On the afternoon of April 5, the Vietnam Bank for Agriculture and Rural Development ( Agribank ) announced that it has just started implementing a loan program for social housing, worker housing, and projects to renovate and rebuild old apartments according to Resolution 33/NQ-CP of the Government.
Specifically, Agribank will allocate VND30,000 billion to implement the program to implement Resolution 33/NQ-CP of the Government and the direction of the State Bank of Vietnam , supporting and creating conditions for project investors and home buyers to quickly access preferential credit sources to meet the housing needs of low-income people.
At the same time, it contributes to removing difficulties and promoting the real estate market to develop safely, healthily and sustainably, along with risk control; focusing on social security, creating opportunities for low-income people to own quality housing that is suitable for economic conditions.
Agribank is the first bank to announce the implementation of a preferential credit program with interest rates for social housing loans.
Borrowers under the program are project investors and home buyers in social housing projects, worker housing projects, renovation and reconstruction projects of old apartment buildings in the list of projects announced by the Ministry of Construction according to regulations.
The program will be implemented from April 3 until the disbursement turnover reaches VND 30,000 billion but not later than December 31, 2030. The preferential interest rate 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 preferential interest rate applied until June 30, 2023 for investors is 8.7%/year and for home buyers is 8.2%/year. From July 1, 2023, every 6 months, Agribank will announce the loan interest rate during the preferential program implementation period.
"A notable point for customers who are home buyers, in addition to the prescribed loan limit, if there is additional collateral, customers can apply for a maximum loan of 85% of the total investment of the plan" - Agribank representative informed.
Previously, Agribank proactively lowered deposit interest rates to facilitate a reduction in lending interest rates for corporate customers; adjusted interest rates for real estate business loans; and implemented a preferential credit program for corporate customers with a scale of up to VND100,000 billion and USD500 million.
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