Installment Loans for House Construction and Renovation

INSTALLMENT LOANS FOR HOUSE CONSTRUCTION AND RENOVATION

“Installment loans for house construction and renovation” is a credit product designed for customers who are in need of capital to build and repair house as their wishes.

Target customers & Conditions:

Vietnamese Individuals and households.
Having solvency, equity contributed to house construction and renovation.
Having building and renovation permits issued by appropriate authorities as regulated (except for small renovation)
The borrowers having collaterals, mortgaged assets (such as home, land, savings book, etc.) to be secured to get loan or guaranteed by their relatives having collaterals. Such collaterals may be the house, house-foundation planned to build or other assets.

Product features:

Loan term: up to 120 months
Types of currencies: VND
Loan amount: depend on customer’s need and solvency.
Interest rate: counting basing on the actual outstanding (decreasing outstanding loan).
Method of repayment: monthly interest repayment and principal paid or at other term which is not over 6 months (applying the method of collecting regularly or up-stair colleting (increasing from 10% to 20%)
Capital grace period 12 months

Required documents:

Loan application form (as ACB’s form)
Legal documents: ID card/passport, house registration book/temporary resident permit, marriage certificate/certificate of single status of the borrower and the guarantor (if any).
Documents to verify the purpose of loan utilisation: building permit, renovation permit, construction contract, and project forecast (if any).
Documents to verify income sources: labour contract, certificate of salary slip, house rental contract, automobile rental contract, business license, etc. of the borrower and co-payer.
Ownership Certificate of Collateral.