Recommend real estate investors only pay a guarantee fee, not a deposit

On June 23rd, Ho Chi Minh City Real Estate Association (HoREA) and the State Bank of Vietnam (HCM City) held a talk with the theme “Implementing bank guarantees, protecting home buyers in the future “.

Mr. Le Hoang Chau, President of HoREA, said under Article 56, Real Estate Business Law 2014 will take effect from 1-7-2015 specified property investors before the sale or lease. Buying houses to be formed in the future must have the commercial banks have the capacity to perform the financial obligations of the investor to the customer. This new regulation has the advantage of absolute protection, not to risk the consumer when buying, buying real estate. However, this rule gives rise to a new cost in the cost structure of real estate, the investor will calculate the price, the purchase price of the house that consumers pay when buying, hire purchase.

The Association proposed the State Bank to amend and supplement Circular 28/2012 in the direction that these commercial banks are allowed to provide guarantees to real estate developers with prestigious brand names. , is implementing the project on schedule. At the time of application for guarantee, the guaranteed shall not violate the credit granting or payment relationship at the credit institution. The guarantor only has to pay a guarantee fee, not have to make a deposit, no security property.

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The State Bank should stipulate that project investors (the guaranteed party) must open accounts at commercial banks (the guarantors) in order to receive payment for future houses Goods under contract, and payment to contractors, suppliers of construction materials according to construction progress, to ensure conditions for commercial banks to monitor the cash flow of enterprises.

In addition, the association recommends the Government, the State Bank of Vietnam and the Ministry of Finance to pilot insurance companies with reputable brand names and capabilities (list announced by competent authorities). Guaranteed in real estate business in the future. Insurance companies are currently operating on a premium-only basis, not requiring collateral or collateral. Therefore, it will reduce the burden for project investors and consumers when buying and leasing real estate in the future.

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