Amendmenting The Guarantee Regulations Of Form Housing In The Future

The State Bank of Vietnam has issued Circular No. 13/2017 of the supplement and amendment Circular 07/2015 in regulations on bank guarantee.

Accordingly, the circular no. 13 of the supplement and amendment regulations in guarantees of purchasing and leasing the forming houses in the future.

You can read more information at Vietnam Real Estate Market

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The circular stated, guarantees of purchasing and leasing the forming houses in the future is the bank guarantee, accordingly, the commercial bank undertakes with the buyer, leaseholder in performing the financial obligation  for the owner as to the time limit of delivering or receiving of housing, however, the investors do not to hand over house to the buyer without refunding or refunding the full the amount advanced money; the investor must get the debt and returned to the commercial banks.

Commercial banks consider and decide to grant bail to the investors with the requirements: they had enough the specified conditions; investment projects meet the conditions of the property formation in the future taken into the business under regulations in article 55 of real estate business law.

The order to implement guarantee of forming house in the future as following: basing proposals of the owners or guarantors, the commercial banks review, appraise and decide the level of guarantee for investors; Commercial banks and investors sign the guarantee contract of forming housing in the future according to the provisions of article 56 of real estate business law.

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The guarantee contract of forming housing in the future was set up under the form of the regulating guarantee level and having the content consistent with the provisions of article 56 of real estate business law; the amount money of a guaranteed project of forming house in the future is maximum total amount of money of advanced receiving of the investor from the buyers under the provisions of article 57 of real estate business law and for the other funds, the investor must refund to the buyer under the housing purchasing and leasing contract which signed until time limit of delivering or getting houses committed but the investor did not hand over to the buyers.

Commercial banks issued the guarantee commitment for each buyer: within 10 working since signing the contract, in which there have the regulations of obligation of the investors in the refund the advance amount of money and other funds to the buyer until the time limit of delivering or getting houses committed but the investor did not hand over to the buyers, the owner must send the housing purchasing and leasing contract to commercial banks.

Within 5 working days after getting the contract, commercial banks based on the contract and agreed to license the guarantee to release the guarantee commitment for the buyers and send to the address of the buyers.

The guarantee commitment is released under the form of guarantee letter according to the regulations. Duration of the guarantee commitment is determined from the date of release to at least after 30 days from the delivery or get houses deadlines which committed in the housing purchasing and leasing contract.

This circular takes effect since 15th of November, 2017.

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