VietNamNet Bridge – Enterprises and individuals who intend to take out bank loans from the VND30-trillion package will have to wait as the list of borrowers and housing projects to be given the special loans has yet to be announced, although the credit program has been launched among participating banks.

Nguyen Phuoc Thanh, general director of Vietcombank, one of the five lenders entrusted to join the program, reported his bank hadn’t disbursed any loans.

As per Circular 11, Thanh said, individuals wanting to borrow loans for low-cost home purchase need to get certificates from competent authorities in localities where they live. Given such a troubled procedure, homebuyers will need more time to bring their loan applications to the banks than before, Thanh remarked.

Borrowers shouldn’t be so disappointed if lenders refuse to disburse as they must satisfy the first condition that they are enlisted as target borrowers, according to Thanh. Besides, he said, borrowers need to show their capability to service bank loans via incomes certified by their workplaces.

This means that borrowers will have to spend more time doing the borrowing procedures but there is no need to rush to take out loans as the package will be valid for up to three years, he added.

Property developers with condos deemed suitable for the credit program also observed the stalemate.

Le Huu Nghia, director of Le Thanh Company, said despite the credit program launch, no customers have asked his firm for assistance in taking out loans from the VND30-trillion package.

Le Thanh, as one of the nine commercial housing projects with an apartment covering less than 70 square meters and priced at below VND15 million a square meter, is eligible for the preferential loan package. Among 2,260 condos in the list to be subject to the special program, its projects make up a half with 1,264 apartments.

Similarly, Sai Gon-Gia Dinh Real Estate Joint Sock Company as a member in the list has also submitted its loan application to the city’s Department of Construction for the next necessary steps.

Source: SGT