Business

Housing credit package disbursement pushed forwards

Over 22,200 households have signed borrowing contracts worth 10.1 trillion VND (466 million USD) with commercial banks under the Government’s 30 trillion VND (1.4 billion USD) housing credit stimulus scheme, said Head of the Department of Housing and Real Estate Market Management Nguyen Manh Ha.
Over 22,200 households have signed borrowing contracts worth 10.1trillion VND (466 million USD) with commercial banks under theGovernment’s 30 trillion VND (1.4 billion USD) housing credit stimulusscheme, said Head of the Department of Housing and Real Estate MarketManagement Nguyen Manh Ha.

Some 43 social housing projects alsoapplied to borrow nearly 6 trillion VND (279 million USD). Of the total,2.4 trillion VND (111.6 million USD) has been disbursed for 40projects.

Ha said that the Bank for Investment and Development ofVietnam (BIDV) has become the leading bank, loaning to 7,581 householdsfrom the credit package with a total value of nearly 7.5 trillion VND(348.8 million USD).

BIDV also committed to provide loansworth 3.7 trillion VND (172 million USD) for 22 projects in line withcurrent regulations, which include low-income housing projects innorthern Hai Duong province, central Hue city and central Da Nang city.

Inaddition, the Vietnam Joint Stock Commercial Bank of Industry and Trade(VietinBank), the Joint Stock Commercial Bank for Foreign Trade ofVietnam (Vietcombank) and the Vietnam Bank for Agriculture and RuralDevelopment (Agribank) also made efforts to accelerate credit packageimplementation with committed loans of 4.7 trillion VND (218.6 millionUSD), 2.6 trillion VND (120.9 million USD) and 1 trillion VND (46.5million USD), respectively.

Some small commercial banks such asOrient Commercial Joint Stock Bank (OCB), Tienphong Bank (TPBank) andVietnam Export Import Commercial Joint Stock Bank (Eximbank) are alsoactively joining in lending activities under the package.

Chairmanof the Vietnam Real Estate Association Nguyen Tran Nam said that the 30trillion VND (1.4 billion USD) credit package aims to help labourersaccess housing, thereby stimulating the property market.

However,the credit scheme’s progress has not met expectations due tolimitations on social housing project supply, project investor capacityand legal procedures on real estate contracts, among others.

Accordingto experts, diversifying the housing supply as well as facilitatingconditions for customers to access loans from banks will be useful toaccelerate the housing stimulus package.

Launched in June 2013, the credit package offers loans with a maximuminterest rate of 5 percent to individual borrowers for no longer than 15years.-VNA
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