On March 31, at a press conference to inform about the banking performance in the first quarter of 2023, Mr. Dao Minh Tu, Permanent Deputy Governor of the State Bank of Vietnam (SBV), said that the SBV is finalizing and will have an official document on the implementation of a VND 120,000 billion credit package for loans for social housing and workers' housing.
This is a credit package that the Government assigned the State Bank to take the lead in implementing, in which the main force is 4 state-owned commercial banks ( Agribank , BIDV, Vietcombank, Vietinbank). According to Mr. Dao Minh Tu, the banks will agree on a unified lending mechanism, not each bank will have a different lending method.
The VND120,000 billion credit package will reduce interest rates for both investors and home buyers. Photo: NLDO
Providing more information about this credit package, Ms. Ha Thu Giang, Director of the Department of Credit for Economic Sectors (SBV) said that recently, the SBV has held many meetings with the four commercial banks mentioned above to agree on the implementation of the VND120,000 billion credit package under the direction of the Government.
Regarding beneficiaries, Ms. Giang said that this package will be for both investors and buyers of social housing and workers' housing. The projects that will benefit will be on the list announced by the Ministry of Construction and will be guaranteed according to current laws.
On the homebuyer side, to get a loan, they need to meet the conditions for buying social housing and meet the loan conditions according to current regulations of commercial banks. However, the representative of NNHH affirmed that the spirit is to create favorable conditions for people to access the credit package.
In addition, each home buyer can only borrow capital once to ensure fairness and equality in accessing capital. Regarding the implementation time of this package, Ms. Ha Thu Giang said that it will stop when the disbursement amount reaches 120,000 billion VND, but not later than December 31, 2030. Regarding interest rates, for investors, it will be lower than the average medium and long-term interest rates of state-owned commercial banks in the market by about 1.5%; for home buyers, the interest rate will be lower by 2%.
According to Ms. Ha Thu Giang, in 2023, the expected interest rate for investors is 8.7%/year, for social housing buyers is 8.2%/year. Every 6 months, the State Bank will announce the lending interest rate of this preferential package.
Regarding the preferential interest rate application period, Ms. Giang said that for investors it will be 3 years, for home buyers it will be 5 years. "This interest rate support is implemented on both the supply and demand sides, meaning both investors and home buyers. With the interest rate reduction from the VND120,000 billion package, we expect to contribute to reducing housing prices and increasing housing accessibility for people," said Ms. Ha Thu Giang.
Previously, in Resolution No. 33/NQ-CP dated March 11, 2023 on a number of solutions to remove obstacles and promote the safe, healthy and sustainable development of the real estate market, the Government assigned the State Bank to take the lead in implementing a credit program of about VND 120,000 billion.
Commercial banks, of which the main four are Agribank, BIDV, Vietcombank, and Vietinbank, will provide loans to investors and home buyers of social housing projects, worker housing projects, and projects to renovate and rebuild old apartments.
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