TienPhongBnk, FPTS co-provide securities mortgage loans

VNStockNews.com - Tien Phong Commercial Joint Stock Bank (TienPhongBank) has cooperated with FPT Securities Co (FPTS)-HCM City branch to provide the mortgage lending for listed shares.

Under the plan, stock investors opening accounts at FPT brokerage can mortgage listed shares at TienPhongBank to purchase other listed share codes with the minimum lending limit of 50 million dong carrying a lending rate of 10.5 percent pa (that could be changed according to the bank's regulation).

The mortgage ratio is up to 30% of market price of these listed shares in the most recent session. TienPhongBank will collect 0.2 percent of the contract value as mortgage fee (at least 100,000 dong and at most 500,000 dong).

The borrowing time is maximum 12 months. In case borrowers terminate lending contracts prematurely, the daily lending rate will be 0.029%.