Social housing loan interest rates drop to 4.8%
On Wednesday approved a decision that lowers the interest rate on loans for social housing buyers from 5per cents to 4.8 percent.
Social housing is a necessary product to serve those with housing difficulties. Photo: Duc Anh.
On May 10, the Prime Minister issued Decision 486 on the preferential lending interest rate at the Bank for Social Policies applied to loans with outstanding balances to buy, rent-purchase social housing, and build new or renovated homes to live in.
Specifically, the preferential lending interest rate at the Bank for Social Policies applied to loans with outstanding balances to buy, rent-purchase social housing, build new or renovate and repair residential houses is 4.8 %/year.
The Bank for Social Policies takes full responsibility for the contents and data of reports and proposals. This decision is effective from May 10 to the end of 2024.
Previously, on April 3, the Prime Minister approved the investment project to build at least 1 million social housing apartments for low-income people and industrial park workers in the 2021-2030 period. A credit package of VND 120,000 billion (from four state-owned banks Vietcombank, VietinBank, BIDV, and Agribank) is deployed to accelerate the completion of at least 1 million social housing apartments by 2030 and support owners investors, and buyers of social housing projects borrow low-interest rates.
With this credit package, people who are eligible to buy social housing and want to borrow to buy social housing can go to Agribank, BIDV, Vietcombank, and VietinBank to carry out loan procedures with an interest rate of 8. 2%/year, maximum loan term is 5 years.
For investors of social housing projects, the loan interest rate is 8.7 %/year, with a preferential period of 3 years from the date of disbursement but not exceeding the loan term in the original agreement.
Currently, the support for concessional loans is carried out in accordance with the law on housing, according to which, for social housing, individual customers and investors can borrow loans at preferential interest rates through the Bank. Social policies and commercial banking systems are designated by the State.
However, according to the report, up to now, the Bank for Social Policies has allocated 3,163/ 9,000 billion VND, accounting for 35% of the demand in the period 2016-2020, to lend to individuals to buy and rent, rent-purchase social housing, new construction, or renovation.
Regarding the disbursement of support capital under Resolution 11/2022, according to the Policy Bank's report, the whole country has disbursed 2,695 billion dongs to 10,237 customers who are eligible for loans to buy or rent-purchase communal houses. associations, workers' houses, new construction or renovation...
Up to now, the whole country has completed 301 projects of social housing in urban areas and housing for workers in industrial zones, with a construction scale of about 155,800 units with a total area of more than 7.79 million m2.
The number of projects is being implemented in 401 projects with a construction scale of about 454,360 apartments, of which 245 projects with a scale of 300,000 apartments are undergoing investment procedures and there are 156 projects with a scale of 156,700 apartments investment.
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