According to the Ministry of Construction’s Real Estate Market and Housing Management Department, 17 businesses have registered to borrow a total of VND1.467 trillion (US$68.95 million), 36.5% of which has been distributed to 11 of those enterprises.
Another VND821.3 billion (US$38.6 million) in loans has been pledged to 2,275 individual customers through five entrusted banks:Agribank, BIDV, Vietinbank, Vietcombank and MHB. Of that total, VND550.5 billion (US$25.87 million) has been disbursed to 2,261 customers.
The VND30 trillion home loan package aims to offer soft loans to home buyers and property developers in an attempt to stimulate the property market and resolve bad debts.
These loans are available to low-income earners, State officials, civil servants and members of the armed forces who plan to buy social homes or commercial homes smaller than 70sq m and priced below VND15 million (US$720) per square metre.
According to the State Bank of Vietnam, approximately 30% of the package will be provided to property developers to help convert their commercial housing projects into social housing.
