HoREA proposed to continue disbursing for unfinished projects of VND30,000 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 3/4/2018, 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.

“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.

HoREA sets out a series of recommendations on social housing

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 to complete the project, transfer 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 bought 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. the land, thereby contributing to ensure social justice and regulate the real estate market.

In order for the property tax law to promote the prevention of money laundering from unintended sources of income, prevention of speculation, causing virtual fever, “bubble” .

In the real estate market, HoREA proposed taxing people with many valuable houses; 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.

You are reading the article HoREA proposed to continue disbursing for unfinished projects of VND30,000 billion package in the Real Estate category at https://realestatevietnam.com.vn/. Any information sharing, feedback please contact through Hotline (+84) 898 898 688 (24/7) or email to contact.vietnamrealestate@gmail.com.
Special thanks!