The loan program is specifically tailored for government officials, public servants, and members of the armed forces in Ho Chi Minh City. This includes those working in departments, branches, districts, and counties, as well as public service agencies funded by the city’s budget. The eligible armed forces comprise the People’s Army, the People’s Police, and the Self-Defense Militia of the city. Additionally, full-time union officials, public servants, and employees receiving union finances are also eligible, as are officials, public servants, and employees of the Ho Chi Minh City Tax Department.
The current interest rate for those seeking to establish a home in Ho Chi Minh City is 3.2%. |
According to Mr. Vinh, the eligible individuals who are officials, public servants, or employees of units in Ho Chi Minh City, such as the People’s Court, the People’s Procuracy, the Department of Execution, the Customs Department, the State Treasury, the Social Insurance, the Market Management Department, the State Bank’s Ho Chi Minh City Branch, the Statistics Bureau, and the Foreign Affairs Department, have been recently added per Decision No. 4899/QD-UBND dated October 31, 2024, by the Ho Chi Minh City People’s Committee.
Regarding housing conditions, Mr. Vinh shared that at the time of borrowing, the borrower (including the primary borrower and their spouse) should not own any residential property or land use rights. Neither the borrower nor their spouse should have previously benefited from state policies or programs related to housing or land. However, if they have been granted the right to purchase social housing, they are still eligible to apply for a loan from the Fund, in line with the city’s guidelines.
In terms of residence, individuals applying for a loan from the City Housing Development Fund must have a permanent residence in Ho Chi Minh City. Borrowers should have a minimum of three consecutive years of employment. This tenure can be calculated by including previous years of service in the same group of eligible borrowers. Borrowers must also demonstrate financial capability by providing a minimum down payment of 30% of the property value and proving a stable income to repay the capital and interest. The current maximum loan limit is VND 900 million per application, not exceeding 70% of the property value. The maximum repayment term is 20 years, with an interest rate of 3.2% per annum, calculated on a reducing balance basis. The collateral for the loan is the very house/apartment the borrower intends to purchase, and it must have legal documents as per the prevailing laws.
Compared to the previous year’s housing development loan interest rate of 4.7%, the current rate of 3.2% is significantly lower. Mr. Vinh emphasized that the current interest rate is highly supportive and advantageous for borrowers.
Van Son – Anh Nhan
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