The Ministry of Construction has just responded to voters' comments reflecting the difficulty in accessing and slow disbursement of preferential loans of 120,000 billion VND for social housing.
Voters in Bac Giang province believe that: Currently, the preferential credit package of 120,000 billion VND for investors and home buyers in social housing and worker housing projects is very necessary, providing good support for project investors and home buyers.
However, in reality, it is very difficult for businesses and home buyers to access this preferential capital source due to complicated procedures, long application appraisal time, and high interest rates (about 8.2%/year), leading to slow disbursement of this support package.
"We request that the Prime Minister direct the Ministry of Construction and the State Bank of Vietnam to urgently guide and urge implementation, reduce procedures, and shorten the time for document appraisal so that people and businesses can soon access loan capital," voters of Bac Giang province proposed.
Responding to this content, the Ministry of Construction said that on March 11, 2023, the Government issued Resolution No. 33/NQ-CP on a number of solutions to remove obstacles and promote the safe, healthy and sustainable development of the real estate market, in which it decided to deploy a credit package of VND 120,000 billion to promote the goal of completing at least 1 million social housing apartments and workers' housing in the period of 2021-2030) for investors and home buyers of social housing and workers' housing projects to borrow at an interest rate about 1.5 - 2% lower than the average medium and long-term VND lending interest rate of state-owned commercial banks (including Agribank, BIDV, Vietcombank, Vietinbank) on the market in each period and non-state commercial banks that are eligible for each specific credit package.
Implementing the tasks assigned by the Government in Resolution No. 33/NQ-CP, the Ministry of Construction and the State Bank of Vietnam have jointly issued: Document No. 1551/BXD-QLN dated April 20, 2023 of the Ministry of Construction guiding on determining the list of projects, subjects, and preferential loan conditions of this credit package; Document No. 2308/NHNN-TD dated April 1, 2023 of the State Bank providing specific instructions on principles, implementation time, preferential period, interest rates, etc.
At the same time, to reduce procedures and shorten the time for document appraisal, the Ministry of Construction has authorized the Provincial People's Committee to create a list of projects for public announcement on the Provincial People's Committee's electronic information portal.
Regarding the content of the petition of voters of Bac Giang province, on December 29, 2023, the State Bank of Vietnam issued Document No. 10151/NHNN-VP on coordinating to respond to the petition of voters of Bac Giang province, accordingly, regarding the interest rate, the State Bank issued Document No. 9844/NHNN-CSTD announcing the lending interest rate of commercial banks applied from January 1, 2024 to June 30, 2024 for customers who are project investors at 8.0%/year and for customers who are home buyers at the project at 7.5%/year (down 0.2%/year compared to the interest rate applied from July 1, 2023 to December 31, 2023).
According to local reports, 27 provinces have announced a list of 63 projects eligible for loans under the VND120,000 billion credit program with a loan demand of more than VND27,966 billion. Up to now, a number of social housing projects in localities have been disbursed with a capital of about VND143.3 billion.
The disbursement of the 120,000 billion VND package is still slow, mainly due to: the supply of social housing is still limited, many localities have projects but have not completed all procedures to meet loan conditions; the interest rate of the 120,000 billion VND package is still high, the loan period is short, so it has not attracted businesses or people to borrow capital.
With the view of implementing a credit package of 120,000 billion VND to contribute to the implementation of the Project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the period of 2021 - 2030", in the coming time, the Ministry of Construction will continue to coordinate with the State Bank of Vietnam and ministries, branches and localities to implement a number of solutions.
Firstly, focus on developing Decrees guiding the Housing Law No. 27/2023/QH15 to remove obstacles in mechanisms, policies, and laws, effectively implement and promote the development of social housing and housing for industrial park workers.
Second, urge localities to review and compile a list of social housing projects, worker housing, and apartment renovation and reconstruction projects eligible for loans to publicly announce on the electronic information portal of the provincial People's Committee, so that banks have a basis to apply for loans under the 120,000 billion VND package. Continue to work with a number of key localities to inspect and urge the creation of a supply of social housing, worker housing, and apartment renovation and repair projects.
Third, continue to coordinate with the State Bank and relevant ministries and branches, research and report to the Government on solutions to help investors of social housing, workers' housing, and home buyers access credit packages with low interest rates and longer loan terms.
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