Stopping Disbursement Of Loans For Building Social Houses For Investors

The State Bank disbursed only to groups of individual customers who have signed credit contracts to buy social houses before March 31, 2016, until the end of the year. Customers who are investors will not renew the refinancing disbursement.

On September 13, 2016, Le Hoang Chau, Chairman of the HCM City Real Estate Association, said the State Bank has written in response to the Association of Real Estate Ho Chi Minh City about the program recommendations. housing loans under Resolution 02 of the Government.

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Accordingly, the State Bank confirmed that only customers receiving social housing before December 31, 2016 was disbursed in the package 30,000 billion. The disbursements after that date will be taken from the commercial bank, applying the interest rate agreed between the client and the bank.

After December 31, 2016, buyers of social housing that has not disbursed will pay at floating rates.

“The State Bank of Vietnam proposed the deadline of December 31 2016is due to the extension of disbursement for individual customers need to set a certain period. Ending the disbursement may be due to the fact that the credit contract does not disburse the amount committed to the customer due to no longer need for disbursement, partially allocated from another source or project unfinished, Long-term procedures … With the speed of disbursement in the past, the State Bank found the extension of refinancing until December 31 2016 is reasonable, “the document stated.

On the recommendation of approving the disbursement of refinancing capital for credit contracts signed before December 31 2016for customers who are investors of social housing projects, the State Bank does not agree.

The State Bank of Vietnam (SBV) said that the group of corporate customers is profit-oriented business units, tax and land tax incentives … when building social houses. Renewal is also a form of indirect support for the sale of a business.

Disbursement progress of the group of business customers is very slow due to slow progress of the project. The extension of the program for delayed projects will create a bad precedent, causing psychological expectation, dependence on the support of the State. Prime Minister Nguyen Tan Dung also issued a letter to 5344 approving the State Bank’s proposal, extending the refinancing only to individual customers.

With regard to the time of application of the interest rate for housing loans of 4.8%, the State Bank shall only allow a maximum of 15 years for customers buying or renting social houses from the date of initial disbursement but not exceeding June 1, 2013.

As for the new builder, repairing his house will be borrowing less than 10 years. For clients who are investment enterprises to renovate or build new social houses, they shall be entitled to borrow no more than 5 years.

Previously, on September 12, the HCM City Real Estate Association sent the fire letter urging investors of social housing and commercial housing to join the VND30,000 billion package to accelerate the pace. Completed the project before December 15.

The State Bank of Vietnam said that the group of corporate customers is the business unit that has benefited from the tax and land policies.

Ho Chi Minh City Real Estate Association has asked the State Bank to allow private individuals and households to borrow VND30 trillion of preferential credit package until the end of the contract. In case of receiving the house after December 31, 2016, by the responsibility to transfer the house to the customer belongs to the investor.

However, up to now, the State Bank of Vietnam has determined the disbursement period for individual clients from the refinancing source for housing loans to be made up to the end of December 31, 2016.

Therefore, HCMC Real Estate Association proposed that the investors of social housing projects, commercial housing projects have participated in a 30,000 billion VND incentive package to speed up construction progress. Give the home to customers before 15/12 for customers to disburse before December 31, 2016.

Also related to social housing, we have to reflect, after finishing the package 30,000 billion, the State continued to have preferential loan package is 4.8% per year, made according to Decision No. 1013/2016 on the interest rate applicable to social housing loans at the Social Policy Bank under the provisions of Decree No. 100/2015 / ND-CP.

Time to implement this package until the end of December 31 2016but now, those who want to borrow money still have to wait. The implementation of social housing policy is being stuck due to lack of funds from the budget because of different opinions between the ministries.

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