at least 1 million units of affordable "social housing" for low-income earners by 2030. Of these, 428,000 units will be built by 2025.

The country has so far completed 301 social housing projects in urban areas and industrial parks with a total of 155,800 apartments, while 401 others with 454,360 housing units are under construction.

Bac Giang recovers shortcoming, accelerates progress of urban, residential and housing project
(BGO) – On March 8, the Vice Chairman of the Bac Giang provincial People’s Committee (PPC) Phan The Tuan chaired a meeting to review the progress to invest and build urban, residential and housing projects without using state budget (Project) in the province.
Hanoi to spend 437 trillion VND on housing development until 2025
Hanoi will spend 437 trillion VND (18.3 billion USD) on housing development in the 2021-2025 period.
Construction Ministry proposes $4.7B social housing credit
The Ministry of Construction has proposed that the National Assembly and the Government set aside a credit package of VND110 trillion (US$4.66 billion) for the development of social housing.
Settling down thanks to social housing credit program
(BGO) - Implementing the Government’s Decree No. 100/2015/ND-CP dated October 20, 2015 on social housing development and management (Decree 100), since 2018, the Vietnam Bank for Social Policies’ branch in Bac Giang province (VBSP Bac Giang) has offered loans under the social housing program.
Quang Ninh begins construction of social housing project with nearly 1,000 apartments
The People’s Committee of Ha Long City in Quang Ninh Province commenced construction of a social housing project for nearly 1,000 apartments in Ha Long City’s Hong Hai Ward and Cao Thang Ward on October 30.

Source: VNA

Central bank, huge credit package, social housing projects, loan interest rates, commercial banks, real estate market
New comment has just been added. Click here
Sort:NewBest News