PM decides 5 percent loan interest rate for social houses

The Prime Minister has decided to set preferential loan interest rate at 5 percent for purchase, rent or hire-purchase of social houses and residentiaal home rebuilding or repair.
A social housing project in HCMC. Low income people are in the huge demand of social houses (Photo: SGGP)
According to the decision made in line with the government’s decree on social house development and management, banks appointed by the State Bank of Vietnam will apply the 5 percent interest rate for loans in 2016 and 2017.
Subjects entitibled to enjoy the preferential rate are regulated at Article 49 of the Housing Law.
Loan time will be at least 15 years from the first loan is disbursed. In case customers want shorter loan time, they can negotiate with banks.

By Lam Nguyen – Translated by Hai Mien

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