According to the State Bank, from April 2023, a credit package of 120,000 billion VND for preferential loans to develop social housing and workers' housing will be deployed to achieve the goal of building 1 million social housing units by 2030. Recently, a commercial bank joined this credit package, raising the total value of this loan package to 125,000 billion VND.
However, after 1 year of implementation, the disbursement results of this credit package are still very low.
Social housing credit package disbursement is slow.
With new project investors disbursing 415 billion VND in 6 projects, home buyers disbursed more than 540 million VND in 2 projects.
The State Bank said the reason for the slow implementation is that the supply of social housing is still limited. Currently, only 28 provinces and cities have announced the list of social housing, workers' housing, and apartment building renovation and reconstruction projects.
In particular, the provinces have focused on announcing from July 2023 to present. In total, there are only 68 announced projects in the list of loans from this program.
In addition, some projects still face legal problems, site clearance, land use fee calculation procedures, land use purpose conversion... This leads to banks not having a basis to grant credit to project investors.
On the homebuyer side, complicated regulations on beneficiaries make it difficult for people to get preferential loans.
The Ministry of Construction also said that the interest rate of the preferential loan package is still high, while the loan period is short, so it has not attracted businesses and people to borrow capital.
At the recent seminar on Solving difficulties in social housing organized by Tien Phong newspaper, Mr. Le Hoang Chau - Chairman of the Ho Chi Minh City Real Estate Association - said that the 125,000 billion VND credit package is essentially a commercial loan with lower interest rates (1.5-2%/year compared to normal loan interest rates).
“ This package is very beneficial for buyers renovating apartments, but for buyers of social housing, it is adjusted every 6 months, so people are not assured. Meanwhile, investors can only borrow for 3 years and adjust every 6 months, ” Mr. Chau said and suggested that commercial buyers with a budget of 3 billion VND or less should have access to this credit package.
In addition, Mr. Chau said that currently, social housing investors cannot mortgage the project but must mortgage another project, which is a problem that needs to be resolved by commercial banks.
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