Loan term for purchase and lease purchase of social housing up to 25 years in Vietnam

Loan term for purchase and lease purchase of social housing up to 25 years in Vietnam
Đức Thảo

Below is the remarkable content specified in Decree 49/2021/ND-CP amending Decree 100/2015/ND-CP on housing development and management society in Vietnam

Specifically, according to Clause 10, Article 1 of Decree 49/2021/ND-CP amending and supplementing Clause 6, Article 16 of Vietnam's Decree 100/2015/ND-CP on loan term for purchase and lease purchase of social housing, from April 1, 2021, the bank and the client shall negotiate on the loan term as appropriate to the client’s solvency, which shall not last for more than 25 years starting from the date of the first disbursement.

Currently, according to Decree 100, the minimum loan term is 15 years from the date of the first disbursement. Any borrower that wishes to have a shorter loan term than may reach an agreement with the lending bank.

In addition, the Prime Minister of Vietnam has the power to decide the lending interest rate of Vietnam Bank for Social Policies as proposed by the Board of Directors of Vietnam Bank for Social Policies for each period of time; State Bank of Vietnam has the power to determine and announce the lending interest rate of appointed credit institutions, which shall not exceed 50% of the average lending interest rate of commercial banks in the same period of time.

More details can be found in: Vietnam's Decree 49/2021/ND-CP takes effect from April 1, 2021.

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