Low interest loans help young people buy social housing

(QNO) - The State Bank of Vietnam has just issued an official dispatch requesting 9 commercial banks including Agribank, VietinBank, Vietcombank, BIDV, HDBank, VPBank, Techcombank, TPBank and MB to implement preferential lending policies according to Resolution 33 of the Government on a number of solutions to remove obstacles and promote the safe, healthy and sustainable development of the real estate market.

The Vietnam Bank for Social Policies (VBSP) branch in Quang Nam offers preferential loans to help people invest in housing. In the photo: Mr. Nguyen Van Huy's house (Tam Dan commune) is spaciously invested, including a loan of VND 200 million from the Phu Ninh District VBSP Transaction Office. Photo: QUANG VIET

Accordingly, the credit policy is specially designed for young people under 35 years old who want to buy social housing with a more preferential interest rate than the general level. Specifically, in the first 5 years of borrowing capital from the first disbursement date, the applied loan interest rate is 2% lower than the average medium and long-term loan interest rate of 4 state-owned commercial banks ( Agribank , VietinBank, Vietcombank, BIDV). The preferential interest rate applied until June 30, 2025 is 6.1%/year.

In the next 10 years, borrowers will enjoy an interest rate 1% lower than the average medium- and long-term lending rate of the four state-owned commercial banks mentioned above. From July 1, 2025, the State Bank will periodically announce every 6 months the new preferential lending rate applicable to each subsequent phase of the program. The capital source for implementing the program will use the capital of banks that have registered to participate in the program for lending to social housing, workers' housing, and renovation and reconstruction of old apartments according to Resolution 33 of the Government .

The State Bank requires commercial banks to urgently speed up communication work to ensure that people under the age of 35 understand, grasp information and register for loans at the right time.

Source: https://baoquangnam.vn/cho-vay-lai-suat-thap-giup-nguoi-tre-mua-nha-o-xa-hoi-3156266.html