Individuals purchasingcommercial houses worth 1.05 billion VND (50,000 USD) or less in urbanprojects that authorities have approved are entitled to financialassistance from the national real estate bailout programme.
This was under the State Bank of Vietnam (SBV)'s Circular No32/2014/TT-NHNN issued early this week to guide lending activities toassist business and market developments.
Previously,the Government also required State-owned commercial banks to reserve atleast three percent of their total outstanding loans to help low-incomecitizens lease or purchase social or commercial houses measuring lessthan 70 sq.m and priced below 15 million VND (714 USD) per sq.m.
Vietnam has been implementing a 30 trillion VND (1.43 billionUSD) national real estate bailout package that has been disbursingcapital since 2013 through Vietinbank, Vietcombank and BIDV, as well asAgribank and Mekong Housing Bank.
According to thelatest SBV circular, package beneficiaries include civilians and armedforces servants and workers, as well as households and individuals whobuild social houses to serve workers and students.
Enterprises that transform their commercial housing projects into socialhousing projects are likewise qualified for support.
While interest rates for programme loans remain unchanged at sixpercent per year or lower as designated by the SBV, the maximum termthat home buyers or renters may enjoy such rates has been extended from10 to 15 years and cannot be prolonged after June 1, 2031.
For customers nationwide who build or repair their own houses, eachcan acquire a maximum loan of 700 million VND (33,330 USD).
The SBV is suggesting that joint-stock commercial banks join theprogramme and register with it for this purpose within 30 days after thecircular takes effect on November 25.-VNA
This was under the State Bank of Vietnam (SBV)'s Circular No32/2014/TT-NHNN issued early this week to guide lending activities toassist business and market developments.
Previously,the Government also required State-owned commercial banks to reserve atleast three percent of their total outstanding loans to help low-incomecitizens lease or purchase social or commercial houses measuring lessthan 70 sq.m and priced below 15 million VND (714 USD) per sq.m.
Vietnam has been implementing a 30 trillion VND (1.43 billionUSD) national real estate bailout package that has been disbursingcapital since 2013 through Vietinbank, Vietcombank and BIDV, as well asAgribank and Mekong Housing Bank.
According to thelatest SBV circular, package beneficiaries include civilians and armedforces servants and workers, as well as households and individuals whobuild social houses to serve workers and students.
Enterprises that transform their commercial housing projects into socialhousing projects are likewise qualified for support.
While interest rates for programme loans remain unchanged at sixpercent per year or lower as designated by the SBV, the maximum termthat home buyers or renters may enjoy such rates has been extended from10 to 15 years and cannot be prolonged after June 1, 2031.
For customers nationwide who build or repair their own houses, eachcan acquire a maximum loan of 700 million VND (33,330 USD).
The SBV is suggesting that joint-stock commercial banks join theprogramme and register with it for this purpose within 30 days after thecircular takes effect on November 25.-VNA
