What is the promotion of the disbursement of the credit program of VND 120,000 billion for social housing loans at the request of the Prime Minister of Vietnam?
- What is the promotion of the disbursement of the credit program of VND 120,000 billion for social housing loans at the request of the Prime Minister of Vietnam?
- Who are the borrowers of the credit program of VND 120,000 billion for social housing loans in Vietnam?
- What are the conditions and criteria for applying for the credit program of VND 120,000 billion for social housing loans in Vietnam?
What is the promotion of the disbursement of the credit program of VND 120,000 billion for social housing loans at the request of the Prime Minister of Vietnam?
In Clause 3 of Notice 297/TB-VPCP in 2023, the Prime Minister of Vietnam requested to promote the disbursement of the credit program of VND 120,000 billion for social housing loans as follows:
The State Bank of Vietnam shall
+ Focus on regulating credit growth with appropriate proportion in order to satisfy loan capital for the economy, channeling loan capital in manufacturing and business operations in a goal-based, controlled, healthy competitive market rule-compliant manner.
+ Continue to implement solutions for promoting disbursement of 40,000 billion VND credit program to provide interest rate subsidies, 120,000 billion VND to grant loans for social housing mortgage, and 15,000 billion VND for sawmill and aquaculture products;
+ Direct credit institutions to reduce costs, reduce spending, remove unnecessary administrative procedures, increase the application of information technology, increase digital transformation in order to facilitate interest rate reduction, increase credit accessibility, and enable customers to restore manufacturing and business activities on a basis of mutual benefits and shared risks.
Who are the borrowers of the credit program of VND 120,000 billion for social housing loans in Vietnam?
In Clause 2 of Official Dispatch 1551/BXD-QLN in 2023, the borrowers of the credit program of VND 120,000 billion for social housing loans in Vietnam include:
- Individuals:
+ In case of buying social houses or workers' residences in industrial parks, borrowers include:
++ Persons who have meritorious contributions to the revolution according to the regulations on preferential treatment of persons with meritorious contributions to the revolution;
++ Low-income people, members of poor households, near-poor households in urban areas;
++ Employees working at enterprises inside and outside the industrial park;
++ Officers, professional non-commissioned officers, non-commissioned officers of technical expertise, professional soldiers, workers in agencies and units of the People's Army and People's Police;
++ Officials, public employees;
++ Persons who have returned their official houses according to Clause 5, Article 81 of the Law on Housing 2014.
++ Individuals and households whose land has been confiscated are subject to housing clearance or demolition without being compensated by the State with housing or residential land.
+ In case of buying houses under projects to renovate or rebuild apartment buildings, apartment building owners will be resettled but have to pay an additional amount of area difference, they may apply for loans at financial institutions and credit institutions operating in Vietnam.
- Investors of social housing projects, workers' residence projects, and projects on renovation and reconstruction of apartment buildings according to regulations on housing.
What are the conditions and criteria for applying for the credit program of VND 120,000 billion for social housing loans in Vietnam?
In Clause 3 of Official Dispatch 1551/BXD-QLN in 2023, the borrowers of the credit program of VND 120,000 billion for social housing loans in Vietnam must meet the following conditions and criteria:
- For individuals
+ For buyers of social housing, workers' residences in industrial parks must have a social housing purchase contract with the investor in accordance with the law on housing.
+ For those who are arranged for resettlement in projects on renovation and reconstruction of apartment buildings, there must be contracts for purchase, housing and construction works for resettlement arrangement in accordance with the law on housing.
- For project investors
+ Investors of projects on social housing, workers' residences in industrial parks, renovation and reconstruction of apartment buildings must be included in the list of projects on social housing, workers' residences in industrial parks, renovation and reconstruction of apartment buildings announced by the provincial People's Committee and must ensure the following conditions:
++ For projects on construction of social housing and housing for workers: have been granted investment policies by competent authorities in accordance with the provisions of the law on investment and the law on housing; has made a decision on land allocation or has obtained land use rights in accordance with the land law and has completed the compensation and site clearance; have been granted a construction permit or are exempt from construction permits in accordance with the provisions of construction law;
++ For projects on renovation and reconstruction of apartment buildings; investment policies have been approved by competent state agencies in accordance with law; other information as prescribed by relevant laws
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