Reported 8 months ago
According to a report from Taipei by Huang Yourong on June 20, 2024, at 4:10 PM, in May, the New Youth Housing Project saw an average acceptance amount of NT$7.89 million per household, reaching the second-highest level in ten months, with an average loan amount of NT$7.69 million per household, continuously increasing monthly and hitting a new high. Concerns arise amongst the public as the housing project may drive up property prices, leading to a loan rush in May. The Ministry of Finance's latest statistics show that in May, the number of applications, acceptance amounts, loan disbursement numbers, and amounts hit new highs since the launch of the project in August last year, and the total number of loan disbursements under the project, including the original and new versions, officially exceeded 400,000 households. The project has maintained relatively high levels of acceptance and disbursement numbers and amounts since its launch in August last year, with May seeing 8,476 households applying and NT$66.84 billion accepted; 8,273 households receiving disbursements totaling NT$63.599 billion. By the end of May, the total number of accepted households under the New Youth Housing Project exceeded 60,000, reaching 61,403 households, with a total acceptance amount of NT$473.29 billion. The average acceptance amount per household in May was NT$7.89 million, the second-highest in ten months, while the average disbursement amount per household was NT$7.69 million, showing continuous monthly growth and hitting a new high on the road, increasing by NT$100,000 from April per household. Additionally, if we include the previous project Old Youth Housing Project, nearly 403,000 households have now received Youth Housing Project loans totaling close to NT$1.87 trillion. In the performance rankings of state-owned banks under the New Youth Housing Project, in May, Taiwan Bank remained the top in terms of acceptance and disbursement numbers and amounts, with the number of households surpassing 2,000 in a single month, followed by Land Bank and Hua Nan Bank. The New Youth Housing Project, aimed at helping young people settle down, provides an interest subsidy of 1.5 percentage points by the Housing Fund under the Ministry of the Interior, and an additional subsidy of half a percentage point by state-owned banks, resulting in a current fixed interest rate of 1.775%, a maximum loan tenure of 40 years, a grace period of five years, and a maximum loan amount of NT$10 million. To prevent speculators from taking advantage of government subsidies to speculate on houses, the Ministry of Finance has decided on June 19 to enhance the pre- and post-loan management inspection rules, including penalties for violations. New applicants under the New Youth Housing Project will be required to sign a commitment to not engage in dummy households or subletting, and in case of violations, they will need to repay the interest subsidies received during the violation period. These measures await final approval from the Executive Yuan. For more Economic Daily News coverage, expectations are positive for economic recovery unaffected by the pandemic, with the Australian Central Bank potentially exiting QE as early as February next year, and 15 brokerage firms pointing towards a bullish finish in Q4 earnings.
Source: YAHOO