Nguyen Van Ly, deputy general director of Vietnam Bank for Social Policies, told VIR about the highlights of the bank’s social housing lending programme this year to support low-income people. VBSP deputy general director Nguyen Van Ly The prime minister has just approved the preferential lending rate of 4.8 per cent per year for your bank’s social housing programme in 2019. How could VBSP offer such a competitive interest rate? From April 1, 2019 our bank (VBSP) was approved to offer a preferential interest rate of 4.8 per cent per year to loans earmarked for buying and leasing-to-buy social houses, building or repairing houses as per regulations at governmental Decree No.100/2015/ND-CP dated October 20, 2015 on the development and management of social houses. In fact, borrowers always want low interest rates. Regarding VBSP’s preferential lending and social housing lending programmes, the lower the interest rate is, the more the state budget needs to … [Read more...] about Social housing lending a pillar of welfare activities
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VBSP offers favourable interest rate to support social housing buyers
Nguyen Van Ly, deputy general director of Vietnam Bank for Social Policies, told VIRabout the highlights of the bank’s social housing lending programme this year to support low-income people. VBSP deputy general director Nguyen Van Ly The prime minister has just approved the preferential lending rate of 4.8 per cent per year for your bank’s social housing programme in 2019. How could VBSP offer such a competitive interest rate? From April 1, 2019 our bank (VBSP) was approved to offer a preferential interest rate of 4.8 per cent per year to loans earmarked for buying and leasing-to-buy social houses, building or repairing houses as per regulations at governmental Decree No.100/2015/ND-CP dated October 20, 2015 on the development and management of social houses. In fact, borrowers always want low interest rates. Regarding VBSP’s preferential lending and social housing lending programmes, the lower the interest rate is, the more the state budget needs to … [Read more...] about VBSP offers favourable interest rate to support social housing buyers
Social housing lending rate proposed to be lowered
The HCM City Real Estate Association proposes social housing lending rates at 3-3.5 per cent. — Photo tinnhanhchungkhoan.vn The HCM City Real Estate Association has proposed social housing lending rates be lowered to 3-3.5 per year to create favourable conditions for low-income earners to afford homes. This was highlighted in the association’s document recently submitted to the Government about its recommendations for completing social housing policies as Viet Nam was developing a project on the 2021-30 comprehensive social housing policy in Viet Nam. The association’s president Le Hoang Chau said that in the long term when the economy improved, the social housing lending rates should be kept at around 3-3.5 per cent The association also proposed the same interest rate for social housing purchasing at the Viet Nam Bank for Social Policies and four commercial banks – Vietcombank, Vietinbank, Agribank and BIDV – which were appointed to join the VND30 … [Read more...] about Social housing lending rate proposed to be lowered
Mechanism to promote social housing development
As a result, Vietnam is facing pressure in terms of housing demands and expensive urban housing prices. Meanwhile, the number of poor people in urban areas has also increased as they face difficulties in accessing housing suitable to their financial capacity. In order to solve the problem, in recent years, Vietnam has issued many mechanisms and policies for social housing development to support houses for low-income and disadvantaged people in urban and rural areas. These policies have been gradually implemented and achieved significant results. Specifically, according to statistics, up to now, the country has handed over 198 projects with 81,700 apartments, equivalent to more than 4.1 million square metres of floor. However, the social housing development has not yet met the demand for accommodation of poor and low income households because it has only reached about 33% of the target set in the national housing development strategy by 2020. According to the strategy, it is necessary … [Read more...] about Mechanism to promote social housing development
Seminar discusses compiling social housing policies for Vietnam
Dong Mo - Dai Kim social housing project in Hoang Mai district, Hanoi (Photo: VNA) Hanoi (VNA) – The Ministry of Construction, in coordination with the Korea Land and Housing Corporation held a seminar in Hanoi on February 21 to discuss the building of general social housing policies in Vietnam for the 2021-2030 period. In Vietnam, the demand for social housing is urgent, especially in Hanoi and Ho Chi Minh City, as the country is entering its golden population period with 70 percent of the population at working age. Meanwhile, land for housing, transportation, and services remain limited. In 2011, the Government issued the national housing development strategy for 2020. The Ministry of Planning and Investment recently submitted a report to the Prime Minister on the assessment of a proposal on a project on building general social housing policies for the 2021-2030 period, which uses non-refundable aid provided by the Republic of Korea’s (RoK) Government via the Korea … [Read more...] about Seminar discusses compiling social housing policies for Vietnam