Effects from social housing loan program

(VBSP News) The credit program for social housing loans under Decree 100 of the Government has brought practical effects, creating favorable conditions for low-income people to settle down.

Being implemented from 2018, the program is not only applied to poor and nearly-poor households in urban areas, but also applied to policy beneficiaries and low-income people like workers and public employees working at enterprises, with lending interest rate of 4.8% a year and maximum loan term of up to 20 years.

The house of customer Nguyen Thi Bich Hau’s family is being urgently completed

The solid two-floor house of customer Nguyen Thi Bich Hau’s family in Group 5, Quang Vinh precinct, Thai Nguyen city, is being urgently completed with the hope that the house will help her family to settle down.

Ms. Hau shared that the cost of building the house is more than VND 600 million. Specifically, her family has completed formalities and received a loan of 300 million VND from the credit source of VBSP. She is now working at the Thai Nguyen Urban and Environment Company, while her husband works as a freelancer.

Family income is low, urban costs are high. For these reasons, in spite of saving to buy land since 2000, after 20 years, the dream of owning a house to settle down comes true. Ms. Hau confided: “When I got access to VBSP’s capital, I boldly borrowed to build a house, the 20-year loan amount is very reasonable.”   

In 2019, thanks to accessing and receiving a loan of VND 240 million from VBSP’s  preferential loans, Ms Tran Thi Hien’s family built a spacious house with a total construction cost of more than VND 800 million.

The low interest rate of 4.8% a year with a loan support period of up to 20 years is suitable for Hien’s family to be proactive in planning repayment and focusing on family economic development.

By the end of November 2020, total capital for social housing loans in Thai Nguyen reached more than VND 43 billion. In fact, 100% of the capital source is used for the right purpose and brought practical results, not incurring overdue debts. In spite of being implemented in the province for more than 2 years, the program has actually brought practical results, helping low-income people fulfill their dreams of having a new house to settle down.

Mr. Le Van Hong, Deputy Director of VBSP in Thai Nguyen, said that in the upcoming time, the branch continues to advise local leaders, and coordinate with departments and agencies to disseminate the policy to local people.

The right and timely policy makes it special. VBSP is focusing on implementing solutions to more effectively realize the credit program for social housing loans under Decree 100. Hopefully, more people like the families of Ms. Hau and Ms. Hien will be able to access preferential capital to realize the dream of owning houses, contributing to stabilizing life and ensuring social security in the area./.

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