Business

State bank's new circular facilitates lending to real estate projects

The State Bank of Vietnam (SBV) and the banking system always create favourable conditions to support real estate businesses and the property market to develop strongly and sustainably, said Pham Chi Quang, Director of the SBV’s Monetary Policy Department.
State bank's new circular facilitates lending to real estate projects ảnh 1The State Bank of Vietnam (SBV)'s new circular facilitates lending to real estate projects. - Illustrative image (Photo: baaoxaydung.vn)
Hanoi (VNA)– The State Bank of Vietnam (SBV) and the banking system always create favourableconditions to support real estate businesses and the property market to develop stronglyand sustainably, said Pham Chi Quang, Director of the SBV’s Monetary PolicyDepartment.

The SBV's Circular No.06/2023/TT-NHNNamending and supplementing a number of articles of Circular No.39/2016/TT-NHNN dated December 30, 2016, which will take effect from September1, does not contain any regulations prohibiting credit institutions from providing loans for real estate projects, Quang said.

According to the official, the scale of outstanding loans in the real estate sectorhas increased steadily over the years, reaching 2.7 quadrillion VND,accounting for 21.63% of the total outstanding loans of the economy.

State bank's new circular facilitates lending to real estate projects ảnh 2Illustrative image (Photo: VNA)
The new circular’s regulations are expected to contribute to supportinginvestors of real estate projects in complying with legal regulations relatedto the real estate sector, establishing a foundation for the secure andsustainable development of the property market, and safeguarding individualinvestors who purchase properties and homes.

By eliminating certain restrictions and introducing newregulations, the document aims to create maximum favourable conditions for customersto access bank loans, Quang said.

In the circular, the SBV also added regulations, allowing credit institutions tolend customers for repaying loans at other credit institutions, applicableto consumer lending activities, including purchasing homes.

This will provide favourableconditions for customers, especially those borrowing for buying homes and realestate with lower interest rates and improved services, Quang stressed./. 
VNA
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