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Thursday, July 25, 2024

Agribank offers VND30-trillion credit line for homebuyers, developers

The Saigon Times

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HCMC – The Vietnam Bank for Agriculture and Rural Development, or Agribank, has rolled out a VND30-trillion credit line for social housing investors and homebuyers, applicable from now until June 30 of this year.

The interest rate is 8.7% per year for investors and 8.2% per year for homebuyers, which are lower than market levels. From July 1, Agribank will announce the interest rates for loans under the preferential program on a six-monthly basis.

Those eligible to access the credit line include project investors, individuals purchasing social housing, and projects to upgrade aging apartment buildings on the list published by the Ministry of Construction.

Homebuyers will be eligible to borrow 85% of the total value of a home if they put up additional assets as collateral for the bank loan.

Investors can enjoy the preferential interest rate three years from the disbursement date, but no longer than the loan term specified in the initial agreement. Homebuyers, on the other hand, can enjoy the preferential interest rate for five years.

The program came into effect on April 3 and lasts until the entire VND30 trillion is disbursed, but no later than December 31, 2023.

This credit program is part of Agribank’s effort to help enterprises overcome difficulties, as well as promote a safe, healthy and sustainable real estate market, and help provide affordable housing for low-income individuals.

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