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Terms of home loan repayments extended

Update: August, 28/2014 - 09:01
Over the past year, only 7 per cent of the VND30 trillion home credit package has been disbursed.— Photo dddn

HCM CITY (VNS) — The Government has extended repayment terms from 10 to 15 years on loans borrowed from the national VND30 trillion (US$1.41 billion) home-credit package.

The beneficiaries of the new decree are household and individual clients who applied for the loans to purchase or lease homes.

In addition, the new decision adds groups of loanees, such as civil servants and office holders, members of armed forces (soldiers and policeman), and workers purchasing homes (from property projects in localities they are residing) valued under VND1.05 billion.

During his visit to worker dormitories in HCM City in May, Construction Minister Trinh Dinh Dung said he would ask the Government to relax the requirements for accessing low-interest home credit.

The ministry's move would make it easy for banks participating in the credit package programme to increase lending, a representative of a real estate firm in HCM City said.

Over the past year, only 7 per cent of the VND30 trillion home credit package has been disbursed. — VNS

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