Raising the income ceiling to buy social housing: How much salary can you buy a house?

nhà ở xã hội - Ảnh 1. — Workers' dreams of owning their own homes are being given a strong boost as barriers to home buying conditions are removed. In the photo: Social housing project in Ho Chi Minh City - Photo: NGOC HIEN

Single people with income under 20 million VND/month and couples with total income under 40 million VND/month are eligible to buy social housing. The new regulation also reduces loan interest rates to 5.4%/year and simplifies income verification procedures, helping people have the opportunity to buy houses soon.

Easing conditions for the poor to buy social housing

According to Decree No. 261 on social housing that has come into effect, income conditions to be eligible to buy social housing have been significantly expanded. . In which single people with an average income of no more than 20 million VND/month are allowed to buy social housing.

This level is 5 million/month higher than the old regulation of 15 million/month. In the case of single people raising children under 18 years old, the maximum income is raised to 30 million/month.

For married people, the total income of the couple must not exceed 40 million VND/month, instead of 30 million VND/month as before.

In addition, the income confirmation procedure has also been improved to be faster and more practical. For workers without a labor contract, the commune-level police where they permanently or temporarily reside will be the agency to confirm income based on population data, instead of the commune-level People's Committee as before. The confirmation time is within 7 working days.

Notably, the interest rate for loans to buy social housing has been reduced to 5.4% per year.

Opening the door to housing for tens of thousands of young families

Speaking with Tuoi Tre Online , Mr. Le Hoang Chau - Chairman of the Ho Chi Minh City Real Estate Association - said that Decree 261 has very new regulations on assigning the provincial level to "decide" on the coefficient for adjusting income levels for social housing buyers.

Mr. Chau gave an example in Ho Chi Minh City, by 2024, the average income per capita is 1.31 times higher than the average income per capita of the whole country, then the income condition to buy social housing is calculated as follows: Single people have a prescribed income of 20 million VND multiplied by 1.31 equals 26.2 million VND. Couples have an income of 40 million VND multiplied by 1.31 equals 52.4 million VND. Single people raising minor children have an income of 30 million VND multiplied by 1.31 equals 39.3 million VND.

Notably, freelance workers are also allowed to buy social housing but must meet income requirements and have it confirmed by the police at the commune level where they are permanently residing, temporarily residing or currently residing.

"The above regulations on income conditions are very close to reality, creating flexible conditions for localities to regulate in accordance with their localities and fully care for freelance workers, but also adding more work for commune-level police agencies," said Mr. Chau.

Meanwhile, Mr. Vo Huynh Tuan Kiet - Director of Housing CBRE Vietnam - said that the previous income limit for social housing buyers had created a huge problem. People who wanted to buy social housing had to have low income, but low income made them unable to pay for loan-related issues, even for low-cost loans.

Therefore, raising the income ceiling helps solve the problem for a segment of customers who are "stuck in the middle", when they are not eligible to buy social housing but are not rich enough to access commercial housing.

However, Mr. Kiet said that the important issue is to clear the legal framework for social housing projects to develop, increasing supply for those in need.

Procedures for buying social housing are more open

Ms. Dang Thi Kim Oanh - Chairwoman of the Board of Directors of Kim Oanh Group - said that this enterprise has launched 4 social housing and mid-range commercial housing projects in the past 3 years with more than 4,000 products, priced from only 700 million VND/unit, serving the real housing needs of workers and laborers.

However, the income limit of under 15 million VND/month for single people and 30 million VND/month for couples has made it very difficult for workers and low-income urban people to access housing.

This investor believes that Decree 261, which raises the income ceiling and loosens the approval criteria, will open up home ownership opportunities for freelancers, workers and other income earners for tens of thousands of urban workers. .

In addition, Ms. Oanh said that the current disbursement of the 120,000 billion VND credit package is very slow. She suggested creating conditions for capable businesses to access capital faster, helping to increase the supply of social housing.

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Source: https://tuoitre.vn/nang-tran-thu-nhap-mua-nha-o-xa-hoi-luong-bao-nhieu-mua-duoc-nha-20251014155001503.htm