Lower interest rates for social housing projects proposed The HCM City Real Estate Association has proposed lower lending rates for social housing projects as part of efforts to make the properties more attainable for low-income earners.  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. "The rate of 3-3.5% is also common in many countries which have similar housing projects for low-income earners," Quan added. In addition, home buyers found it hard to access the loans as the package was issued by commercial banks, making lending conditions tighter. According to the Ministry of Construction, commercial banks have pledged to provide 90% of the total VND30-trillion package to social housing project customers. However, to date, just VND17 trillion, or 59% of total has been lent. The package is set to terminate by the end of May, so the association said lowering interest rates would be a good way to boost its disbursement. The Ministry of Construction said to date, 24,000 apartments had been sold in 135 social housing projects. dtinews.vn