The necessary boost to supply meets demand
With limited financial accumulation capacity, the opportunity for young workers to buy houses with average income is very low. Especially, when the supply of social housing has not met the demand, the participation of the Government and commercial banks with the role of creating financial leverage contributes to promoting the development of social housing towards the real needs of workers.
Ms. Duong Thi Thanh Nga - a young worker from Tam Quan commune (Tam Dao) who is working and residing in Vinh Yen city said: “My husband and I have just come to Vinh Yen city to start a business, and our economic conditions are still quite difficult. If we are given the opportunity to borrow long-term capital with preferential interest rates, it will be a support for us to feel secure in staying and working in Vinh Yen city for a long time. Because, in addition to living expenses and children's education, housing expenses always account for a large part of the family's total income. Moreover, social housing will provide a stable place to live, ensuring good learning conditions for our children in the future."
A representative of Than Ha Trading and Construction Company Limited (Phuc Yen) - the investor of the social housing project in Phuc Thang ward, which was newly started in early March 2025, shared: To limit speculation in social housing and increase access to housing for workers' real needs, the current conditions for purchasing social housing are very strict. This is beneficial for the social housing market, ensuring the implementation of social security goals, but the target audience for social housing will be narrower than for conventional real estate products.
The involvement of commercial banks will contribute to connecting and providing effective financial solutions for both project investors and those who need to buy houses. As a result, supply will meet demand, helping social housing projects quickly become effective, and workers will have the opportunity to stabilize their lives.
Many attractive loan packages, targeting young workers with average income
In 2023, immediately after the project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the period of 2021 - 2030" was approved by the Prime Minister, the banking sector immediately deployed a credit package of 120 trillion VND for social housing loans. However, the disbursement rate of this preferential credit package has been very slow since then, reaching only more than 1% of the total committed capital.
In response to practical requirements, there is a need for better products and increased access to loans to buy social housing. Commercial banks have implemented many attractive lending programs, prioritizing capital flows to young workers and those with legitimate needs for social housing products.
With the desire to support more and more customers to access preferential loans, especially young customers (under 35 years old) to settle down, work and develop a sustainable economy, from April 2, 2025, Agribank Vietnam will spend 10 trillion VND to implement a home loan program for young customers, with a fixed interest rate of 5.5%/year in the first 3 years, creating favorable conditions for customers to stabilize their finances.
Customers can borrow up to 75% of their capital needs when using collateral from the assets created from the loan. In particular, if customers have other collateral in addition to the assets created from the loan, customers can borrow up to 100% of their capital needs. The maximum loan term is 40 years, suitable for the long-term financial plans of many customers.
In 2025, VietinBank will continue to implement the Social Housing Loan Program with preferential interest rates. Specifically, the loan interest rate applied from January 1, 2025 to June 30, 2025 for project investors and home buyers at the project is 6.6%/year and 6.1%/year, respectively. After this period, from July 1, 2025, VietinBank will announce the loan interest rate every 6 months during the program implementation period.
Preferential interest rates apply for 3 years (for investors) and 5 years (for home buyers) when investing/buying houses in social housing projects, worker housing projects, renovation and reconstruction projects of old apartments. The program scale is up to 30 trillion VND with implementation effective until December 31, 2030.
In addition, many other commercial banks such as BIDV, Vietcombank, and joint stock banks also offer many attractive preferential credit packages for loans to buy social housing for young workers.
With the participation of banks, the prosperity of social housing projects in the province, incentive programs to support businesses investing in social housing have more resources to implement projects and contribute to helping workers realize their dream of settling down in the context of high housing prices as present, as well as promoting the social housing market in particular and the province's real estate market to develop safely and healthily.
Article and photos: Chu Kieu
Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/126429/Trien-khai-cac-goi-tin-dung-uu-dai-ve-nha-o-xa-hoi
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