‘There is no shortage of supply for real estate due to a credit squeeze’
At the Government’s regular May press conference held on the afternoon of June 4, many questions were raised regarding credit tightening. real estate How does it affect the market, when banks are currently tightening credit for real estate loans.
Answering this question, Permanent Deputy Governor State bank Dao Minh Tu says: “The State Bank has never tightened and tightened real estate credit. The State Bank’s point of view is in the spirit of strictly controlling credit in a number of areas with great potential for risks, including real estate, securities… Real estate is also a necessary object. strictly controlled, especially for the business of large projects, motels, resorts, resorts, or projects of a speculative nature, even price manipulation”.
Credit sources in the segment of low-cost commercial housing, social housing for workers, and renovating old apartments on the list proposed by the Ministry of Construction will continue to be deployed and receive a 2% interest rate subsidy. As such, not all real estate sectors are strictly controlled.
“Therefore, there is no shortage of supply for real estate due to tight credit“, emphasized Mr. Tu.
Also according to a representative of the State Bank, real estate credit at this time still increased normally. As of the end of April, real estate loans outstanding balance 2 million 288 trillion dong.
“Currently, the total outstanding credit to real estate accounts for 19.16% of the total outstanding loans of the economy, of which the outstanding credit balance that the State Bank wants to tightly control accounts for one third, about 785 trillion VND. The remaining credit facilitates and encourages banks to continue lending normally, accounting for about 1 million 500 trillion VND, accounting for about 66-67%. That does not mean that all real estate sectors are squeezed.” Tu confirmed.
Previously, answering the press, Dr. Nguyen Quoc Hung, General Secretary of the Vietnam Banks Association (VNBA) also said: The banking system currently does not pose a problem of tightening or banning real estate credit, but always warns risk. Many banks are also cautious with these loans.
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