Asia Commercial Bank offers Viet kieu loans to buy houses
(VNA December 3, 2002)
HCM CITY — Overseas Vietnamese and their relatives in the country will now be able to borrow from the Asia Commercial Bank to buy houses, its general director Pham Van Thiet announced last Thursday.
However, those overseas Vietnamese (Viet kieu) who wish to borrow must have their income reviewed by a foreign organisation at their place of residence. If a relative wants to obtain a loan to buy a house, the Viet kieu must provide a guarantee besides agreeing to share in the repaying of the loan.
The size of the loan, which can be obtained in dong, US dollars or gold, with a maturity of up to 10 years, will depend on the demand and financial capability of the borrower.
Those borrowing in gold would be charged interest of 0.5 per cent per month if the loan is for under one year, 0.65 per cent for between 1-5 years and 0.7 per cent for more than 5 years.
