Vingroup, Techcombank propose lower interest rates and extended loan terms for social housing
Private conglomerate Vingroup and Vietnam Technological and Commcercial Joint Stock Bank (Techcombank) have proposed a new preferential credit package for social housing.
A social housing complex in Bac Giang city. (Photo: VNA)
Hanoi (VNS/VNA) – Private conglomerate Vingroup and Vietnam Technological and Commcercial Joint Stock Bank (Techcombank) have proposed a new preferential credit package for social housing.
This package offers a fixed interest rate of 4.8% per year for the first five years, a loan term of up to 30 years, and loans covering up to 100% of the purchase price. These terms are more favorable compared to the current 120 trillion VND (4.72 billion USD) package.
The news was released by the Ministry of Construction.
To implement this preferential loan programme, Vingroup and Techcombank have requested that the State Bank of Vietnam (SBV) increase the credit growth limit. This adjustment would allow financial institutions to expand their lending operations, thereby compensating for the lower interest rates offered to social housing buyers.
The estimated financial support needed for these interest rate subsidies is around 8 trillion VND.
In response, the Ministry of Construction has engaged with SBV, Vingroup and Techcombank and recently submitted a report to the Prime Minister. The new loan package shares similarities with the current 120 trillion VND credit package, but offers better interest rates, loan terms and amounts.
Currently, the 120 trillion VND package has an interest rate of 7.5% per year for homebuyers and 8% per year for project developers, with preferential rates applicable for five years. The SBV adjusts these rates every six months based on the average interest rates of the four state-owned commercial banks.
In the first two quarters of 2024, commercial banks disbursed only 1% of the existing package. The Ministry has recommended that the Prime Minister instruct the SBV to encourage more banks to participate in the preferential loan package and to consider extending loan terms and lowering the interest rates by 3-5% to make homeownership more accessible for low-income individuals./.
The Ministry of Construction (MoC) has been demanded to coordinate with other ministries and sectors to minimise processes and procedures for implementing social housing projects.
Prime Minister Pham Minh Chinh has emphasised the need to diversify resources for social housing development, from the State, the public, society and financial institutions, in order to provide support for both sellers and buyers.
According to a representative from the State Bank of Vietnam (SBV), 30 projects have indicated a requirement for loans out of the 68 projects across 28 provinces and cities included in the 120,000 billion VND social housing loan program.
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