People under 35 years old can borrow to buy social housing with an interest rate of 5.9%/year.

More opportunities for young people to own a house have recently been created when the State Bank issued a document stipulating that young people under 35 years old can borrow to buy social housing with an interest rate of only 5.9%/year.

The State Bank of Vietnam has just issued Documents No. 5312/NHNN-CSTT and 5313/NHNN-CSTT, regulating interest rates for loans to buy social housing, applicable from July 1 to December 31.

People under 35 years old enjoy a loan interest rate lower than 2% to buy social housing. Illustrative photo

Accordingly, people under 35 years old who borrow to buy social housing will enjoy an interest rate 2% lower per year than the average medium and long-term VND lending interest rate of the Vietnam Bank for Agriculture and Rural Development ( Agribank ), Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV), Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) in the first 5 years, equivalent to 5.9% per year. In the next 10 years of borrowing, the interest rate is 1% lower per year than the above average rate.

For projects under Resolution No. 33/NQ-CP 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 State Bank stipulates the loan interest rate for buyers of social housing, workers' housing, projects to renovate and rebuild old apartments at 5.9%/year; for project investors at 6.4%/year. This interest rate applies to outstanding loans disbursed from July 1 to December 31.

Source: https://hanoimoi.vn/nguoi-duoi-35-tuoi-vay-mua-nha-o-xa-hoi-voi-lai-suat-5-9-nam-707799.html