Proposing the Government to continue offering preferential interest rates for the 30,000 billion VND package

The Vietnam Fatherland Front Committee believes that it is necessary to ensure that low-income people borrowing under the 30,000 billion VND support package receive preferential interest rates according to the initial support level to stabilize their lives.

3 difficult years of the 30,000 billion VND package / Home loans under the 30,000 billion VND package are about to face high interest rates

Concerns about preferential interest rates in the 30,000 billion VND package were mentioned by Chairman of the Central Committee of the Vietnam Fatherland Front - Nguyen Thien Nhan in his presentation to the National Assembly on March 21.

Loans disbursed after June 1 will not enjoy preferential interest rates. Photo: Anh Quan.

Previously, many people were confused and worried about the information that the money disbursed after June 1 (although still in the Government's 30,000 billion VND package to support the purchase of social housing) would have to bear the normal commercial interest rate instead of the preferential 5%. Speaking before the National Assembly delegates, Mr. Nguyen Thien Nhan acknowledged that the 30,000 billion VND package has created conditions for many low-income people to buy houses to stabilize their lives.

"However, when signing a credit contract, many people do not clearly understand the content of the preferential interest rate application period. On the other hand, some banks have not clearly explained the terms in the contract according to regulations, leading to people being surprised and confused."

Therefore, the Chairman of the Fatherland Front Committee said that voters and people recommend that the Government and the State Bank review and have timely solutions to ensure that low-income people who have signed loans under the above support package continue to enjoy preferential interest rates according to the initial support level to stabilize their lives.

Previously, the Ministry of Construction also sent a document requesting the State Bank to extend the disbursement period of the 30,000 billion VND package until the money runs out, instead of stopping on June 1 as originally stipulated in Circular 11.

However, it is likely that the 30,000 billion VND package will still end on June 1. Last week, there was a meeting between representatives of the State Bank and commercial banks lending the 30,000 billion VND package, but most opinions said that the time cannot be extended.

In addition, a source said that many cases disbursed before June 1 may not enjoy preferential interest rates. "The reason is that the statistics of the disbursed amount are only preliminary and incomplete estimates of the banks. It is very likely that the amount of 30,000 billion VND will be disbursed before June 1. Thus, there will be many cases where customers' rights are not guaranteed," said this source.

According to the Ministry of Construction, by the end of 2015, the 30,000 billion package had only been disbursed 65%. The State Bank has yet to update the disbursement figures of this credit package.

The 30,000 billion package was launched in early 2013, when the real estate market was at the bottom of a crisis that had lasted since mid-2011. However, after 3 years, this credit package had to be continuously adjusted from conditions, borrowers, interest rates to confirmation procedures...

According to VNE