HoREA petitions to support low-income buyers

The Ho Chi Minh City Real Estate Association (HoREA) petitioned the State Bank of Vietnam to offer housing credit stimulus package to directly support buyers of social and commercial houses with the price of VND1 billion ($43,986).
 

HoREA petitions the State Bank of Vietnam to offer housing credit stimulus package to directly support buyers of social and commercial houses with the price of VND1 billion (Photo: SGGP)

HoREA petitions the State Bank of Vietnam to offer housing credit stimulus package to directly support buyers of social and commercial houses with the price of VND1 billion (Photo: SGGP)

In its document to the bank to give the feedback on amendment for the circular 36/2014, HoREA urged the bank to offer the credit package soon to help low-cost apartments. As per the HoREA’s petition, when housing market was frozen in 2008-2009 and 2011-2013, the inventories and bad debt in the sector were serious.
The VND30 trillion (US$1.32 billion) housing credit package, which the Government has provided for low income people has helped reducing inventories and clearing bad debt. Thanks to the package, 56,000 beneficiaries have bought their own houses.
Accordingly, HoREA petitioned the bank to continue offering a such credit package.
In its opinion on amendment, HoREA said that the continuance of mid-term and long-term loans until 2018 will be a boost in supporting the economy’s growth because real estate markets is one of sector which boosts huge consumption.

By NHUNG NGUYEN – Translated by UYEN PHUONG

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