Lower interest rates for social housing projects proposed
According to the association, interest rates should be cut to 3-3.5%, down from 5%. The mortgage length should also be extended to 20 years, instead of the existing 10 years.
According to the HCM City Real Estate Association, interest rates should be cut to 3-3.5%, down from 5%
Chairman of the association Le Hoang Quan said that 5% interest was quite high given current per capita income of VND45 million per year. Lower lending rates would offer more chances for low-income earners to buy houses and also help to boost help to boost the disbursement of the VND30-trillion (USD1.3 billion) housing stimulus package.