Housing support program to stop lending this month-end

The State Bank of Vietnam (SBV) has sent a dispatch to 19 commercial banks under the Government’s housing credit package of VND30 trillion (US$1.35 billion) asking them to stop signing new lending contracts from March 31.

A property project in Nha Be district, HCMC (Photo: SGGP)

Commercial banks have pledged to loan VND30,122 billion to 46,246 customers exceeding the capital of the program, SBV said.
According to regulations, SBV will stop funding commercial banks for loan disbursement under the package within 36 months starting June 1, 2013.
However, if the disbursement is incomplete by June 1 this year, SBV will report to the Prime Minister to consider extending the deadline until all loans will be paid out, SBV added.

By Ham Yen – Translated by Hai Mien

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