The National Assembly Law Committee announced on March 6 that the government’s credit package of VND 30 trillion (US$1.42 billion) should be more accessible for apartment buyers.
|Residents and businesses find it hard to access the VND30 trillion credit packages. In the photo is an apartment block in HCMC (Photo: SGGP)|
Lending time should be longer and the interest rate should be lowered, said Ngo Van Minh, member of the National Assembly Law Committee. He believes the government should permit residents to use their future mortgages to obtain loans from the credit package. He also believes the State Bank should not cap the maximum loans.
The credit package has been disbursed too slowly, said Minh. Unsuitable policies have made it difficult for residents and businesses to access loans.
Lending time should be extended to 15-20 years, said Trinh Dinh Dung, minister of construction. Only those that meet credit guidelines will be granted loans.