Vietnam to increase the interest rate on loans for purchasing social housing to 5% per year as of 2023

Vietnam to increase the interest rate on loans for purchasing social housing to 5% per year as of 2023
Nguyễn Như Mai

This is the content of Decision No. 2081/QD-NHNN dated December 12, 2022 on the interest rates of commercial banks to be applied in 2023 regarding outstanding debts of housing support loans according to Circular No. 11/2013/TT-NHNN, Circular No. 32/2014/TT-NHNN, and Circular No. 25/2016/TT-NHNN promulgated by the State Bank of Vietnam.

Specifically, the interest rate of commercial banks to be applied in 2023 regarding outstanding debts of housing support loans according to Circular No. 11/2013/TT-NHNN, Circular No. 32/2014/TT-NHNN, and Circular No. 25/2016/TT-NHNN is 5,0% per year. 

(According to current Decision No. 1956/QD-NHNN 2021, the interest rate of commercial banks applied in 2022 regarding outstanding debts of housing support loans is 4,8%).

Circular No. 11/2013/TT-NHNN (amended by Circular No. 32/2014/TT-NHNN) stipulates the deadline and loan limits as follows:

- The maximum loan for a client agreed on by the client and the bank shall be appropriate with regulations prescribed in Clause 4 Article 3 of Circular No. 11/2013/TT-NHNN and shall not exceed the general limit applied nationwide, which is 700.000.000 VND per client regarding clients who take out loans to construct new housing or renovate their housing.

Decision No. 2081/QD-NHNN comes into force as of January 1, 2023 and replaces Decision No. 1956/QD-NHNN dated December 3, 2021.

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