The banksentrusted by the State Bank of Vietnam (SBV) to join the lendingprogramme include the Vietnam Bank for Agriculture and Rural Development(Agribank), the Vietnam Bank for Industry & Trade (Vietinbank), theVietnam Bank for Foreign Trade (Vietcombank), the Bank for Investmentand Development of Vietnam (BIDV) and the Mekong Housing Bank (MHB).
Thebanks offer an annual preferential lending rate of 6 percent for thisyear, which will then be revised by the SBV in the following year inDecember, at a rate that is required to be below 6 percent per annum.
The move came on the heels of the Government’s Resolution 02/NQ-CP onbailout for home purchases, which is expected to make it easier forborrowers to buy or rent social houses.
Accordingly, the BIDV has registered to lay out a 10 trillion VND (400million USD) credit package. It also pledged to process lendingapplications for individuals and businesses within 4 and 20 workingdays, respectively.
Those eligible can borrow up to80 percent of the houses’ value and put up the purchased houses ascollateral for the bank loans that can enjoy a term of 15 years.
Apart from a marketing drive, VietinBank has equipped its branches andtransaction offices nationwide with full information on the programme.
Meanwhile in the Agribank, individual and businessclients can have their applications processed for at least 5 and 10working days.
In early June, construction on fivesocial apartment buildings started, notably the Tay Nam Linh Dam socialhousing project in Hanoi with over 1,000 apartments. Variouscommercial homes are also being converted into social dwellings.
The programme is closely monitored by the Ministry of Construction and the SBV.-VNA
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