Society

HCM City considers low home loan rates

Local authorities in Ho Chi Minh City have proposed an annual interest rate of only 3 percent for the most preferential home loans to benefit the poor, and seek the Government’s approval to extend the disbursement of the 30-trillion-VND home loan package up to 60 months, the Saigon Times Daily reported.

Local authorities in Ho Chi Minh Cityhave proposed an annual interest rate of only 3 percent for the mostpreferential home loans to benefit the poor, and seek the Government’sapproval to extend the disbursement of the 30-trillion-VND home loanpackage up to 60 months, the Saigon Times Daily reported.

In adocument just submitted to the Government, the city also suggested thatpoor people be subject to the so-called “social housing” policy,enjoying the 3 percent interest rate for loans of up to 15 years. Thispolicy will help ease difficulties faced by low-income earners, workersand college students in the city.

The 30-trillion-VND creditpackage currently offers homebuyers a lending rate of 5 percent perannum, and the package was initially set to wind down within 36 months.However, only 10 percent of this credit line has been disbursed for bothhomebuyers and housing developers after more than 15 months ofimplementation.

Le Hoang Chau, Chairman of the HCM City RealEstate Association (HoREA), told the Daily that the association earlierproposed the Government lower the annual interest rate for buyers ofbudget homes to 3-3.5 percent and offer a three-year grace period.

Inthe document, municipal authorities called for accelerating thedisbursement of the 30-trillion-VND credit package by allowingenterprises to mortgage their land ownership certificates and projectsas collateral.

The city also suggested establishing a support fund for individuals to buy, rent and repair homes.

Enterprisesshould be allowed to take out loans to build budget housing projectsand convert commercial homes into budget ones. They should also beallowed to invest in housing for workers with zero interest loans.

Individualsand households who want to buy budget houses for lease and sale toworkers, low-income people and students, among others, should be allowedto borrow from the credit package in line with Resolution 61/NQ-CP.

Inrelated news, the newspaper said the Credit Department under the StateBank of Vietnam is mulling a low-interest credit package for civilservants and soldiers to buy homes. If realised, each household canborrow up to 2 billion VND with a lending rate of 6-7.5 percent perannum in a maximum period of 10 years.-VNA

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