SHB finances $47.6 million for apartment project

Tuesday, May 13, 2014 16:22

SHB and Tan Hoang Minh representatives sign a credit contract at the company's headquarters late last week. — Photo

HA NOI (Biz Hub) ― Sai Gon – Ha Noi Bank (SHB) will lend Tan Hoang Minh Group VND1 trillion, or US$47.62 million, to develop the D'. Le Pont D'or apartment project in Ha Noi.

The two parties signed an agreement on the financing, which includes medium- to long-term loans, late last week.

The project covers an area of nearly 5,400 square metres in Dong Da District and will provide over 300 apartments. The project started construction last October and is expected to be completed within two years.

SHB will sponsor homebuyers at the project with funds amounting to 70 percent of the apartment values, with an interest rate of 8.68 percent per year for the first year. The company will cover 3.68 percent, which means that customers will only have to pay 5 percent in bank interests in the period.

The terms for the customer loans are between 15 and 25 years.

Last week, SHB and Tan Hoang Minh were committed to comprehensive cooperation in capital arrangement, investments and corporation in monetary and finance consultancy. ― VNS

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