The Ministry of Construction will adopt loose regulations to help more people buy social housing

Following many people’s complaints that very few low-income workers are eligible for buying social housing because they do not meet the regulations on loan and purchase conditions, the Ministry of Construction announced it has proposed a number of mechanisms and policies to create more favorable conditions for buyers of social housing.

Specifically, the Government is currently revising the draft Law on Housing with the aim to reduce bureaucracy to remove difficulties and obstacles in the approval of people and conditions for social housing purchase and lease-purchase.

To satisfy the criteria of renting worker accommodation, workers need to have a labor contract and confirmation of companies in industrial parks where they are working. Leaders of companies should confirm that workers have income low without houses.

Regarding loans, those who are eligible for social housing purchase, rent and lease-purchase are eligible for preferential loans. Loans must meet the provisions of the Law on Credit.

Revealing the supply of social housing, the Ministry of Construction said that approximately 294 projects providing about 288,199 apartments are being built. However, it has not met the set goal due to the lack of land fund and the lack of mechanisms to encourage investors to participate in the construction of social housing.

Source: SGGP