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VietNamNews

Notaries urged to quicken work on housing projects

Update: February, 24/2016 - 17:03

Notaries urged to quicken work on housing projects to help warm up the real estate market. — Photo vietstock.vn

HA NOI (VNS) — The Viet Nam Real Estate Association and the State Bank of Viet Nam will ask the Ministry of Justice to instruct notary offices to speed up notarising of documents used as guarantees for housing projects.

This move comes after numerous notary offices and land-use registration agencies refused to notarise related documents to be given as security for housing projects in late 2015.

These offices said the main reason was the lack of guidance from the ministry, according to the HCM City Real Estate Association.

If these documents were not notarised, commercial banks could not provide credits for customers, resulting in a standstill in the property market, the association said.

Particularly, it slowed down disbursement of the VND30 trillion (US$1.33 billion) preferential home loan package. Under the programme, people belonging to the low-income strata could take a loan to buy apartments costing less than VND1.05 billion ($47,000) at an annual interest rate of 5 per cent and for a period of 15 years.

The association and the State Bank of Viet Nam will also propose to the ministry that they soon issue guidelines on registering land-use rights and land-related property as security for housing projects to provide legal foundation for credit institutions and buyers to register. — VNS

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