The HCM City Real Estate Association has proposed the State Bank of Vietnam raise a stimulus package similar to its previous 30 trillion VND (1.3 billion USD) preferential home loan package.
Apartment buildings for low-income earners in Dang Xa Urban Area, Gia Lam District, Hanoi. (Source: VNA)
Hanoi (VNA) – TheHCM City Real Estate Association has proposed the State Bank of Vietnam raise astimulus package similar to its previous 30 trillion VND (1.3 billion USD)preferential home loan package.
The package should aim to provide preferential loans for the purchase ofaffordable apartments, with prices of around VNĐ1 billion per unit.
Since the 30 trillion VND housing stimulus package ended in 2016, no similarpackages were released, while demand remained high, the association said.
The association said a sum of 1 trillion VND out of 2 trillion VND, allocatedto the Vietnam Bank for Social Policies to support social housing projects,should be transferred to four credit institutions - Vietcombank, Vietinbank,Agribank and BIDV - to provide preferential loans for social housing purchases.
In addition, the State budget should spend some 1-2 trillion VND annually inthe 2018-20 period to provide loans for affordable home purchases at thepreferential interest rate of 4.8 per cent per year.
The association also proposed mechanisms to be put in place to ensure the preferentiallending package is used for the right purposes.
Further, preferential credits should also be provided to social housingdevelopers to lower housing prices.
The 30 trillion VND housing stimulus package was introduced in 2013 when thereal estate market faced high inventories and bad debts after the 2008-09freeze.
Some 70 percent of the package was provided to home buyers at preferentialinterest rates. The package helped more than 56,000 low-income earners to ownhomes.-VNA
More than 28 trillion VND (1.25 billion USD) was disbursed from the 30 trillion VND housing stimulus package up till the end of August, according to the Ministry of Construction.
Though the real estate market is said to be in a rather strong growth phase, it is still showing signs of slowing down and some unstable aspects, which could badly affect it if they are not addressed.
Two new preferential loans, unrestricted by scale and deadline, for social housing and cheap commercial housing projects will be provided to low-income earners. The new packages are expected to continue the 30 trillion VND housing stimulus package.
The disbursement of the housing stimulus package, valued at 30 trillion VND (1.4 billion USD) in preferential loans, will finish on schedule, according to the State Bank of Vietnam (SBV).
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Apartment buildings for low-income earners in Dang Xa Urban Area, Gia Lam District, Hanoi. (Source: VNA) 
