Banks to fully disburse housing credit package this year

The State Bank of Vietnam (SBV) yesterday said that banks were expected to fully disburse the VND30 trillion (US$1.32 billion) housing credit package, which the Government has provided for low income people, by the end of this year.

HQ Plaza social housing project in Binh Chanh district, HCMC (Photo: SGGP)

As of November 30, disbursements have reached VND29,239 billion with the outstanding loan of VND24,166 billion.
Of these, individual customers got VND23,845 billion with the outstanding loan of VND20,650 billion. Corporate customers including enterprises, households and individuals attending social house building or upgrading projects, received VND5,395 billion.
SBV has proposed the Government to lengthen the current loaning time of 10 years to 15 years for citizens and annually determine and announce preferential interest rates for the program’s attendees.
The bank has also suggested the Prime Minister to extend the refinancing deadline to individual customers including individuals and households in capital demand to buy or rent houses, sign rent-to-own property contracts and repair or upgrade their houses.

By Ham Yen – Translated by Hai Mien

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