After the State Bank implemented Resolution 33/NQ-CP of the Government with a credit program of VND 120,000 billion to support and create conditions for project investors and home buyers to quickly access Preferential credit capital to meet the housing needs of low-income groups, Agribank spent VND 30,000 billion to implement loan programs for social housing, worker housing, renovation and construction projects. return to the old apartment building, lasting until December 31, 2030.
The program's preferential interest rate is adjusted every 6 months. Currently, the interest rate applicable until December 31, 2024 for investors is 7.0%/year and for home buyers is 6.5%/year. The preferential interest rate period for investors is 3 years from the date of disbursement but does not exceed the loan term in the original loan agreement, for home buyers it is 5 years.
To date, out of a total of 1,344 billion VND in credit capital that banks have disbursed to investors and home buyers, Agribank leads the disbursement volume with nearly 650 billion VND for project investors and more than 40 billion VND. Dong for social housing buyers.
Agribank has approved the following projects: investment project to build Thong Nhat Smart City social housing area (Yen Phong district); Social housing project in Pho Moi town, Que Vo district, Bac Ninh province; Social housing project in Bank Hill Residential Area in Hong Hai ward and Cao Thang ward, Ha Long City, Quang Ninh province; investment project to build a social housing area in Duy Tien town (Ha Nam province); social housing project in Rach Gia City (Kien Giang province)... Total loan commitment amount is more than 1,500 billion VND.
In the second quarter of 2024 alone, Agribank has approved credit for 3 social housing projects and increased disbursement of more than 150 billion VND to projects and home buyers. It is expected that in the coming time, Agribank will continue to provide credit of more than 1,500 billion to 5 new social housing projects in the localities of Binh Dinh, Hai Phong, Lam Dong and Thai Nguyen.
Although there are still obstacles in the process of implementing the preferential credit program that need to be resolved from ministries and localities, Agribank's implementation efforts and initial results have contributed to overcoming difficulties. . At the same time, promote the real estate market to develop safely, healthily, and sustainably, coupled with risk control. Focus on social security, creating opportunities for low-income people to own quality housing and suitable for economic conditions.
Currently, the State Bank is reporting to the Government a draft Resolution to adjust the content of the preferential credit program for social housing loans in the direction of reducing interest rates for home buyers from 3 - 5%. When the policy takes effect, Agribank will step up propaganda work so that more people can access preferential capital to buy social housing. At the same time, continue to proactively approach new social housing projects according to the Ministry of Construction's approval list. Thereby accompanying and supporting businesses with investment and construction capital.
