Loan amount for housing support for poor ethnic minority households up to 40 million VND in Vietnam

Bao Ngoc

10:38, 27/04/2022

On April 26, 2022, the Government of Vietnam issued Decree 28/2022/ND-CP introducing preferential credit policy for implementation of the National target program for socio-economic development of ethnic minority and mountainous regions in 2021 – 2030 period, stage 1: from 2021 to 2025.

According to the Decree in Vietnam, the regulation stipulates that poor ethnic minority households can borrow up to 40 million VND/household in Vietnam, specifically:

- Loan amount for housing support: agreed upon by the Bank for Social Policies of Vietnam and the borrower but must not exceed 40 million VND/household.

- A borrower is required to meet the following eligibility requirements to get a loan:

+ The borrower has a lawful residence in local area and has their name included in the list of households eligible for land supporting policy approved by a competent authority in Vietnam.

+ The representative of the borrowing household must be at least 18 years old and have full legal capacity as prescribed by law.

+ The borrower’s borrowing plan is appropriate to the intended loan purpose.

- The specific loan term shall be agreed upon between Bank for Social Policies of Vietnam and the borrower but shall not be longer than 15 years. Within the first 5 years, the borrower is not required to pay the loan principal.

Decree 28/2022/ND-CP takes effect from April 26, 2022.

Bao Ngoc

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