Five commercial banks are allocating the social housing stimulus package worth VND30 trillion (US$1.4 billion) to house renters and buyers from June 1 to defrost the property market.
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The five banks include the Viet Nam Bank for Agriculture and Rural Development (Agribank), the Viet Nam Bank for Industry and Trade (Vietinbank), the Viet Nam Bank for Foreign Trade (Vietcombank), the Bank for Investment and Development of Viet Nam (BIDV) and the Mekong Housing Bank (MHB).
They provide an annual preferential lending rate of 6% for this year, which will then be revised by the SBV in the following year in December, at a rate that is required to be below 6% per annum.
The package targets to realize the Government’s Resolution 02/NQ-CP on bailout for home purchases.
Accordingly, the BIDV has registered to put aside a VND10 trillion (US$400 million) credit package. Eligible buyers can borrow up to 80% of the houses’ value and put up the purchased houses as collateral for the bank loans that can enjoy a term of 15 years.
Meanwhile, VietinBank has equipped its branches and transaction offices nationwide with full information on the program./.
Source : VGP News