Preferential capital helps low-income people settle down

Implementing the Government's preferential social housing loan policy, up to now, capital from the Duc Linh Social Policy Bank Transaction Office has helped many low-income households turn their dream of settling down into reality, building a more stable and sustainable life.

Loan disbursement to people

Joy from stable homes

In a red-tiled house in Duc Tai 8 village, Hoai Duc commune, Ms. Cao Thi Kim Chi - a kindergarten teacher in the commune - could not hide her joy when recalling the journey of building a home. Married since 2015, she and her husband used to live in a small, narrow house with only 1 bedroom and a small kitchen. "When the children grew up, the house only had 1 bedroom, making living very inconvenient. The money saved for many years was only enough to repair an additional room, not daring to think about building a new one," she said. Knowing about the social housing loan program, she boldly applied for a loan of 500 million VND to build a new house. The loan was paid gradually over 17 years, with preferential interest rates to help her family reduce financial pressure.

Thanks to the solid house, Chi and her husband can rest assured to take care of 2 hectares of rubber, stabilize their income and pay off their debt on time. Mr. Huynh Quang Ngoc - Chi's husband added: "For young couples, saving 700 million VND to build a house is very difficult. If you borrow from a commercial bank, the high interest rate is unbearable. And if you save, it takes a long time to have enough money, while the children grow up every day, the house is cramped. Thanks to the preferential capital from the Government , low interest rates, long loan terms, and not too heavy monthly payments, we can both do business and pay off the debt more easily." The new house is not only an asset but also a motivation for young couples to work with peace of mind and raise their children in better conditions.

In Sung Nhon 2 village, Nam Thanh commune, the newly completed house of Ms. Tran Thi Muoi - a kindergarten teacher - is a great joy for the mother and her three children. After buying the land, the economy was still difficult and she had not thought about building a house, but the Duc Linh Social Policy Bank Transaction Office approved a loan of 400 million VND from the Social Housing Loan program. "My husband passed away early. The low-interest loan policy has helped me build a house for my children. Now my children and I can live in a solid house, I am truly grateful," Ms. Muoi shared.

Her two children, one in 11th grade and one in 8th grade, now have stable places to study. Ms. Muoi regularly pays interest every month, and the principal every 6 months, and always on time. "Now the interest rate has dropped to 5.4%/year. I just went to the commune to sign the contract addendum, and I feel much more relieved," she smiled gently.

Expanding housing opportunities

Mr. Dang Quoc Thanh - Deputy Director of the Transaction Office of the Duc Linh Social Policy Bank said that up to now, the unit has disbursed loans to 55 customers for the social housing program, with a total outstanding loan balance of more than 23.2 billion VND. This preferential capital source has helped many households, especially teachers, young civil servants and low-income workers, stabilize their housing, create conditions for peace of mind at work, and long-term attachment to the locality. However, Mr. Thanh also said that although the capital source is still abundant, the actual loan demand of the people is still not much, partly because people in remote areas still have limited access to information and loan procedures.

Notably, the Government has just adjusted the interest rate for social housing loans down to 5.4%/year, instead of 6.6%/year as before. According to Mr. Thanh, this policy has created more motivation and opportunities for many local households to access capital more easily.

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Previously, high interest rates made many households hesitant to borrow. Now, interest rates have decreased, people are more excited, and the number of new loan applications has also increased. Households that have borrowed before are also very happy to have their interest rates reduced according to regulations.

Mr. Dang Quoc Thanh, Deputy Director of Duc Linh Social Policy Bank Transaction Office

Source: https://baolamdong.vn/nguon-von-uu-dai-giup-nguoi-thu-nhap-thap-an-cu-401906.html