Nguyen Tien Dong, Head of the central bank's Credit Department, said that future property was an asset of home buyers, adding that home buyers could use it when seeking mortgages, following established regulations.
This was in response to information that several commercial banks had temporarily ceased accepting future property for approving mortgages for home purchases.
The information concerned both home buyers and property developers because it triggered fears that the capital flow into the property market would stall, even as the realty market has shown sign of recovering.
Dong said that the bottlenecks were caused by misunderstandings or one-sided interpretations by commercial banks.
Detailed instructions are to be soon issued to eliminate misunderstandings and create advantages for loan procedures, Dong said.
Further, BIDV, on its website, said that the bank still accepted loans with future property when issuing mortgages, in line with established laws.
But the bank added that it has encountered difficulties during the implementation due to a lack of detailed instructions about asset ownership rights related to future property.
BIDV noted that on January 5 it sent a document to the central bank, seeking measures to tackle the difficulties for the bank and other credit institutions.
While waiting for instructions from the central bank to minimize risks, the bank temporarily did not accept future property for mortgages, but only as supplementary mortgage assets.
Issuing loans with future property for mortgages was currently allowed in the Law on Housing 2014, Decree 99/2015/ND-CP and Circular 26/2015/TT-NHNN.
Lawyer Nguyen Thanh Ha, in a story published in the Tuoi Tre (Youth) newspaper, urged the early issuance of detailed instructions for loaning money using future property for mortgages, in compliance with existing laws.