Loans aimed for social housing

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Loans aimed for social housing

Vietnam News - 5/23/2016 3:53:14 PM

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Hundreds of trillions of đồng in preferential loans will be provided for social housing development, according to chairman of the Việt Nam Real Estate Association Nguyễn Trần Nam.

Nam said at an online forum hosted by Diễn Đàn Doanh Nghiệp (Business Forum) newspaper on Wednesday that commercial joint stock banks with controlling State stake-holdings would have to spend 3 per cent of their total outstanding loans for developers and buyers of social housing projects.

This 3 per cent would be equivalent to some VNĐ300-400 trillion (US$13.4-17.9 billion), Nam said, adding that there would be no deadline for this loan package.

Initial preparations are underway, with the central bank appointing four commercial banks, Vietcombank, Vietinbank, BIDV and Agribank, to provide preferential loans for developers and buyers of social housing projects, as well as the issuance of Circular 25/2015/TT-NHNN late last year on providing preferential loans for enforcing social housing development policies.

However, commercial joint stock banks have not started putting this into practice as they are still disbursing the remainder of the VNĐ30 trillion housing stimulus package, which was approved for a deadline extension until all the money is disbursed, Nam said.

Another source of capital for housing development for low-income earners will come from the Việt Nam Bank for Social Policies, Nam said, adding that the construction ministry was co-operating with the bank to develop this loan package.

“Home-seekers should not be worried,” Nam said.

Phạm Minh Tuấn, deputy director of Hải Phát Invest, in charge of social housing project The Vestas, said capital for social housing development was very important, and he urged the Government to introduce timely measures in this regard.

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