Ho Chi Minh City: Many policies to support low-income people to borrow to buy social housing

(Dan sinh) - Investors and home buyers will be able to borrow capital with preferential interest rates under many different credit packages and preferential loans will help low-income people have homes to stabilize their lives.

• Ho Chi Minh City proposes to convert 41 commercial real estate projects to social housing
• Kien Giang will build 3,500 social housing apartments.
• Who can borrow to buy social housing from the 120,000 billion VND package?
• Interest rates and loan terms for social housing purchases

On the afternoon of October 12, Mr. Mai Thanh Tung, Deputy Head of the Housing Development and Real Estate Market Department, Ho Chi Minh City Department of Construction, said that investors and home buyers can borrow capital at preferential interest rates under the Government 's VND120,000 billion credit package, with interest rates about 1.5 - 2% lower than the average medium and long-term lending interest rates of state-owned commercial banks. Currently, the city has 6 projects eligible for loans, of which 3 are social housing projects.

Mr. Mai Thanh Tung, Deputy Head of Housing Development and Real Estate Market Department, Ho Chi Minh City Department of Construction. (Photo: Thanh Nhan).

In addition, the Ho Chi Minh City Social Policy Bank and the City Housing Development Fund are also implementing preferential loan programs to buy, lease-purchase social housing; build new or renovate, repair houses for low-income people who receive salaries from the budget. People in need should contact the two above units for specific instructions.

For the City Social Policy Bank, the maximum loan amount is 70% of the estimated cost of house construction and repair and does not exceed VND 500 million. The interest rate is decided by the Prime Minister from time to time. In 2022 alone, the program's interest rate is 4.8%/year. The maximum loan term is 25 years from the date of disbursement of the first loan.

The City Housing Development Fund can borrow up to 70% of the house value but not exceeding 900 million VND/application, with an interest rate of 4.7%/year and a maximum loan term of 20 years.

According to the Department of Construction, Ho Chi Minh City aims to have 93,000 social housing apartments by 2030, but by 2023, the entire city will only have about 15,000 apartments in 19 projects.

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