File photo of condo buildings in HCMC's Thu Duc District. The city has raised the loan cap to VND900 million for low-income homebuyers who are State employees. (Photo: Anh Quan)
In addition, the city has raised the maximum lending term from 15 years to 20 years for low-income earners who take out loans from the HCMC Housing Development Fund to purchase houses.
As regulated by the city, the beneficiaries of the new home loan quota are civil servants, public officials, military servants and police officers who are permanent residents in the city and have at least three consecutive years' seniority.
Also, individuals who have never owned a house and whose wives or husbands have yet to receive any preferential housing policies from the State are eligible to borrow home loans.
Regarding applications for home loans prior to June 27, borrowers are subject to the current home loan cap of VND500 million each with a maximum lending term of 15 years.
Earlier, many State employees in the city last year complained that the loan cap of VND500 million was far too low to purchase a house. Given the escalating housing prices, a homebuyer needs at least VND700 million to pay for an apartment in installments in non-central business districts.
Accordingly, they proposed the municipal government raise the loan cap to allow more State employees to secure stable accommodations.
