Loan policy to support residential land and housing for ethnic minorities and mountainous areas in the period of 2021 - 2030

Government issued Decree 28/2022/ND-CP on preferential credit policy for implementation of the national target program for socio-economic development in ethnic minority and mountainous areas for the period from 2021 to 2030, phase 1: from 2021 to 2025

Provisions on policies on residential land assistance loans

Pursuant to Articles 8, 9, 10, 11, 12 and 13 of the Decree No. 28/2022/ND-CP prescribing residential land assistance loans as follows:

- Subjects entitled to borrow capital in support of residential land include:

+ Poor households of ethnic minorities.

+ Poor households of ethnic minorities who legally reside in extreme difficulty-hit communes, extreme difficulty-hit villages in ethnic minority and mountainous areas.

- The capital-borrowing subjects must fully satisfy the following conditions:

+ Lawfully residing in the locality and named in the list of households enjoying the policy on residential land support approved by the competent authority.

+ Members acting as representatives for borrowing loans from households aged full 18 years or older and having full civil act capacity as prescribed by law.

+ The loan plan is conformable with the loan purposes.

- Borrowed capital: The borrower may apply for loans to cover the cost of homestead land.

- Loan amount: The loan amount shall be agreed upon by the VBSP and the borrower but shall not exceed 50 million dong/household.

- Loan term: The loan term shall be agreed upon by the Social Policy Bank and the borrower but must not exceed 15 years. In the first 5 years, the client has not to repay the principal.

- Loan interest rate:

+ The lending interest rate shall be 3%/year.

+ The overdue debt interest rate is equal to 130% of the lending interest rate.

Loan policy to support residential land and housing for ethnic minorities and mountainous areas in the period of 2021 - 2030

Provisions on policy on loans for housing assistance

Pursuant to Articles 14, 15, 16, 17, 18 and 19 of the Decree No. 28/2022/ND-CP prescribing home loans and subsidies as follows:

- Subjects entitled to borrow capital for housing support include:

+ Poor households of ethnic minorities.

+ Poor households of ethnic minorities who legally reside in extreme difficulty-hit communes, extreme difficulty-hit villages in ethnic minority and mountainous areas.

- The capital-borrowing subjects must fully satisfy the following conditions:

+ Lawfully residing in the locality and named in the list of households enjoying the policy on housing support approved by the competent authorities.

+ Members acting as representatives for borrowing loans from households aged full 18 years or older and having full civil act capacity as prescribed by law.

+ The loan plan is conformable with the loan purposes.

- Borrowing purposes: Borrowers shall get loans for covering costs of construction, repair or renovation of housing.

- Loan amount: The loan amount shall be agreed upon by the VBSP and the borrower, but shall not exceed VND 40 million/household.

- Loan term: The loan term shall be agreed upon by the Social Policy Bank and the borrower but must not exceed 15 years. In the first 5 years, the client has not to repay the principal.

- Loan interest rate:

+ The lending interest rate shall be 3%/year.

+ The overdue debt interest rate is equal to 130% of the lending interest rate.

Therefore, under the above Decree, (s)he is entitled to borrow loans to support residential land and houses to be poor ethnic minority households or poor ethnic minority households lawfully residing in communes with exceptional difficulties or exceptional difficulties in ethnic minority and mountainous areas. These are preferential policies for the implementation of national target programs on socio-economic development.

Khanh Linh

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