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Official Gazette

Friday, August 12, 2022

New policy helps build safe houses for the poor

Updated: 09:21’ - 20/08/2015
>>Preferential loans for poor laborers sent to work abroad
>>Soft loans offered to households having just escaped from poverty

From October, 311,000 poor households in rural areas throughout the country may borrow loans to firmly build safe houses in order to stabilize their livelihood, improve their living standards and contribute to reducing poverty.

Under Prime Minister Decision No. 33/2015/QD-TTg of August 10, on housing support policies for poor households during 2011-15, in furtherance of Decision No. 167/2008/QD-TTg, on the second-phase housing loan support program, each poor household can get a loan of up to VND 25 million from the Vietnam Bank for Social Policies to build or repair their houses.

From October 1, more than 300,000 poor households in rural areas will be supported for building and upgrading houses__Photo:

The annual loan interest rate will be three percent, with a maturity period of 15 years, including a five-year grace period. The time limit for loan repayment will be 10 years. For every year from the sixth year on, the borrowers will have to service at least 10 per cent of total principal loans.

To be eligible for a housing loan, a household must be identified as poor according to the poverty criteria provided in Prime Minister Decision No. 09/2011/QD-TTg of January 30, 2011, living in a rural area and earn its living mainly from agriculture, forestry or fisheries.

Howerver, the household will be entitled to borrow a preferential housing loan only if it has no house or has just a house in unsafe conditions but cannot afford to repair it; has not yet received any housing support from a program of the Government or a socio-political organization; or has benefited from other housing programs earlier but now unable to rebuild or repair its house which has collapsed or been seriously damaged due to natural disasters.- (VLLF)

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