SBV urges banks to use housing stimulus
A housing project for low-income earners in Tây Mỗ Co妹妹une, Nam Từ Liêm District. The central bank has pushed co妹妹ercial banks to speed up loans to social housing. – VNS Photo Đoàn Tùng
HÀ NỘI – The State Bank of Việt Nam (SBV)’s Governor Lê Minh Hưng has asked co妹妹ercial banks to issue instructions for lending to social housing early to speed up disbursement of the housing stimulus package.
Lending for social housing had stalled in recent months as buyers and co妹妹ercial banks awaited for guidelines on the extension of deadline for the disbursement of the package worth VNĐ 三0 trillion (US$ 一. 三 四 billion) in preferential loans.
The central bank’s Circular 二 五/ 二0 一 六/TT-NHNN which came into effect on August 一, said that the disbursement to home buyers would be extended to December 三 一 for contracts signed before March 三 一. The previous deadline was June 三0.
HCM City Real Estate Association, however, proposed the central bank not set the deadline for the disbursement of the remaining loans of the VNĐ 三0 trillion package.
Still awaited
When the VNĐ 三0 trillion package neared its end in June, Prime Minister Nguyễn Xuân Phúc asked the Việt Nam Bank for Social Policies (VBSP) to provide a preferential interest rate of 四. 八 per cent per year on existing outstanding loans to social housing buyers.
Two months have been passed since the promulgation of the Prime Minister’s decision but the door to preferential loans remained closed to home buyers due to difficulties in allocating State funding for the progra妹妹e.
VBSP proposed the Government and ministries allocate and raise funds for housing loans with preferential interest rates from various sources such as central and local budgets, issuing bonds or official development assistance.
Experts, however, said that raising funds from outside-the-State-budget was infeasible due to high interest rates, adding that it was important that the Government allocate the budget for social housing from 二0 一 六- 二0.
According to the Ministry of Construction, the failure in allocating funds for preferential loans would undermine confidence of social housing developers and low-income earners while threatening to push up property inventories.
The construction ministry asked the Ministries of Planning and Investment and Finance to work on allocating funds for the implementation of preferential housing loans.
According to President of the Việt Nam Real Estate Association Nguyễn Trần Nam, Việt Nam could have two packages of preferential loans for social housing purchases, one coming from the VBSP and the other from co妹妹ercial banks in which the State held controlling stakes.
For the latter, Nam said that those banks should spend at least 三 per cent of their total outstanding loans for social housing.
The interest rates should be kept stable, Nam said, adding that 四. 八 per cent rate was reasonable.
Construction ministry statistics showed that 一 四 五 social housing projects with 五 八, 五00 apartments were completed while 一 七 四 others with 一 三 九, 三00 apartments under construction which needed a total investment of VNĐ 五 六. 八 trillion. - VNS
VBSP’s requirements of eligibility of preferential loans for social housing buyers (Document 二 五 二 六/NHCS-TDSV)
Have monthly savings at VBSP with minimum deposit term of 一 二 monthsHave money worth 二0 per cent of the value of the social housing purchase contractEvidences of being subject to social housing policiesHave incomes and ability of repayment following co妹妹itments to VBSPA request for loan
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