Vietnamese
The State Bank of Vietnam guides the policy to grant loans for purchasing social houses and houses for workers prescribed in the Official Dispatch No. 2308/NHNN-TD dated April 01, 2023.
In accordance with Resolution No. 33/NQ-CP, the State Bank of Vietnam proposing a credit program of about VND 120,000 billion to grant loans for investors and home buyers of social housing and worker housing projects with interest rates of about 1.5 - 2% lower than the average mid-term and long-term VND lending interest rate set by state-owned commercial banks.
Accordingly, the State Bank of Vietnam has some guidance in purchasing social houses and houses for workers as follows:
- Regarding eligible borrowers: Legal entities, persons investing in projects and buying houses of social housing projects, projects of workers' houses, and projects of renovation and rebuilding of old apartment buildings in the list of projects announced by the Ministry of Construction according to regulations, including:
Customers who are investors
Customers who are buyers of houses or projects
Regarding lending principles:
- Customers must satisfy conditions for entitlement of policies on supporting social houses and workers’ houses, in accordance with laws and the Ministry of Construction's guiding documents; satisfy conditions for capital borrowing as prescribed by laws.
Each house buyer may be entitled to the loan under this Program only once to buy an apartment of the project in the list announced by the Ministry of Construction; one project an investor may be granted a loan under this Program only one time.
- Implementation period: The time limit for disbursement of the Program is the time the disbursed turnover reaches VND 120,000 billion, but not later than December 31, 2030.
- Preferential period:
For investors: Shall be entitled to the lending interest rates in the preferential period of 03 years, from the disbursement date, but not later than the loan maturity date at the initial loan agreement.
- House buyers: Shall be entitled to the lending interest rates in the preferential period of 05 years, from the disbursement date, but not later than the loan maturity date at the initial loan agreement.
- Lending interest rates during the preferential period:
The lending interest rate applied until the end of June 30, 2023, applicable to investors is 8.7%/year;
The lending interest rate applied until the end of June 30, 2023, applicable to house buyers is 8.2%/year;
From July 1, 2023, every 6 months, the State Bank shall announce the lending interest rates during the preferential period for commercial banks participating in the Program.
Lending interest rates after the preferential period: Lending interest rates shall be agreed upon by commercial banks and customers, ensuring compliance with law provisions, and must be clearly defined or the determination of lending interest rates must be clearly defined in the loan agreements.
- Banks: Agribank, BIDV, Vietcombank and Vietinbank shall urgently implement the Program from 4/1/2023, and promulgate consistent instructions on the implementation of the Program on the system.
Other commercial banks participating in the Program must follow instructions provided in this Official Dispatch, and send a written report on the participation of the Program.
See the full text at the Official Dispatch No. 2308/NHNN-TD.
