In 2014, the Housing Law in Vietnam created favorable conditions for foreigners to own houses in Vietnam. Here are the important notes that foreigners need to know about conditions of loan procedure for buying the house in Vietnam.
Firstly, you have to prove eligibility for housing ownership in Vietnam
In order to get a loan to buy houses in Vietnam, foreigners can prove that they can meet the conditions of house ownership in Vietnam in accordance with the law. Specifically, a foreign individual must have a valid passport with a seal of entry verification of the Vietnamese entry and exit management agency and not be entitled to diplomatic privileges and immunities according to Ordinance on privileges and immunities for diplomatic representations, consulates and representative offices of international organizations in Vietnam. “
Secondly, you have to prove that you meet the financial ability
To make it easier to withdraw funds later, foreigners who participate in a home loan program at banks need to clearly demonstrate their financial resources to buy houses in a specific, clear and transparent manner. Foreigners need to open an account at a bank in Vietnam. Then proceed to transfer money from abroad to your account and pay for the purchase of housing from this account. If you are a foreigner living and working in Vietnam, please keep a record of proof of income to buy a house.
Note: Because the term of the loan will be equal to the remaining stay period (up to 5 years), foreigners will have to prove that the income is quite large to qualify for a loan.
Third, you need to find out the project information before borrowing money to buy housing
Before preparing a home loan procedure, remember to find out which projects are allowed to own and which projects do not allow to avoid unwanted risks later. This job is not difficult because you can ask for advice from reputable real estate units today.
Fourthly, you need to read carefully the loan agreement of bank to buy houses
When signing a contract with a project investor and a lending bank, special attention should be paid to their conditions set out in the contract which aims to ensure that the transaction is legal and recognized by law and protect. Investors need to commit to signing a house purchase contract fully complying with the law
Required documents for loan application:
- Copy of ID card / passport of the borrower.
- Copy of work permit / visa and temporary residence card is still valid for non-residents and foreigners in Vietnam
- Copy of marriage certificate (if any)
- Copy of bank account statements in the previous 3 months of one or more Payment / Savings accounts / Term deposits / Loans (if any)
- Original latest pay notice
- Confirmation or letter of recommendation from the place of work
- Copy of the latest tax payment details
- Coupon information (If any)
- Real estate purchase and sale contract
Hopefully, in the coming years, difficulties in the regulation of buying a house for foreigners in Vietnam will be specified, detailed instructions, ensuring systematic implementation will help foreigners can owning houses in Vietnam easier.