Circular No. 26/2015/TT-NHNN date December 09, 2015 of the State Bank of Vietnam guiding the procedures and formalities for mortgaging and releasing mortgage of housing construction projects and off-the-plan residences

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Circular No. 26/2015/TT-NHNN date December 09, 2015 of the State Bank of Vietnam guiding the procedures and formalities for mortgaging and releasing mortgage of housing construction projects and off-the-plan residences
Issuing body: State Bank of VietnamEffective date:
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Official number:26/2015/TT-NHNNSigner:Nguyen Dong Tien
Type:CircularExpiry date:Updating
Issuing date:09/12/2015Effect status:
Known

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Fields:Finance - Banking , Land - Housing

SUMMARY

Guidance on having mortgaged off-the-plan residences in housing construction projects

The State Bank of Vietnam issued the Circular No. 26/2015/TT-NHNN dated December 09, 2015 guiding the procedures and formalities for mortgaging and releasing mortgage of housing construction projects and off-the-plan residences, allow that investors are allowed to mortgage projects and off-the-plan residences in the projects at credit institutions to borrow capital for the investments into the projects or construction of such residences.

Similarly, organizations and individuals building off-the-plan residences on their legitimate lands are allowed to mortgage such residences at credit institutions to borrow capital for the construction of such residences. Organizations and individuals purchasing off-the-plan residences from investors’ housing construction projects are allowed to mortgage such residences at credit institutions for purchasing such residences. 

For organizations and individuals mortgaging off-the-plan residences purchased from investors’ housing construction projects, organizations and individuals can mortgage off-the-plan residences can have house purchase contracts made with the investors; have the agreements for transfer of house purchase contracts if being the transferees of house purchase contracts according to the regulations; have written evidences of installing payments for the residences to the investor according to the schedule agreed in the house purchase contract; no complaint, lawsuit or dispute over house purchase contracts or transfer of house purchase contracts exists…

Besides, the Circular also details the housing construction projects eligible for mortgage loans such as an investment project freshly constructing or renovating an independent residence or a cluster of residences; an investment project constructing residences with synchronized technical and social infrastructures in rural areas; an investment project constructing urban areas or using mixed types of lands, parts of which are exploited for the construction of residences; a construction investment project that has buildings for both residential and business purposes.

This Circular takes effect on December 10, 2015.
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Effect status: Known

THE STATE BANK OF VIETNAM

Circular No. 26/2015/TT-NHNN date December 09, 2015 of the State Bank of Vietnam guiding the procedures and formalities for mortgaging and releasing mortgage of housing construction projects and off-the-plan residences
Pursuant to the Civil law No. 33/2005/QH11 dated 14 June 2005;
Pursuant to the Law on Housing No. 65/2014/QH13 dated 25 November 2014;
Pursuant to the Law on Vietnam State Bank No. 46/2010/QH12 dated 16 June 2010;
Pursuant to the Law on credit institutions No. 47/2010/QH12 dated 16 June 2010;
Pursuant to the Government’s Decree No. 99/2015/ND-CP dated 20 October 2015 on regulating the details and guidelines for enforcement of Law on Housing;
Pursuant to the Government’s Decree 156/2013/ND-CP dated 11 November 2013 on regulating the functions, missions, jurisdiction and organizational structure of Vietnam State Bank;
At the requests of the Heads of the Legal Bureau and the Monetary Policy Bureau;
Governor of Vietnam State Bank issues the Circular on guidelines for procedures and formalities on mortgaging and releasing mortgage of housing construction projects and off-the-plan residences.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of adjustment
1. This Circular provides guidelines for the procedures and formalities on mortgaging and releasing mortgage of the following properties at credit institutions and foreign banks’ branches:
a) Housing construction projects and off-the-plan residences
b) Off-the-plan residences, which belong to organizations and individuals purchasing off-the-plan residences in housing construction projects;
c) Off-the-plan residences to be constructed on organizations' and individuals' legitimate lands.
2. The mortgaging of property rights arising from contracts for purchase, sale and rent of residences, contracts for transfer of projects, and other property rights related to off-the-plan residences and housing construction projects eligible for mortgage according to the laws must conform to the Law on Housing, Government's Decree No. 99/2015/ND-CP dated 20 October 2015 on regulating the details and guidelines for enforcement of certain articles of the Law on Housing and relevant laws.
3. The notarization of mortgage contracts and registration of mortgages abide by the laws on notarization, mortgage registration and relevant laws.
Article 2. Subject of application
This Circular governs the following entities:
1. Credit institutions and foreign banks’ branches established and operated according to the Law on credit institutions (referred to as credit institutions).
2. Investors in housing construction projects (referred to as investors).
3. Organizations and individuals purchasing off-the plan residences from investors’ housing construction projects.
4. Organizations and individuals building off-the-plan residences on their legitimate lands.
5. Other organizations and individuals involved in the mortgaging and releasing of mortgage of properties that are housing construction projects and off-the-plan residences.

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