Recently, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has implemented a 30 trillion social housing loan program with the interest rates from 8.2%/year only.

This is BIDV’s practical step to implement the Government’s Resolution No. 33/NQ-CP dated 11 March 2023 on certain solutions to resolve difficulties and promote the real estate market for safe, healthy and sustainable development and SBV’s guidance on the implementation of the VND120-trillion credit program chaired by the State Bank of Vietnam (SBV). The program is applicable from 1 April 2023 until the total disbursement reaches VND 30,000 billion but no later than 31 December 2030. Eligible customers are developers and home buyers of social housing projects, worker housing projects, renovation and reconstruction of old apartment projects as published by the Ministry of Construction from time to time.

(Ảnh minh họa)

The preferential interest rates from 1 April 2023 to the end of 30 June 2023 is 8.2%/year for home buyers and 8.7%/year for developers. From 1 July 2023, the lending interest rate will be adjusted every 6 months as announced by the SBV to the participating banks. The above interest rate will be applied no longer than 03 years for developers and 05 years for home buyers from the date of disbursement, but not longer than the loan tenor in the original loan agreement. As a pioneering bank in implementing the operating policies of the Government and the SBV, BIDV has always actively implemented measures to promote enterprises’ access to bank loans. BIDV is committed to joining hands with the Government, businesses and people, contributing to provide funds and promptly meet the housing needs.