Interest rate for social housing loans to be 4.8 per cent per annum

As per the Prime Minister’s decision, preferential loan interest rate for social housing  will be 4.8 percent per annum or 0.4 per cent a month at the Vietnam Bank for Social Policies (VBSP).

A social housing condo in District 7, Ho Chi Minh City (photo: SGGP)

A social housing condo in District 7, Ho Chi Minh City (photo: SGGP)

For instance, those who want to ask for a loan to buy social housing or repair their houses will be eligible for interest rate at 4.8 percent per annum. Interest rate for overdue debt will be 130 percent of lending interest rate.

The minimum repayment term is 15 years after the first loan is disbursed. If customers want to borrow a loan with a shorter term, they can negotiate with lending bank.

By LAM NGUYEN – Translated by UYEN PHUONG

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