Cam Ranh effectively promotes social housing loan program

Recently, the Transaction Office of the Bank for Social Policies in Cam Ranh City has actively implemented a loan program for purchasing, leasing social housing; building new houses or renovating and repairing houses for living, with an outstanding loan of nearly 58.2 billion VND. This year, Cam Ranh City is expected to have a social housing project with a scale of 3,560 units eligible for sale. Therefore, the transaction office is actively grasping the demand to transfer capital to the right beneficiaries of preferential loan policies.

Capital helps families to build houses

Previously, the house of Lam Thi Chi Hien's family (Cam Linh ward, Cam Ranh city) was damaged, degraded, and often flooded when it rained. With little income and having to raise her children to go to school, Hien did not have the conditions to build or repair a house. In 2023, she was able to borrow 440 million VND from the loan program for new construction or renovation and repair of houses for housing of the Bank for Social Policy. Hien shared: “Thanks to the social housing loan, my family could build a new house. With preferential interest rates, the family has less pressure to repay the debt. Every month, my family pays the principal and interest of nearly 4 million VND. Currently, both of my children are working, so they help pay the bank loan”.

The social housing area of Cam Nghia ward (Cam Ranh city) expected to be for sale this year.

The family of Le Xuan Lap (Cam Loi Ward, Cam Ranh City) is also one of the customers who benefited from the loan program for renting and buying social housing; building new or renovating and repairing houses for housing of the Bank  for Social Policy. The salary of Lap and his wife is only enough to afford the living expenses of 5 people in the family. Therefore, building a new house is beyond the financial capacity of the couple. However, when they were lent the capital of the social housing loan program by the Transaction Office of the People's Credit Fund of Cam Ranh City, Lap's family's dream came true. The total cost of building the house was more than 550 million VND, 330 million VND of which was lent by the People's Credit Fund. Every month, his family pays the principal and interest of nearly 5 million VND. Since having a new house, the couple has been able to work with peace of mind; the whole family has better living conditions, especially the 2 young children and elderly mother.

Keeping lending

Recently, the Transaction Office of the People's Credit Fund of Cam Ranh City has actively coordinated with local authorities to promote propaganda to beneficiaries to access capital from the loan program to buy and lease-purchase social housing; build new or renovate and repair houses for living and promptly disburse loan capital to customers. According to the report of the Transaction Office of the People's Credit Fund of Cam Ranh City, up to now, the outstanding loan program for buying, renting and purchasing social housing; building new or renovating and repairing houses for living in Cam Ranh City has reached nearly 58.2 billion VND with 154 outstanding customers. With preferential interest rates, the capital from this program has helped cadres, civil servants, public employees, and low-income people have the opportunity to build new, repair, and renovate houses, helping many families improve their quality of life, settle down and work in the locality.

Currently, in Cam Ranh City, there is a Cam Nghia Ward Social Housing Project with a scale of 3,560 apartments being implemented and expected to be eligible for sale in 2025. Phan Phuoc Thao - Director of the Transaction Office of the People's Credit Fund of Cam Ranh City. Cam Ranh said that the demand for loans from people from the program of loans to buy, hire-purchase social housing; build new or renovate and repair houses for living in the city is quite large. Therefore, at the beginning of this year, the provincial People's Credit Fund assigned the Cam Ranh City People's Credit Fund Transaction Office 3.5 billion VND to implement this program. In the coming time, the bank will continue to strengthen propaganda to beneficiaries so that people can grasp the policies of the social housing loan program and access capital in a timely manner. At the same time, the bank will also coordinate with associations and organizations entrusted to improve credit quality; reform loan procedures so that beneficiaries can access capital conveniently and transfer capital to the right subjects and for the right purposes.

Mai Hoang

Translated by T.T