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.
The headquarters of the State Bank of Vietnam. (Photo: baocongthuong.vn)
Hanoi (VNA) ♐–Developers of social housing projects buyers of this kind of houses areentitled to benefit from a credit package worth 120 trillion VND (5.1 billionUSD) which was started by the State Bank of Vietnam (SBV) earlier this month.
Under the package, the loaninterest rates for them will be 1.5-2% lower than those of commercial banks. In line with a resolution datedMarch 11, 2023, the government has assigned the SBV to implement the creditpackage which aims to promote the development of the country's real estatemarket. Borrowers must meet certainconditions prescribed by law and loan conditions of commercial banks. Eachborrower will be allowed to borrow once from the package which will end whenall the fund is disbursed, but no later than December 31, 2030.
Illustrative image. (Photo: VNA)
The grace period is 3 years forproject developers and 5 years for home buyers. The loan interest rate is8.7% and 8.2% a year for developers and buyers, respectively, from April 1until the end of June this year. From July 1, the SBV willannounce the loan interest rates for commercial banks participating in theprogramme every six months during the period. Vietnam has set a target ofconstructing 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 witha total of 155,800 apartments, while 401 others with 454,360 housing units areunder construction./.
Affordable home buyers can access preferential loans at rates 1.5-2 percentage points lower than the market average as part of a credit package worth around 120 trillion VND (5.02 billion USD).
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The headquarters of the State Bank of Vietnam. (Photo: baocongthuong.vn) 
Illustrative image. (Photo: VNA) 
