Conditions for Borrowing Capital to Rent or Purchase Commercial Housing Less Than 70m2

Conditions for obtaining loans to rent or buy commercial housing with an area of less than 70m² and a selling price of under 15 million VND/m² are applicable to individuals and family households specified in Article 2 of Circular 07/2013/TT-BXD, amended and supplemented in Clause 2, Article 1 of Circular 18/2013/TT-BXD, specifically:

Illustrative image (source: internet)

- Does not own a house, or owns a house but the living space is too cramped. Specifically:

- Owns an apartment, but the average living space per family member is less than 8m²/person;- Owns a separate house, but the average living space per family member is less than 8m²/person and the land area of that house is smaller than the permitted construction land area as prescribed by the provincial People's Committee.- Does not own a house but possesses homestead land and has been granted a Land Use Right Certificate, and that homestead land area is smaller than the permitted construction land area as prescribed by the provincial People's Committee.

- The loan recipient must have permanent residence registration in the province or city under central authority where the housing project is located. In case of temporary residence, the individual must have paid social insurance for one year or more (not necessarily consecutively) and have a confirmation letter from the insurance agency. If the individual works at a branch or representative office in the locality where the project is located, and the insurance is paid at the place where the company’s branch or representative office is located, this regulation also applies; however, it requires a confirmation letter from the company regarding the insurance payment.- Must have a contract to rent or buy commercial housing as regulated.

For additional related regulations, please refer to Circular 18/2013/TT-BXD, effective from November 15, 2013.

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