Sacombank Disburses IFC's VND500 Bln in Real Estate
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) Sept 19 started disbursing the VND500 billion (US$31.3 million) loan funded by International Finance Company into real estate market.
Customers can access the loans with terms of 10 years to 20 years for mortgaged loans and preferential interest rate at any transaction offices of Sacombank nationwide in order to build or repair houses. They can borrow maximum of VND2.8 trillion, or US$175,000.
The customers can also buy fire or risk insurance products at the bank for the property they mortgage.
In June 2007, IFC and Sacombank inked a credit agreement in which IFC would invest VND500 billion for the Vietnamese bank to loan customers of real estate projects. (Sacombank Website)
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