Gov't slashes interest rate for social housing loans to 4.8%
VGP – The Government has decided to lower interest rate for social housing loans to 4.8 percent from 5 percent, applicable from May 10 to December 31, 2024.
The move aims to provide more affordable housing options for low-income households who wish for purchase, rent, construction or repair residential houses.
In April, Prime Minister Pham Minh Chinh signed Decision 338/QD-TTg approving a program to build 1,062,200 social housing apartments for low-income earners and workers in industrial parks and processing zones in the 2021-2030 period.
The Ministry of Construction is in charge of putting foward amendments to the current regulations on social housing for low-income earners and workers at industrial parks and processing zones.
The ministry is also responsible for drafting a resolution of the National Assembly on pilot policies for social housing development and proposing amendments to the 2014 Law on Housing.
The program is expected to cost over VND 849 trillion (US$ 37.7 billion)./.