Still need to be careful when buying a house in a project with a bank guarantee

Recently, many home buyers have lost all the money they invested in future real estate projects.

Therefore, claiming your rights such as requesting a letter of guarantee is an action that customers need to take to ensure risk reduction.

Recently, the State Bank has officially announced a list of 40 commercial banks (NH) that are capable of guaranteeing future housing. According to regulations, businesses that want to be guaranteed must have money or collateral equivalent to the guarantee value, and pay a fee of 2% of the guarantee value. And of course, all costs will be included in the price.

Mr. Nguyen Manh Ha - Vice President of Vietnam Real Estate Association - calculated that if they had to borrow from credit institutions, the house price would increase very high. The guarantee method helps buyers have conditions and time to save. From selling the house to receiving the house is at least 2 years, most is 3, 4 years. In the beginning, the buyer only has to pay a modest amount. The next times will pay according to progress. During that process, home buyers have the mindset of saving and can take care of the cost of paying the house.

Accepting the fee, are the customer's rights guaranteed? Most of the disputes that arise are not about interest rates or prices, but mainly about issues related to progress and legality. Many inexperienced investors and customers still constantly encounter countless legal problems such as procedures, taxes, etc.

In addition, some investors when selling houses only provide favorable conditions such as location, utilities when using... Customers will easily be attracted by the introductions and ignore the full legality of a housing project. Of course, in these cases, the loss will always belong to the customer.

To avoid risks, lawyer Truong Thanh Duc, Chairman of the Board of Members of BASICO Law Firm, said that when buying a house, the first important thing is the reputation of the investor. If the business is methodical, serious, and honest, the investor is willing to share benefits for the customers. On the contrary, no documents, commitments, or regulations can bind the certainty that there will be no breach of contract, defection, and that failure and bankruptcy can be avoided.

However, legality is still something that home buyers cannot ignore. Especially for future housing, you must know at least 3 main conditions.

First, does the project have a construction permit, i.e. is it legal or not?

Second, has the project been approved for sale by the Department of Construction, meaning has the foundation been completed and is it eligible to sell houses?

And third, which bank guarantees the purchase of the house? If you do not have the conditions to find out the first two conditions, you can rely on the third condition, because the bank will only guarantee when the first two conditions are guaranteed.

Regarding the legality of the project, home buyers can learn more at relevant places such as the Department of Construction, Department of Natural Resources and Environment, National Registration Office of Secured Transactions (Ministry of Justice), Tax Department, etc.

“The law also stipulates many conditions for buying and selling houses, especially houses formed in the future. However, home buyers may not fully understand or have difficulty accurately grasping those conditions. Therefore, instead of having to research and evaluate many legal factors, just focus mainly on whether there is a real bank guarantee or not? It is best to rely on the bank's house sale guarantee document. Because the bank is responsible for the obligation to deliver the house to the buyer, otherwise it will have to compensate the buyer, so they will have to ensure the highest legal conditions as well as practical safety," Mr. Duc advised.

Thus, in addition to the investor's reputation, the role of banks in the capital mobilization process for the project is very important. Real estate projects that banks trust are considered to have passed the important "test" on the project's legality and the investor's financial capacity.

However, even though they can ensure the legality for customers, banks will find it difficult to also take on the role of controlling project quality. Therefore, from the bank's perspective, Ms. Nguyen Thuy Hanh - Director of Personal Customer Division, PVcomBank, believes that when choosing to buy a house, customers should still be proactive in choosing the project.

“The capacity and reputation of the investor of the project you are about to invest in is very important. You need to research carefully beforehand, otherwise investing in it will be very risky,” Ms. Hanh warned.

According to Hanoi Moi Newspaper