42 Banks Will Provide Home Purchase Loans

42 Banks Will Provide Home Purchase Loans
December 01 16:12 2017

42 commercial banks are now eligible to provide loan guarantees for future home purchases, according to a recent circular of The State Bank of Viet Nam (SBV).  The list includes both domestic and international banks and includes the following entities:

ABBank, ACB Bank, ANZ Vietnam, Agribank, CIMB Vietnam, Hong Leong Vietnam, HSBC Vietnam, LienVietPostBank, Standard Chartered Vietnam, Shinhan Bank, UOB Vietnam and Woori Vietnam.

In addition, the State Bank of Vietnam issued an additional circular, that took effect on November 15th which states that commercial banks must issue guarantees for the buyers of future property within ten days from the date that the real estate purchase contract is signed.

These guarantees mean that banks will implement financial obligations to the buyers on behalf of the developers in case developers fail to hand over property before deadlines without refunding advance purchase amounts.  The amount that will be guaranteed as “maximum” will be equal to the amount of money that developers are allowed to receive in advance from buyers.

Other articles

Will 2018 be a bad year for Vietnam’s Condotel market? Real estate contractors and investors in Vietnam are worried that 2018 will be a difficult year for the local condotel market due to oversupply. According to the Ho Chi Minh City Real Estate Association (HoREA), 23,000 condotels were built in Vietna...
Vietnam’s Condotel market heats up in 2018 Vietnam’s “Condotel” market is a hot topic among real estate developers, property owners, travel agencies and government officials as increasing numbers of international tourists visit Vietnam. By definition, “Condotels” are condominiums that are ope...