The State Bank of Vietnam has submitted a credit package worth of 50 trillion VND (2.3 billion USD) to support the local commercial housing market during its recovery period.
The announcement about the package being submitted to the Government was made by an official of the Ministry of Construction last week at a seminar in Ho Chi Minh City.
Loans extended from the package will carry an interest rate of 7 percent per year for the first 10 years, Deputy Minister of Construction Nguyen Tran Nam said at a seminar on property trading - Opportunities and Challenges in the Recovery of the Market - organised by the Vietnam Real Estate Association and the National Economic University.
The loans can get an extension of five or 10 years, with a suitable interest rate that is adjusted according to existing market situation, he added.
Nam said the local property market has started recovering because the number of successful transactions on the property market has risen strongly and the property inventory has been halved, reported BizLive website.
Meanwhile, lending for the property sector at banks rose sharply to 300 trillion VND (14.1 billion USD), doubling the total value of loans seen at the end of 2012.
At present, 15 banks have been permitted to extend loans from the 30 trillion VND package for social housing projects.-VNA
The announcement about the package being submitted to the Government was made by an official of the Ministry of Construction last week at a seminar in Ho Chi Minh City.
Loans extended from the package will carry an interest rate of 7 percent per year for the first 10 years, Deputy Minister of Construction Nguyen Tran Nam said at a seminar on property trading - Opportunities and Challenges in the Recovery of the Market - organised by the Vietnam Real Estate Association and the National Economic University.
The loans can get an extension of five or 10 years, with a suitable interest rate that is adjusted according to existing market situation, he added.
Nam said the local property market has started recovering because the number of successful transactions on the property market has risen strongly and the property inventory has been halved, reported BizLive website.
Meanwhile, lending for the property sector at banks rose sharply to 300 trillion VND (14.1 billion USD), doubling the total value of loans seen at the end of 2012.
At present, 15 banks have been permitted to extend loans from the 30 trillion VND package for social housing projects.-VNA
