On April 1,the State Bank of Vietnam issued an official dispatch directing and guiding commercial banks and branches in provinces and cities to urgently implement the program of lending for social housing, workers' housing, and renovating and rebuilding old apartments according to Resolution 33/NQ-CP.
The 120,000 billion VND package for social housing loans has an interest rate of 8.2 - 8.7%, for a 5-year loan. (Illustration photo)
Borrowers are legal entities and individuals investing in projects and purchasing houses in social housing projects, worker housing projects, renovation and reconstruction projects of old apartments in the list of projects announced by the Ministry of Construction according to regulations.
Customers must meet the conditions to enjoy support policies on social housing, worker housing and renovation and reconstruction of old apartments according to the provisions of law and guiding documents of the Ministry of Construction; meet the conditions for borrowing capital according to the provisions of law.
Each home buyer is only allowed to borrow capital according to the regulations of this program once to buy an apartment in a project in the project list announced by the Ministry of Construction according to regulations. Each project of the investor is only allowed to borrow capital according to the regulations of this program once.
The disbursement period of the program is until the disbursement turnover reaches 120,000 billion VND, but not later than December 31, 2030. The preferential period for investors is 3 years from the disbursement date but not exceeding the loan term in the initial loan agreement, for home buyers it is 5 years.
The loan interest rate applicable until June 30, 2023 for Investors is 8.7%/year. The loan interest rate applicable until June 30, 2023 for Home Buyers is 8.2%/year.
From July 1, every 6 months, the State Bank will announce the preferential lending interest rates for commercial banks participating in the Program.
The State Bank requires Agribank , BIDV, Vietcombank, and VietinBank to urgently implement the program from April 1, 2023 and issue unified instructions across the system on program implementation.
In addition to the above banks, other commercial banks participating in the program must follow the instructions and report in writing to the State Bank of Vietnam on their participation in the program (through the Department of Credit for Economic Sectors, the Department of Monetary Policy, the Banking Inspection and Supervision Agency). At the same time, send a written registration for information exploitation about the program to the Vietnam National Credit Information Center.
Commercial banks lend capital to customers to implement the program using capital mobilized by the bank itself. Commercial banks are responsible for reviewing, appraising, and deciding to lend to customers in accordance with the provisions of the law on lending and are responsible for their lending decisions. Commercial banks classify debts, set up provisions, and handle risks for loans under this program in accordance with the provisions of the law.
The State Bank branches in provinces and cities direct the implementation, monitor the situation and inspect and supervise the lending of commercial banks participating in the program in the area; promptly report to the Governor of the State Bank any problems that arise. At the same time, coordinate with the Departments, branches and sectors of the province and city in the lending of commercial banks participating in the program in the area; promptly advise the People's Committees of provinces and cities to handle problems that arise during the implementation process.
In Resolution No. 33/NQ-CP dated March 11 on a number of solutions to remove difficulties and promote the safe, healthy and sustainable development of the real estate market, the Government assigned the State Bank of Vietnam to preside over the implementation of a credit program of about VND 120,000 billion, to direct commercial banks, of which the main ones are the four state-owned commercial banks (Agribank, BIDV, Vietcombank, Vietinbank) to lend to investors and home buyers of social housing projects, worker housing projects, projects to renovate and rebuild old apartments with preferential interest rates 1.5 - 2% lower than the average medium and long-term VND lending interest rate of state-owned commercial banks (including Agribank, BIDV, Vietcombank, Vietinbank) on the market and qualified non-state commercial banks with specific credit packages in each period".
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