Current regulations on updating information of individuals eligible to purchase social housing in Vietnam

Current regulations on updating information of individuals eligible to purchase social housing in Vietnam (Image from the internet)

Current regulations on updating information of individuals eligible to purchase social housing in Vietnam

Article 4 of Decree 100/2024/ND-CP has stipulated the update of information for those eligible to purchase, lease purchase, lease social housing in Vietnam as follows:

(1) Within 15 days from receipt of the list of individuals who have signed a contract to purchase, lease purchase, or lease social housing as stipulated in Point g, Clause 1, Article 38 of Decree 100/2024/ND-CP, the local Department of Construction where the project is located is responsible for checking and updating the list of those eligible to purchase, lease purchase, or lease social housing on the website of the Department of Construction according to the details stipulated in (2).

(2) Updated information content:

- Full name;

- Citizen ID/personal identification number;

- Address of permanent/temporary registration;

- Names of individuals in the household (if the beneficiary is a household);

- Name of the social housing investment project.

(3) In cases where an individual who wishes to purchase, lease purchase, or lease social housing has already signed a contract with the project investor but falls into contract termination circumstances, the project investor is responsible for reporting to the Department of Construction to update the list of eligible persons on the website of the Department of Construction and the portal of the Ministry of Construction.

(4) In cases where there is no database of information on those eligible to purchase, lease purchase, or lease social housing on the portal of the Ministry of Construction, the Department of Construction will announce this list on its website and also send it to the Ministry of Construction (both hard copy and electronic file) according to the contents stipulated in (2).

Regulations on the principles of implementing concessional loan policies for purchasing social housing in Vietnam

- If an individual is entitled to multiple preferential housing loan policies, only the highest level of support policy shall apply.

- If a household has numerous members eligible for various concessional loan policies, only one loan policy shall apply for the entire household.

- The Social Policy Bank or credit institutions designated by the State shall implement the concessional loan policy to support social housing and housing for the people's armed forces, ensuring compliance with legal regulations on housing, credit, and related laws.

- The Social Policy Bank is authorized to mobilize savings deposits from domestic households and individuals who wish to purchase, lease purchase social housing, housing for the people's armed forces to lend to these entities in accordance with Clause 1, Article 48 and Clause 1, Article 71 of Decree 100/2024/ND-CP after a specified period of savings in agreement with the Social Policy Bank.

(Article 46 of Decree 100/2024/ND-CP)

Regulations on concessional loans for purchasing social housing at the Social Policy Bank of Vietnam

(1) Subjects specified in Clause 1, Clause 4, Clause 5, Clause 6, Clause 7, and Clause 8, Article 76 of the Housing Law to receive concessional loans for purchasing, lease purchasing social housing must meet the following conditions:

- Have income sources and the ability to repay debts as committed with the Social Policy Bank;

- Possess a loan application form to purchase, lease purchase social housing;

- Have a contract to purchase, lease purchase social housing with the investor as per the stipulations of this Decree and the housing law;

- Ensure loan security by assets formed from loan capital in accordance with legal regulations. The Social Policy Bank, the investor, and the borrower must specify the method of managing and disposing of secured assets in a tripartite contract.

(2) Loan amount:

- For purchasing, lease purchasing social housing, the maximum loan amount equals 80% of the contract value for purchase or lease purchase;

- For constructing new housing or renovating, repairing housing, the maximum loan amount equals 70% of the estimated value or planned use of the funds, with a maximum not exceeding 1 billion VND, based on the investment cost guidelines, residential construction pricing by competent authorities, and not exceeding 70% of the collateral asset's value.

(3) Interest rates are equivalent to the rates applied to poor households determined by the Prime Minister of the Government of Vietnam at different periods. Overdue debt interest rates are 130% of the loan interest rate.

(4) Loan term: The loan term is agreed upon by the bank and the customer, suitable with the customer's repayment ability, but not exceeding 25 years from the date of the first disbursement.

(Article 48 of Decree 100/2024/ND-CP)

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