BIDV sets aside VND2 tril. for budget housing projects
18-05-2012
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This is the content of the agreement signed between BIDV and the Ministry of Construction on Wednesday. The supporting loans will be given out in 2012 and 2013.
According to BIDV, the program will prioritize the projects in big cities and areas with large numbers of workers.
The bank will coordinate with the construction ministry to review and evaluate the housing projects for low-income people in urban areas and workers at industrial parks so that BIDV can sign loan contracts, disburse and recover lending capital.
BIDV has signed financing agreements with owners of several low-cost housing projects, such as Viglacera Corporation with a 2,000-flat project for low-income earners in Gia Lam, Hanoi and Clearance Compensation Corporation with a housing project in Tan Binh District, HCMC.
BIDV has also inked a deal with Vinaconex Xuan Mai Concrete and Construction Joint Stock Company to support the latter in a low-cost apartment project in Vinh Phuc Province. In addition, the lender has agreed to finance the project An Trung 2 in Danang with 3,000 apartments for low-income people, developed by the joint-venture between Duc Manh Joint Stock Company and Civil Engineering Construction and Investment Joint Stock Company 579 (CECICO 579).
* In related news, customers buying apartments of Nam Do Complex located at 609 Truong Dinh Street in Hanoi’s Hoang Mai District can borrow loans at a preferential rate of 10%, which is now the lowest rate in Vietnam.
This pledge was made by BIDV and GP Invest Co., the investor of this project, at the signing ceremony of a contract to offer credit support for customers in Hanoi on Wednesday.
Under this contract, customers buying apartments of Nam Do Complex from now until August 31 can enjoy the rate of only 10% in the first 12 months when borrowing loans at BIDV with a loan term of up to 15 years.
Nguyen Phuoc Hiep, director of GP Invest, said that the low rate of 10% would be applied for 150 apartments. In addition, 270 other customers who have registered to buy apartments of this project still can enjoy this rate if they take out loans during the time mentioned above, he added.
Hiep added the soft rate of 10% was made possible as the property developer itself would subsidize 6 percentage points in the bank’s offered rate.
Nam Do Complex is included in the credit support program worth VND4 trillion of BIDV for individuals and households buying apartments and houses in Hanoi and HCMC, said Tran Xuan Hoang, deputy general director of BIDV.
This rate is currently the lowest in Vietnam in the midst of the lending rate still staying high at 18-20% per year.
