Social housing for low-income earners

Preferential loans for buying, renting social housing; building new, renovating or repairing houses according to Decree 100/2015/ND-CP and Decree 49/2021/ND-CP of the Government that the Vietnam Bank for Social Policies (VBSP) Lao Cai Branch is implementing is a program with profound humanitarian meaning. From here, many hopes are opened up for the poor, low-income people, policy beneficiaries, officials, workers, civil servants... to have more resources to invest in building new, repairing houses, realizing their dream of owning a house.

Having lived in a dilapidated old house in Phu Thinh 2 residential group, Pho Lu town (Bao Thang district) for decades, the family of Mr. Nguyen Hong Chinh (61 years old) and Mrs. Nguyen Thi Tuyet Vui (57 years old) can now realize their dream of owning a new house thanks to preferential capital to buy and rent social housing. Mr. Nguyen Van Thuyen (the eldest son of the couple) currently working at Lao Cai Iron and Steel Factory (Vietnam - China Minerals and Metallurgy Company Limited) confided: Thanks to the Social Policy Bank creating favorable conditions for loans of more than 200 million VND, with preferential interest rates, my family pays about 800 thousand VND in interest each month, and the principal is divided into 6 monthly installments. The repayment period is 20 years, so my family is not under too much pressure to repay the debt.

Staff of the Transaction Office of the Social Policy Bank of Bao Thang district appraise loan proposals under the social housing program.

The unit has proactively sourced capital and implemented the social housing loan program to ensure publicity, transparency, and proper targeting and purpose, avoiding policy exploitation. Along with that, it has increased the promotion of the social housing loan program through the media. Up to now, the total outstanding social housing debt of the unit has reached over 11.7 billion VND.

Ms. Do Thi Huong, Deputy Director of Transaction Office of Social Policy Bank, Bao Thang district.

In addition to Bao Thang district, other localities are currently "accelerating" the development of this program's outstanding debt. According to data from the Bank for Social Policies, Lao Cai Province Branch, by April 30, 2023, the total outstanding debt of this program at the branch reached nearly VND 68 billion with 244 customers with outstanding debt.

In a solidly built house, Ms. Vu Thi Mai (Group 10, Coc Leu Ward, Lao Cai City) and her two children are still busy cleaning up their belongings. The three of them have just moved into their new house for more than a week; before that, they had to rent a house. Recently, Ms. Mai received the second disbursement of 80 million VND from the Social Policy Bank, Lao Cai Branch, from the social housing loan program, bringing the total loan amount to 150 million VND. This is an important resource to help her fulfill her wish to have a new house after a long time of renting a house. Ms. Mai said: I am a teacher, due to family circumstances, I am living with my two children. After knowing that the Social Policy Bank, Lao Cai Branch, is implementing a social housing loan program with preferential interest rates (4.8%/year) and long-term loan terms (up to 25 years), I boldly borrowed money. With my own savings and support from my grandparents, my three children and I had a decent house to live in.

After a period of having to rent a house, now Ms. Vu Thi Mai and her three children have a solidly built house, where they can live, work and study with peace of mind.

To effectively implement the program, the Provincial People's Committee has directed relevant departments and branches to coordinate with districts, towns, cities and the Bank for Social Policies, Lao Cai Branch, to strengthen propaganda so that the subjects clearly understand this support policy. The Provincial Labor Federation directly disseminates the province's directive documents on implementing Decree 100 of the Government to grassroots trade unions, especially in industrial parks, factories and enterprises in the province, helping workers, civil servants and employees access information on preferential social housing loan policies.

Staff of the Bank for Social Policies, Lao Cai province branch, propagate to people about the Government's preferential social housing loan package for low-income workers.

Decree 100 of the Government has brought joy to cadres, workers, civil servants, especially low-income workers... who need to borrow social housing with preferential interest rates, helping workers far from home to settle down, find work, work with peace of mind, and contribute to the development of the locality.

According to the preferential loan program for buying or renting social housing; building new, renovating or repairing houses for residence according to Decree 100/2015/ND-CP and Decree 49/2021/ND-CP of the Government, the loan subjects are people with meritorious services to the revolution; low-income people, poor and near-poor households in urban areas; workers working at enterprises inside and outside industrial parks; officers, professional non-commissioned officers, technical non-commissioned officers, professional soldiers, workers in agencies and units of the People's Public Security and the People's Army; cadres, civil servants and public employees. Loan amount for building new or renovating or repairing houses for residence: Maximum 70% of the estimated value or loan plan, maximum not exceeding 500 million VND and not exceeding 70% of the value of the property securing the loan.

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