Criteria for loans from the credit package of VND 120,000 billion for social housing development for individuals in Vietnam

Criteria for loan from the credit package of VND 120,000 billion for social housing development for individuals in Vietnam

In addition to ensuring the conditions and criteria according to the provisions of the law on credit guided by the State Bank of Vietnam, an individual may borrow a credit program of VND 120,000 billion and must also meet the following conditions and criteria:

- For individuals buying social housing, housing for workers (social housing in industrial zones) must have a social housing purchase contract with the investor in accordance with the housing law.

- For individuals to be resettled in an apartment building renovation or rebuilding project, they must have a contract to buy, house, and construct resettlement according to the law on housing.

Specifically, individuals eligible to borrow a VND 120,000 billion credit package for social housing development are regulated as follows:

- In case of buying social housing, worker housing (social housing in industrial zones), as prescribed in Clause 1, Article 50 of the Law on Housing 2014, borrowers are those specified in Clauses 1, 4, 5, 6, 7, 8 and 10, Article 49 of the Law on Housing 2014:

+ People with meritorious services to the revolution, according to the provisions of the law on preferential treatment for people with meritorious services to the revolution;

+ Low-income people, poor, and near-poverty households in urban areas;

+ Employees are working at enterprises inside and outside the industrial park;

+ Officers, professional non-commissioned officers, professional and technical non-commissioned officers, professional soldiers, and workers in agencies and units of the People's Police and the People's Army of Vietnam;

+ Cadres, civil servants, and public employees in accordance with the law on cadres, civil servants, and public employees.

+ Subjects who have returned official residences according to the provisions of Clause 5, Article 81 of the Law on Housing 2014;

+ Households and individuals subject to land recovery and having to clear or demolish their houses in accordance with law but have not yet been compensated by the State with houses or residential land.

- In case of buying houses for renovation and rebuilding projects, comply with the provisions of Clause 2, Article 26 of Decree 69/2021/ND-CP, specifically:

Owners of apartment buildings that are relocated but have to pay more for the difference in area may get loans from credit institutions or financial institutions operating in Vietnam.

More details can be found in Official Dispatch 1551/BXD-QLN dated April 1, 2023.

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