Loans for social housing

A new spring comes and brings with it hopes for a peaceful and happy new year. Many low-income families, including officials, workers and soldiers in Thanh Hoa province, who have received loans under the social housing program, could celebrate Tet in their new houses with many joys.

VBSP officers inspect loan usage in Quang Chinh Commune, Quang Xuong District

Eligible borrowers for preferential loans under the social housing program include individuals who have contributed to the revolution as stipulated by law; low-income individuals, poor and near-poor households in urban areas; workers employed by enterprises within and outside industrial zones; officers, non-commissioned officers in professional and technical fields, professional soldiers, workers in agencies and units of the People’s Police and People’s Army; government officials, civil servants and public employees who are not subject to regular income tax as per personal income tax regulations. Poor and near-poor households must meet the poverty standards set by the government at each period.

Mr. Le Quang Dai (in Hai Nhan Commune, Nghi Son Town) is busy to clean and decorate his house to welcome the Lunar New Year. Mr. Dai shared, "Both my wife and I work as employees at a Honda motorcycle business, earning around VND 15 million per month. Saving up for purchasing our own home was challenging. We always dream of owning our own house. When we learned about the social housing loan program from VBSP, we received guidance on the application process and were approved for a loan of VND 500 million. The long loan term makes repayment quite manageable. Thanks to this preferential loan, our family now has a spacious house to celebrate the New Year”.

Many low-income individuals who have contributed to the revolution are celebrating the holiday in their new houses, funded through the social housing loan program by VBSP Thanh Hoa Branch. In 2024, VBSP Thanh Hoa Branch has supported 180 households in purchasing social housing, constructing and renovating their houses. The social housing loan program is a practical and meaningful initiative that contributes to social security.

Mr. Nguyen Ngoc Thanh - Deputy Director of VBSP Thanh Hoa Branch stated, “The social housing loan program is a significant and humane policy that plays an essential role in improving the living conditions of low-income government officials, public employees, workers and soldiers. To ensure the government’s policy reaches the people effectively, VBSP Thanh Hoa Branch has strengthened communication efforts to disseminate policies and implementation guidelines to the public. We have also conducted training sessions on loan appraisal procedures and application processes for local authorities, mass organizations entrusted with fund management, Savings and Credit groups. Based on loan applications submitted by citizens, local authorities and mass organizations review and approve applications, while VBSP officers assess and guide borrowers in completing their loan documents to ensure transparency, fairness and accuracy in disbursement”.

Thanks to the humane policies of the Party and the State, many families could celebrate this New Year together in their warm and happy new houses.

Khanh Phuong