80% of VND30-trillion home loan package pledged

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80% of VND30-trillion home loan package pledged

Saigon Times - 1/14/2016 8:53:42 AM

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Banks had pledged to lend VND24.11 trillion (US$1.07 billion) to eligible beneficiaries of the Government’s VND30-trillion home loan program by end-November last year, 80% of the total.

Of the total loans, banks had disbursed some VND15.46 trillion, said the Housing and Real Estate Market Management Department under the Ministry of Construction.

Banks had lent VND10.07 trillion to households and VND3.84 trillion to corporate clients to develop 53 housing projects.

Under Decision 2645/QD-NHNN issued by the State Bank of Vietnam (SBV), banks will offer an annual lending rate of 5% in 2016 to customers of the program in line with the SBV’s Circular 11/2013/TT-NHNN, Circular 32/2014/TT-NHNN and the Government’s Resolution 02/NQ-CP dated January 7, 2013.

Figures of the HCMC Real Estate Association (HoREA) indicated that disbursements of the VND30-trillion home loan package reached VND3.43 trillion for 6,340 clients between June 1, 2013 and November 2015.

Le Hoang Chau, chairman of HoREA, said the home loan package has positive impact on the property market since the end of 2013. He said the credit package has helped drive property inventories down and support low-income earners to acquire homes.

However, disbursements by banks have remained lower than targeted while Circular 11/2013/TT-NHNN will expire on May 31, 2016. Chau said the central bank should extend the home loan package.

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