The HCM City Real Estate Association (HoREA) has proposed allowing private housing buyers to access a credit package of VNĐ120 trillion (US$4.87 billion) to promote real estate consumption growth.
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The chairman of the HCM City Real Estate Association (HoREA), Lê Hoàng Châu, has proposed granting private housing buyers access to preferential loans. - Photo laodong.vn
The chairman of the HCM City Real Estate Association (HoREA) Lê Hoàng Châu has proposed allowing private housing buyers to access a credit package of VNĐ120 trillion (US$4.9 billion) to promote real estate consumption growth.
To address challenges in housing development and maintain macroeconomic stability, Châu suggested that the State Bank and relevant departments consider extending access to this credit package to buyers of private housing valued at less than VNĐ3.5 billion (approximately $146,000). Currently, this access is typically reserved for low-income earners purchasing social housing.
Châu said that this credit package has only disbursed VNĐ646 billion, which is too low. To speed up disbursement, he said that state agencies need to focus on removing legal obstacles for real estate projects to qualify for credit access, along with promoting real estate credit.
In addition, the HoREA chairman emphasised that real estate businesses have a responsibility to endeavour in restructuring restructure their businesses, investments and housing products to align with actual market demand, which encompasses affordable housing and social housing.
A VNĐ120 trillion credit package for social housing was the Government's solutions to promote a healthy and sustainable development of the property market. This package provides loans with easy terms to social housing developers and buyers with interest rates of 1.5 - 2 percentage points lower than usual through participating banks for a maximum period of 25 years.