The maximum loan level for a project to build social houses must equal up to 80%
This is the important content prescribed at the Decree No. 100/2015/ND-CP issued by the Government dated October 20, 2015 on social housing development and management.
Accordingly, enterprises and cooperatives being owners of projects to build social houses for lease, lease-purchase or sale; enterprises and industrial production or service cooperatives that build houses for their workers without collection of rental and households and individuals that build social houses for lease, lease-purchase or sale are allowed to have maximum loan level must equal up to 80% of the total investment of the project or loan borrowing plan but must not exceed 80% of the value of loan security assets; for a project to build social houses for lease-purchase or sale: the maximum loan level must equal up to 70% of the total investment of the project or loan borrowing plan but must not exceed 70% of the value of loan security assets. For projects to build social houses for lease-purchase, loan terms must be at least 10 years and at most 15 years, counted from the date of first disbursement.
To be Eligible to borrow loans for purchase, rent or rent-purchase of a social house, a household or an individual must have the minimum capital for borrowing a loan as required by the Vietnam Bank for Social Policies or a state-designated credit institution; possess a complete dossier; having income and capability to repay loans as committed with the Vietnam Bank for Social Policies or a state-designated credit institution…
Also in accordance with this Decree, the purchaser or lessee-purchaser of a social house may neither mortgage (except in case of bank mortgage for a loan to purchase or rent-purchase that house) nor transfer this house in any form within at least 5 years from the time of making full payment for that house under the contract signed with the seller or lessor-seller; and may sell, mortgage or lease this house only after obtaining a certificate of land use rights and ownership of houses and other land-attached assets.
Within 5 years from the time of making full payment for a social house, the purchaser or lessee-purchaser that wishes to sell this house may only sell it to the State (in case he/she rents a state-invested social house) or to the owner of the social housing construction investment project (in case he/she purchases or rents a social house built with non-state funds) or to those eligible to purchase and rent-purchase social houses, at a price maximum equal to the sale price of social houses of the same category in the same place and at the same time, and is not required to pay personal income tax.