Vincom supports customer interest rate

Hanoi (VNA) - Customers leasing apartments at Vincom Park Place can apply to receive loans with a 10 percent interest rate, a much lower interest rate than is typical, in an attempt to heat up the housing market.

Le Khac Hiep, chairman of Vincom's management board said the interest rate
was solely for customers taking out loans from November 2008 to November
2009 to lease two or more flats.

The remaining interest rate would be paid by the Vincom affiliate PFV
Investment and Commerce, a major investor of Vincom Park Place Project in
Hai Ba Trung district, Hanoi , he said.

All customers would also get interest from a cooperation contract signed
between PFV and the Bank for Investment and Development of Vietnam to lend
to customers leasing flats in the project.

Under the contract, the loans would be capped at 70 percent of the total
cost of flats in the building, and the loan terms cannot exceed 15 months.

Hiep said, with those preferential financial policies, the PFV expected to
encourage customers to lease the flats. Currently, interest rates are high
and could be an obstacle keeping customers from leasing apartments.

The normal interest rate for loans is between 15-18 percent per year at
banks.

The 25-floor project, which started construction this year, should open in
October 2009.-Enditem