Ministry proposes home loan package covering more people looking for loans

The Ministry of Construction proposed at a conference to allow a broader group of people to access the VND 30 trillion (US$1.42 billion) housing credit package.

6B apartment block project is being transferred into a social housing project in Binh Chanh District, HCMC (Photo: SGGP)

Deputy Prime Minister Hoang Trung Hai chaired the conference on April 18.

Households and individuals purchasing commercial housing under VND 1.05 billion (US$50,000) each qualifies for the package. The loan should also cover households in high-flood risk areas in the central coastal provinces.

Citizens, civil servants, army soldiers, and officials should be permitted to obtain loans to renovate dilapidated houses. Persons seeking the loan will not receive more than VND 840 million (US$40,000) per person.

The ministry suggests extending payment deadlines to 15 years.

Deputy Prime Minister Hai instructed relevant ministries to issue a circular which enables borrowers to mortgage future properties. The Ministry of Construction and other ministries should prepare a draft credit policy for social housing development.

There are currently 98 social housing projects in the country containing 36,000 living units. These projects cost a total of VND 10 trillion. An additional 129 projects containing 82,000 living units are being built with total cost of VND 34 trillion.

There has been a lack of available property in HCMC and Hanoi for the projects. The VND 30 trillion has been disbursed too slowly.

By Bich Quyen – Translated by Hai Mien

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