HCMC – The prime minister has issued Decision 486 authorizing the Vietnam Bank for Social Policies (VBSP) to offer a preferential lending rate of 4.8% per year to loans for buying and lease purchase of social homes and building or repairing houses.

The bank is requested to take full responsibility for reporting data and making proposals relating to the low lending rate for buying social housing to the Government.

Decision 486 is valid from May 10, 2023 to December 31, 2024.

Earlier, a deputy PM signed Decision 338 approving a project to build at least one million social homes for low-income and industrial workers in the 2021-2030 period.

The project aims to develop affordable social housing and housing for mid and low-income workers living in the city and workers in the industrial parks and export processing zones.

Decision 486 is one of the Government’s financial aid policies to help low-income earners and industrial workers settle down, ensuring social welfare and the development of society.