More banks offer low-cost loans for home buyers

An additional eight commercial joint stock banks will join the government’s 30 trillion VND (1.4 billion USD) housing credit stimulus scheme, improving access to loans for low-cost apartments.

Sunday, January 11, 2015 17:03

An additional eight commercial joint stock banks will join thegovernment’s 30 trillion VND (1.4 billion USD) housing credit stimulusscheme, improving access to loans for low-cost apartments.

New low-cost loan providers include the Vietnam Export-Import Bank(Eximbank), the Bao Viet Commercial Bank, the Saigon Commercial Bank(SCB), the Vietnam Public Commercial Bank (Pvcombank), the Tien PhongBank (TPBank), the Oriental Commercial Bank (OCB), the VietnamProsperity Bank (VPBank), and the Southeast Asia Bank (SeABank).

The eight banks will join five commercial banks with half theircapital owned by the State in the scheme, including the Vietnam Bank forAgriculture and Rural Development (Agribank), the Bank for Investmentand Development of Vietnam (BIDV), the Vietnam Bank for Industry andTrade (VietinBank), the Commercial Bank for Foreign Trade of Vietnam(Vietcombank) and the Mekong Housing Bank.

Launched in June2013, the credit package offers loans with a maximum interest rate of 5percent to individual borrowers for no longer than 15 years./.

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