Thursday, July 23, 2015

Proposal for establishment of a residential mortgage loan



Bank for Investment and Development of Vietnam (BIDV) has recommended to the Government for establishment of refinancing home mortgage loans in order to timely support, to overcome difficulties in the economy and real estate market .
Proposal for establishment of a residential mortgage loan
Bank for Investment and Development of Vietnam (BIDV) has recommended to the Government for establishment of refinancing home mortgage loans in order to timely support, to overcome difficulties in the economy and real estate market .
Accordingly, the Company re-housing mortgages country was established in the form of financial companies of limited liability Member State A owns 100% or dominant ownership of over 75% of charter capital.
Tran Bac Ha, Chairman of BIDV Board of Directors, said, according to the Bank's proposal, the company would have chartered capital of VND 5,000 billion and in the first 5 years of operation is expected to mobilize about 50,000 billion to finance market support for low-income housing. This fund will be taken from the funds of the government incentives, funding to support the development of ODA, the source of the deposits held in the country, international support and funding long-term contribution.
To finance housing loans low income, the company will comply with 2 forms for re-lending and repurchase mortgage loans for low-income housing loans from commercial banks. Accordingly, the objects of social policy on housing is the man credited with the revolution, with difficult circumstances; poor households in rural areas and have no house income from 4.8 million or less; low-income people in urban areas and some other object such as employees, students, the disabled ...
Term loans can last from 15 to 30 years depending on conditions and specific circumstances and with preferential interest rates lower than commercial rates in the market.
Thus, if put into operation officially, the company will concentrate market financing low-income housing with capital of 50,000 billion in five years, which corresponds to about 250,000 homes or 7.5 million m2 low-income housing.
Mr. Ha said that in the process of preparing the establishment and early days as a new company in operation, the Bank is ready to support to the company quickly put into operation a safe, efficient and stable.
Besides, in order to implement Resolution 01 and 02 of the Government on the implementation of some measures to remove difficulties for production and business, market support, resolve bad debt, for the period 2013- 2015, the Bank is expected to spend around 30,000 billion to support lending to corporate real estate business.

Ming Thuy

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