Representatives of VPbank and Hưng Vượng Group signed a strategic cooperation agreement. — Photo courtesy of VPBank

 HÀ NỘI — VPBank and Hưng Vượng Group on Friday signed a strategic cooperation agreement to meet the capital demand of individual customers buying or investing in real estate in projects distributed by the property developer.

VPBank will provide financial support packages for customers of Hưng Vượng Group who need to borrow, buy and invest in real estate with very competitive interest rates and credit conditions.

This means that in the first two years, customers will not have to pay the principal to the bank, but only the interest. Customers will be able to borrow up to 80 per cent of the total value of the collateral with the disbursement limit up to VNĐ20 billion in 25 years.

In particular, to help customers access favourable loans, VPBank accepts many different sources of income for customers to prove their solvency such as salary, income from individual business activities, businesses owned by customers and a number of other revenue sources to ensure the legitimacy as prescribed by law. The loan approval and disbursement procedure has also been shortened significantly, to only one day, compared to a few days to a week as before, thanks to the application of digital technology in the appraisal and approval process.

Speaking at the signing ceremony, VPBank's representative said that this strategic agreement would not only bring Hưng Vượng Group's customers attractive product policies, but also dedicated advice as well as an advanced and synchronous credit approval system.

The group has been implementing a series of estate projects in many provinces and cities across the country such as An Phước Riverside; Nam An Ecotown (Phan Thiết); The Fusion (Bà Rịa - Vũng Tàu); and a series of other projects such as Cam Lâm – Khánh Hòa, Nghĩa Lộ - Yên Bái, Sapa – Lào Cao, HCM City and Lâm Đồng.

Đỗ Văn Huy, general director of Hưng Vượng Group, said: “The group will be present in real estate markets across the country, towards the goal of reaching international levels by distributing property projects in the region and around the world such as in Malaysia and Australia by 2030. Cooperation with reputable partners that have attractive product policies and strengths in technology like VPBank will create favourable conditions for us to step-by-step realise our goals.” — VNS