Banks offer $1.4b housing loans deal

Viet Nam Bank for Agriculture and Rural Development (Agribank) has officially launched a lending programme encompassing a VND30 trillion (US$1.4 billion) loans package for home buyers and realty developers.

Agribank is the third after the Bank for Investment and Development of Viet Nam (BIDV) and Viet Nam Bank for Industry and Trade (Vietinbank) to do so.

The bank now offers an annual preferential lending rate of 6 per cent for this year, which will then be revised by the SBV in the following year, at a rate that is required to stay below 6 per cent per annum.

It also pledged to process lending applications for individuals and businesses within 5 and 10 working days, respectively.

Meanwhile, through BIDV individual and business clients can have their applications processed within 4 and 20 working days.

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