HoREA proposed to continue disbursing for unfinished projects of VND 30,000 billion package

HCMC Real Estate Association. Ho Chi Minh City (HoREA) has just petitioned the State Bank to allow commercial banks to continue disbursing to developers of unfinished social housing projects under a VND 30,000 billion incentive package to complete project, handover housing for customers.

A series of recommendations on social housing

According to HoREA, since the beginning of the year, the Prime Minister and the State Bank have made important decisions on social housing credit policies such as Decision 18/2018 dated April 2, Decision No. 370 / QD-TTg dated April 3, 2018, Decision 117 / QD-TTg dated January 22, Decision 2735 / QD-NHNN dated December 29, 2017 (of the State Bank).

However, HoREA said that between these documents are different in terms of interest rates for social housing loans and interest rates overdue debt. Therefore, the Association proposes to apply a preferential interest rate of 4.8% per annum and apply the interest rate overdue debt is calculated by 130% interest on loans in 2018 for all subjects enjoy social housing policy.

A series of recommendations on social housing

“This application will ensure fairness, equality, non-discrimination at the Bank for Social Policies or loans at banks designated by the State Bank such as Vietcombank, BIDV, Vietinbank and Agribank as well as non-performing loans. In case of borrowing in 2018 to buy social houses under Decree No. 100/2015 / ND-CP, or have bought social houses since 2013 under Resolution No. 02 / NQ-CP (preferential package of VND 30,000 billion dong), “HoREA emphasized.

For the State Bank of Vietnam, HoREA recommends that this unit allow commercial banks to continue disbursing to developers of unfinished social housing projects under the VND 30,000 billion preferential credit package for owners completing the project and transfering the house to the customer.

In parallel with this, the association also suggested the State Bank allow commercial banks to continue disbursing to people who have purchased social housing but have not received housing in 2016 because the project is unfinished now.

With regard to the grace period for buying, renting or renting social houses, the Government’s Decree No. 100/2015 / ND-CP of October 20, 2015 stipulates a minimum loan term of 15 years (except for schools Customers want to borrow with shorter term). Meanwhile, the Social Policy Bank has just announced that it will provide loans for the purchase of social housing from 15 to 25 years.

HoREA commented that VBSP’s extension of borrowing time could lead to a “ask-give” mechanism for unknown cases of 15 years, in which case 20 years, or 25 years.

Therefore, the Association proposed the Prime Minister to decide on the period of preferential loans for purchase, rent, hire-purchase of social housing at the moment to the Bank for Social Policies and commercial banks Vietcombank, Vietinbank, BIDV, Agribank unified implementation.

Proposing tax on property with surfers

Also in the above document, HoREA reiterated its proposals on the draft asset tax law that the Ministry of Finance is developing.

Specifically, HoREA proposes to issue a “Property Tax Law” after 2020. Along with the promulgation of the Law on Property Tax, HoREA said that the Government should amend the Land Law to reduce the use of land use tax, thereby contributing to ensure social justice and regulate the real estate market.

In order to promote the anti-money laundering and anti-money laundering laws, HoREA recommends imposing taxes on people who have a lot of money. houses of great value; taxation speculation, occupied, not put the house, the land into use, or do price, blow prices, create virtual fever, “bubble”.

The Association also recommends the taxation of surfing business, transfer of houses and land immediately after the establishment in the case of real estate market signs “bubble”.

Apostolic petition specifies transactions of great value in which real estate transactions must be made via bank payment to prevent money laundering and corruption. The State Bank continues to use credit tools and strictly control consumer credit, limiting cases of transferring consumer loans to real estate.

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