VPBank lends VND300 billion to residential project

HCMC – HCMC branch of Vietnam Prosperity Bank, or VPBank, clinched a deal to finance VND300 billion to a residential project by Nam Long Investment Joint Stock Company in Binh Duong Province.

Nguyen Vinh Tran (L), deputy general director of Nam Long Company, and Vo Tan Huynh, director of VPBank’s HCMC branch shake hands after signing credit contract on Wednesday, 19 Dec 2012.

This agreement enables Nam Long to access this credit in five years with an interest rate of 15% per annum to build Saigon North EHome 4 project in Thuan An District.

The project covers 12.5 hectares with around 2,100 condos and 218 houses from 75 to 90 square meters each. The houses are around VND867 million each.

Besides financing the project, VPBank will give homebuyers credits up to 80% of the value of the house or land lot within 15 years. Customers will enjoy an interest rate of 9.9% per year in the first three months.

Nguyen Vinh Tran, deputy general director of Nam Long Company, said these products will be launched onto the market next year. The enterprise is carrying out a budget home strategy under EHome brand with around 14,000 condos completed within the next five years.