Mortgage Loan for Season Avenue is compliant with laws and safe for home-buyers.
Season Avenue - one of mortgaged projects is safe for home-buyers. The deputy director of The Hanoi Department of Natural Resources and Environment - Nguyen Huu Nghia confirmed that mortgages for property projects are not unusual in business as well as compliant with Vietnames law. And the laws will protect buyers' interests who have purchased mortgaged property like Season Avenue Condo.
"It’s very common for a project to mortgage its land use right.", he added.
Seasons Avenue is a investment real estate project jointly managed by CapitaLand and its partner Hoang Thanh Investment and Infrastructure Development Joint Stock Company.
Prior to the commencement of the construction, the developers have submitted and obtained the relevant approvals from the relevant government authorities such as Hanoi People Committee, Ha Tay People Committee, Department of Planning and Investment, Department of Planning and Architecture and Department of Construction amongst others demonstrating that CLHT has met all its obligations to the authorities to commence construction.
As informed by the newspaper, Nguyen Huu Nghia - Deputy Director of the Hanoi Department of Natural Resources and Environment (“DONRE”) confirmed that it’s very common for a project to mortgage its land use right and does not effect to customers’ benefit. This is under DONRE’s control so that people buy apartment of the eligible projects shall receive the ownership certificate.
In Seasons Avenue case, the financing has been arranged followed strictly the relevant housing and real estate law and in satisfaction with all requirements of the authorities, which in turn was granted sales permit for this project in 2015.
On 18 November 2015, CapitaLand Vietnam has entered into a partnership with HSBC Bank (Vietnam) Ltd. (HSBC Vietnam) to sign the Facility Agreement and Bank Guarantee for Seasons Avenue where HSBC Bank agreed in writing for CLHT to sell Seasons Avenue’s units. With the project financing and bank guarantee in place, the interests of Seasons Avenue’s homebuyers are protected and they are assured to receive their home on schedule and in line with the signed sales and purchase agreement. The purchasers were notified and had acknowledged the existence of the Facility Agreement and Bank Guarantee arrangements.
Apart of Seasons Avenue, the residents in the completed projects of CapitaLand Vietnam include The Vista, PARCSpring in Ho Chi Minh City and Mulberry Lane in Hanoi have received “pink book” (or certificates of land use right, ownership of the house and assets attached to the land) for their property.