Bank loan for affordable homes

The Orient Commercial Joint Stock Bank (OCB) yesterday signed a credit contract to provide real estate Nam Long Group with VND80 billion (US$3.8 million) to help it develop a residential apartment building in HCM City.

The loan has a term of 30 months and the interest rate will be set at the medium-and long-term average (now at 12 per cent annually) plus 4.5 per cent, according to the bank's deputy general director Pham Linh.

Nam Long Group's apartment project, the Ehome 3 Tay Sai Gon in Binh Tan District, is designed for medium-income earners

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