New social housing project breaks ground in Hanoi
New social housing project breaks ground in Hanoi
Ground was broken on a new social housing project consisting of more than 1,000 apartments in Hanoi on Tuesday.
The project, invested by the BIDV Insurance Corporation and constructed by the Housing and Urban Development Corporation, will provide 1,037 apartments for low-income earners who are eligible for the government’s house-buying aid worth VND30 trillion (US$1.44 billion).
The project will span 2.2 hectares out of the 49-hectare land plot zoned for the Tay Nam Linh Dam urban area in the capital city.
It will consist of six apartment blocks with nine to 18 stories.
The VND710-billion project is scheduled to reach completion in 2015.
The apartments are expected to be sold at below VND12 million per square meter.
The project is among the first to enjoy the government’s aid to help low-income earners realize their house-buying dream.
The package, scheduled to take effect on June 1, will allow members of the public to borrow loans at only 6 percent a year to purchase apartments under the social housing projects.
The preferential loans will have a maturity of ten years, and will be disbursed via five banks selected by the central banks within 36 months of the effective date.
These include Agribank, BIDV, Vietinbank, Vietcombank, and the Mekong Housing Bank.
“Eligible borrowers for the package are those who want to buy or hire social houses with an area of under 70 square meters that cost less than VND15 million a square meter,” Nguyen Viet Manh, head of the SBV’s credit department, said in a statement.
The loans are applicable for those with a house purchase contract dated from January 7.
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