Social housing loan to help low-income people settle down


After nearly a year of implementing the social housing loan policy according to Decree No. 49 of the Government, many low-income people, civil servants, and public employees in the province have had access to the capital source to start house construction. Not only helping low-income people have the conditions to build spacious houses, being able to settle down soon, the policy also gives them joy and motivation to be more enthusiastic about their work and to cultivate their family happiness.

Wide audience, long-term loan

On April 1, 2021, the Government issued Decree No. 49 amending and supplementing a number of articles of Decree No. 100/2015/ND-CP on development and management of social housing. Accordingly, many contents have been amended and supplemented on preferential loans from the Bank for Social Policies such as the maximum loan amount equal to 70% of the estimated value; The maximum loan plan is not more than VND 500 million and not more than 70% of the value of the security assets for customers who need to build new or renovate and repair houses.

Households benefit from the loan policy to build spacious houses

Subjects of application of social housing lending policy are broad, including people with meritorious services to low-income people, poor and near-poor households in urban areas; people working in enterprises inside and outside the industrial park; officers, professional non-commissioned officers, professional and technical non-commissioned officers, professional soldiers, workers in agencies and units of the People's Police and the People's Army; officials and civil servants.

Mr. Nguyen Hoang Tuan, Dong Tam ward, Vinh Yen city said: “I think the policy is very practical, contributing to reducing the financial burden for people, especially low-income people, workers, and officials who are in need of housing construction. Because I am under the scope of subjects, eligible for loans, the completion of the procedure was basically convenient for me. With a loan term of 17 years, currently, my family must pay principal and interest about VND 4.3 million/month. The interest rate as well as the monthly principal payment are suitable with our income.”

According to Mr. Tuan, his family's newly built house has a total value of about VND 1.3 billion. Thanks to the State's credit policy, his family was supported to borrow nearly 50% of the total investment value with a preferential interest rate of 4.8%/year. Without this loan, perhaps Tuan's family could not fulfill their dream of building a new house.

Depending on the financial capacity of each family, the loan term will be calculated accordingly, but not exceeding 25 years, from the date of first loan disbursement. The applicable program interest rate is 4.8%/year.

Abundant capital for social housing loans

For more people to have conditions to access policy capital, recently, the Provincial Bank for Social Policies has strengthened propaganda, reviewed the loan needs and actively guided and supported customers to complete their application for disbursement.

By the end of February 2022, the Provincial Bank for Social Policies has disbursed nearly VND 126 billion to more than 300 customers, of which Vinh Yen city has a large outstanding balance with nearly 100 customers.

The conditions to borrow money from the program are that the customer is not required to pay personal income tax and has a monthly savings deposit at the Bank for Social Policies where the loan is offered. Borrowers must have income sources and the ability to repay debts as committed; must own capital equal to at least 20% of the contract value of the house purchase or lease, 30% of the cost calculation plan for new construction or renovation or repair of residential houses.

In addition, customers must have a certificate of land use rights, ownership of houses and other land-attached assets at the district-level locality where their permanent residence is registered, issued by a competent state agency according to the provisions of the law on land; have design, cost calculation plan, construction permit in case a construction permit is required in accordance with the construction law...

According to information from the Provincial Bank for Social Policies, the central government's social housing capital is quite abundant, on that basis, the unit has been coordinating with functional departments and agencies to actively promote the loans to buy social housing.

In 2021, the Provincial Bank for Social Policies coordinated with the investor to make documents for more than 100 customers to borrow money to buy Khai Minh apartment building, Khai Quang ward, Vinh Yen city. Now, the maximum loan amount to buy social housing is up to 80%/estimated value, helping low-income workers soon have conditions to stabilize their lives and work with peace of mind.

Ha Tran

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