A POOR ETHNIC MINORITY HOUSEHOLD MAY BORROW UP TO 40 MILLION VND TO REPAIR HOUSE
This content is specified in the Decree No. 28/2022/ND-CP dated April 26, 2022 of the Government on preferential credit policies for implementation of the National target program on socio-economic development of ethnic minority and mountainous regions in the 2021-2030 period, the first phase: 2021 - 2025.
Accordingly, poor ethnic minority households and poor Kinh households that legally reside in communes and villages with extremely difficult conditions in ethnic minority and mountainous regions that satisfy conditions for loan borrowing as prescribed may borrow the loans of up to 40 million VND/household to cover expenses for building, repair or renovation of houses.
The loan interest rate shall be 3%/year and the overdue debt interest rate shall be equal to 130% of loan interest rate. The Vietnam Bank for Social Policies and borrowers shall reach an agreement on loan term, but such loan term must not exceed 15 years. Within the first 5 years, the clients must not pay the principals of loans.
The above-mentioned borrowers may borrow the loans to cover expenses for production land fund, or for vocational training or occupation change. The Vietnam Bank for Social Policies and borrowers shall reach an agreement on production land support loan level, but such loan level must not exceed 77.5 million VND/household. The vocational training loan level must not exceed the loan level for the credit policy for pupils and students specified in each period.
This Decree takes effect on the signing date.
