Loans Made Easier for De Castle Royal Clients

• 31 December 2015
• Property Focus
• 1268 Views

Housing loans are more popular now in Cambodia than ever before. The up-market condominium development De Castle Royal has inked an agreement with Canadia Bank to design a housing loan service that has helped boost sales.

Unlike other housing loan services available in the markets, the agreement between De Castle Royal and Canadia states that clients who buy one or more units can use the hard title issued by the condominium as collateral to apply for a housing loan from Canadia Bank for up to 70% of the total unit price.

While some condominiums offer only soft titles, each unit bought at De Castle Royal will come with one hard title, which will then be accepted by Canadia Bank, said Mom Pichenda, De Castle’s operation manager.

Besides, while other banks restrict loans to eligible Cambodians, both local and foreigner buyers can apply for home loans from Canadia Bank after the bank has studied and approved their applications, including an income and expense statement.

To apply for a Canadia Bank housing loan to buy a unit at De Castle Royal, customers need to make a down payment of between 15 and 30% of the total price. Then the condo sales staff will coordinate the loan process with Canadia. The bank will offer a loan of up to 15 years at an annual rate of 10%.

“Customers can also request a housing loan from other banks to buy at De Castle Royal, but banks besides Canadia don’t offer loans covering 70%,” Pichenda said.

The housing loan conditions at De Castle Royal were introduced in early 2013, and now, 90% of the 414 units have been sold. Around 35% of the development’s buyers have applied for a loan from Canadia.

De Castle Royal has been developed by Nuri D&C, a well-known condominium builder in Cambodia. Its several successful De Castle condominium developments have burnished its reputation in the Kingdom among both local and international clients. De Castle Royal will open to residents in August.

“The reason why clients are so confident in our project is because of our prime location in BKK1, the hard titles we offer, and the trust we have gained since our arrival in 2004,” said Pichenda.