Warning of risks in lending to pay real estate deposits

Illustration photo.

The State Bank of Vietnam, Region 2 branch, has issued a warning about risks in lending activities to pay deposits, according to agreements between customers and real estate consulting and brokerage units in Ho Chi Minh City and Dong Nai province.

Specifically, recently, authorities and courts have discovered many violations in real estate deposit agreements made by consultants and brokers.

Therefore, the State Bank, Region 2 branch, has requested commercial banks to temporarily suspend lending to pay deposits according to written agreements (or similar forms) until there is an official conclusion from the competent authority.

At the same time, closely monitor the handling and conclusions of competent authorities (courts, departments, branches, etc.) to provide timely solutions to resolve disputes with customers in accordance with legal regulations.

Banks that are issuing loans to pay deposits need to proactively work with customers, coordinate with consultants, brokers, and project investors to reach agreements on the basis of protecting the legitimate rights and interests of customers.

In case the competent authority concludes that the agreement (or similar form) is not illegal, banks wishing to lend more need to develop specific procedures for the purpose of borrowing to limit risks, especially ensuring customer rights.

Source: https://vtv.vn/canh-bao-rui-ro-trong-cho-vay-thanh-toan-tien-dat-coc-bat-dong-san-100251022142544251.htm